MatchingMillions is the New Trend of Instant Gratification | Trendsetters Pledge to Stop Robbing Their Future
What started as a conversation now finds its audience in a down economy with those looking to rebound and recover. With staggering stats on wealth gaps, African Americans need a solution. Now comes #MatchingMillions to impact where African Americans exist financially.
Reports such as those provided by the Pew Research Center continuously demonstrate how African Americans sit at the bottom when it comes to income, savings, and even philanthropy but taunt a phantom buying power. African Americans appear to be over-extended regardless of economic class or standing. The time has come to realize that today’s instant gratification is in essence robbing one’s future.
The median wealth of white households is 20 times that of black households and 18 times that of Hispanic households, according to a Pew Research Center analysis of newly available government data from 2009. Read More via Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics
As a result of these divergent trends, in 2009 the typical household headed by the older adult had $170,494 in net worth, compared with just $3,662 for the typical household headed by the younger adult. People generally accumulate wealth as they age, so it is not unusual to find large age-based gaps on this measure. However, the current gap is unprecedented. In 1984, the age-based wealth gap had been 10:1. By 2009, it had ballooned to 47:1. Read more via The Rising Age Gap in Economic Well-Being
When discussing foreclosure crisis, there also appeared to be a disconnect between perception current crisis and the result of wealth robbed from future generations. Failure of one generation to purchase and pay off homes robs future generations of inheriting wealth of homes and land paid in full.
Additionally, while African Americans enjoy connecting to phantom of buying power, too many at the same time are disconnected from the real reality and gratification of donating and making philanthropic contributions outside of tithes given to churches. Jokingly but with some truth to the matter, we teased our audience on twitter that churches now use tithes for debt repayment because they have to go into debt to build Coliseum like churches to attract people to God. (moving away from the lightening).
Not to make light of the situation but to drive the point home, we shared with our audience how African Americans must understand there is no return of investment on ‘buying power’ – just count it as a trillion spent gone with no return.
#MatchingMillions encourages a self tax of 20% on spending to create real power of wealth building and savings. Starting today, those desiring to participate in the trend accumulated $1 for every $5 spent of “buying power’ — instant gratification — shopping.DryerBuzz.com readers started already by creating their own self tax jars just to see at the end of the day how much they are robbing their future. At breakfast some had already accumulated $2, lunch was another $2 to $4 dollars. Dinner and evening entertainment spending waits as well as counting plans for the weekend. The top box office movie will enjoy receipts of $60 million or more. Imagine 20% cash back.
Try the experiment for yourself. Monitor your spending. Self tax to see how much you can accumulate in a week. Join the conversation which continues on twitter in the timeline for #MatchingMillions. Look for more #MatchingMillions articles in our daily buzz and Wednesdays to help get over the hump to recovery.
Stop robbing your future. Start #MatchingMillions
At the end of the day, how much did you put away?
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Buzzed by DryerBuzz July 18, 2012 · Browse More Stories Like This In Matching Millions .