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blkwealth (1K)Rules for Black Wealth
By Rick Adams

WHY can't we build an economic system of our own design? A system whose primary purpose would be to enrich and develop Africans here in the USA, and throughout the diaspora. Such a system would seem to be a goal all of us could easily embrace.

AFRICAN people may not have the most affluent communities, financial institutions, or mega-corporations. However, we do possess the most important economic resource of all, a large and identifiable labor pool and consumer market comprising 800 million to 1 billion people worldwide. In addition, we inhabit the largest and most affluent urban areas in the richest country in the world, the USA. We also physically live on the most wealthy continent on the planet, Africa; abundantly endowed with gold, diamonds, oil, chromium, bauxite, manganese, cobalt, and uranium to name a few. Our problem is that we are underdeveloped, super-exploited, and generally not meaningful participants in the ubiquitous wealth of commerce and natural resources swirling around us and residing beneath our feet.

THE problem is that we are overwhelmingly consumers, workers, and renters; not producers, stockholders, and owners. The vast majority of us have neither pensions, investments, savings, land, or businesses; all of which are the key ingredients for creating individual and collective wealth. The question of the dawning millennium is, how do we harness the engine of economic development and put it to work for our people's mutual advancement?

OUR most pressing need is to infuse our culture(s) with a set of values that champion personal, family, and community financial uplift. Every African must be inculcated from their earliest years to be literally obsessed with acquiring land, capital, and commercial enterprises. The mass acceptance of an entrepreneurial, collectively oriented, "development folk culture", is the long-term solution to our problems of race development and advancement.

A new paradigm is needed for a new century, and to fuel a popular renaissance in the life of the world African community. We need a 100 year Worldwide Reconstruction and Development Plan for African People. The particulars of such a plan are complex and far ranging, but the foundation needed to support such a plan is quite basic. The foundation of this plan will be the mass consciousness of a people who understand it's ultimate purpose and are personally supportive of it.

We need to begin by forging a universally accepted economic compact. We start with popularizing the 5 RULES FOR BLACK WEALTH, that are to be practiced by every person of African descent.

RULE ONE is that all individuals, families, organizations, and institutions should create or participate in a program of financial education that espouses the virtues of saving, investing, and owning. It must become a universal cultural value that African people save for today and the short term, invest for the future, and own land, homes, and businesses.

RULE TWO is that all business and every sale of a valuable thing must be with other Black people, if at all possible. This rule, while not always practical or profitable, should be pursued whenever possible, especially when land, buildings, or businesses are involved. God bless the child (children) who has his own!

RULE THREE is an indispensable axiom of wealth building supports all financial activity springs from capital accumulation. All Black people must have a savings account. If possible, all accounts should be with a Black financial institution. At any rate, an account must be set up with regular deposits made. All Black families should have individual and/or family savings accounts. This practice would immediately increase the group assets and collective wealth of our communities.

RULE FOUR would be for all Black people to purchase shares of stock exchange serving their part of the world, and/or make regular contributions to a mutual fund. With the rapidly developing "one world economy" there is virtually no place on the planet that is not covered by the global equities system. Mutual funds are the safest vehicles for investment for the unsophisticated, which is most of us. There are Black owned investment funds being created everyday. The all too often truism; that Black people die unable to afford to bury themselves or leave anything for their heirs, must be made a thing of the past.

RULE FIVE is that Black people do business with each other at preferred rates. Services rendered, products sold, and deals made, would be done so at special rates among African people. Loans would be given at no or low interest rates, merchants would offer discounts and support special member buying clubs, and financial opportunities would be offered first to another of the race.

THESE five rules, if universally accepted, would begin to turn the "state of the race" around in a generation. An army of hard working, thrift minded "race first entrepreneurs, investors, and producers" would be created. IF you think this is far fetched, just consider that a unheard of holiday, Kwanzaa, started in the late 1960's with many thinking it would go no where. Today it is celebrated throughout the world by millions of African people, perhaps the 5 Rules of Black Wealth can build on this foundation. Hey, it's JUST A THOUGHT.......

You can contact Rick Adams at His address is P.O. Box 5119, Pgh, PA 15206

© May 2007 By Afromerica

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