Black Wealth: Will it ever exist?
Most people think that being rich and having wealth are the same thing. To some extent, that is true. In a dictionary, rich is a synonym of wealth and vice versa. Even though they have close to the same meaning, there is one crucial difference; longevity. Rich is having a lot of money for a short period of time compared to wealthy which is being able to have money for a longer period of time. Having wealth is also the ability to accumulate more money over long periods of time. This is the main reason why many people think that black wealth will never exist. A stereotype of the average African American is that they are not able to accumulate wealth due to the fact that they cannot hold onto the money long enough. African Americans will spend it as soon as they get it or they do not know how to manage their money correctly. These claims are not true most of the time. There have been people capable of achieving this goal. In earlier years, there well established places where black people had made their own Wall Street, a.k.a., Black Wall Street.They were also known as “Little Africa.”Black Wall Street was basically Wall Street, but there was black owned businesses instead. There were a lot of Black Wall Streets in early post-slavery America. Those places had a constant flow of money within
their community that circulated throughout the little towns before the money left. They also had places such as hospitals and schools that were all black owned businesses. These were prime examples of group black wealth was destroyed by a well-known white supremacist group; the Ku Klux Klan. People infer that the reason why white supremacist groups destroyed Black Wall Streets is because they were spiteful and wanted the success of the their Wall Streets. Some also speculate it as that white supremacists wanted to tear down what the African Americans had built for themselves. In one case, white supremacist burned one of them down because a white girl and and a black male had an altercation that was misinterpreted to favor the whites. As of today blacks still have hurdles to jump both socially and financially, however it can be done. African Americans now have more tools to help with their finances. There are things such as financial apps and hired help for finances. African Americans will never be on top in finances is what most believe. These negative theories and accusations are what keep African Americans from doing anything productive financially because the younger generation, as well as the older ones, were raised believing these things. Will black wealth ever be realized? In reality, it already existed but the white supremacists have torn them down. They have also white washed the history books to not include the once powerful economy African Americans had.