Get rich or die crying

07.19.2017 10:57AM

The average net worth of 24 year olds, is -$23704, according to This is mainly due in part to the fact that the average 24 year old will take out about $33,050 worth of student loans, and the money we are making from the jobs with our degrees is not enough to pay for them.

In 2013, 12.4 % of black graduates between the ages of 22-27 were unemployed. For all college graduates the unemployment rate is just 5.6%.

Black college educated students are also more likely to be underemployed or take jobs that don’t require degrees. The rate of underemployed black graduates is at a whopping 56%. I have definitely seen this even in my personal life. I know several people with bachelor degrees and thousands of dollars in student loan debt having to resort to low-wage, minimum wage jobs. That is ridiculous!

According to a study published in the journal, Special Forces, a black student that graduated from an elite university does about as well in getting a job as a white student from a “less-selective college”. This only reiterates the fact that as a black person you have to work twice as hard to get half as much. Think of the amount of loans, networking, and hard work, many of these black students had to do to get into the elite colleges and make a name for themselves. They think these things will help them get ahead; however, they soon find out that all the white graduates have to do is have a degree and show up, and they might still get the job over them

It’s depressing.

What is the solution?
Well especially in the black community, not going to college is not an option, especially with the median black household wealth just being $7000 compared to the $111,000 of our white counterparts. Deducting depreciating assets, the black net worth is only $1700. There’s also the fact that women of color’s (black, Hispanic, Asian, native American, etc) median wealth is $5. It seems like college is the only choice, but unfortunately that many times put us in a deeper hole of debt.

In our most recent episode “Why Millennials Will Die Young”, we discuss the importance of financial education and investing. I feel this will be the only way that we can try to make strides. This is the beginning, but I think we will ultimately need more help. If the median net worth of a black family is $1700, many black folks can’t invest $1000 into a stock that probably won’t show returns for five years, which is why I think not only do we need financial education, we need political education. We need to put people in office and pressure people that are in office now, to push for legislation that will help with this racial wealth gap. Government started the problem they should help fix it because there’s only so much we can do with limited funds.

We can also encourage black millionaires and billionaires who have made money from us, their consumers, to invest in black businesses. Black women are the fastest growing demographic of entrepreneurs generating over 44 billion dollars in revenue; nevertheless, few can get funding from investors. How awesome would it be if people like Oprah were helping black women entrepreneurs by investing in their business and giving advice? How awesome would it be if black people had enough money to open up grocery stores all over the inner city in food deserts?

Many black folks reprimand fox news hosts and correspondents when they talk about “picking yourself from your bootstraps”, but many of us secretly believe this as well. However, the truth of the matter is if we want to make it, we will need help.