The Hard Truth About Closing the Racial Wealth Gap

Books with info to teach during these times.

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[CaseyBurnsInvesting]

Tldr: Even if black people still made less money, if we saved 15-20% of our incomes we’d ALL be millionaires.

[ByronDAllen]

After seeing you comment on every financial video I watch(😂) I have finally subscribed. Your comment method is effective! With that being said, you are spot on with this video! It all comes down to financial decisions. Our community constantly talks about reparations but if that happened, majority of the money would just go to major corporations. Money won’t fix the issue but years of making good financial decisions will. Financial education is lacking in the school system. I believe it’s because they need everybody to be financially ignorant and spend recklessly to keep the this fugazi system going. Great video! I love Walmart jeans too!

[jordanroberts]

Poverty is not a money problem, it's a mentality problem.

[TheWealthPrince]

I love this, man thank you so much! This is what the community needed to see 😁 Great video, thanks again!

[betruetoyourself]

How in the world are people telling you what to wear? They should buy you new designer pants if they are complaining or give you money to buy it. Where I live, many millionaires are driving old cars and rocking Costco or Walmart pants.

[RyanProvan]

Interesting video Casey! Keep them coming!

[BrendanEvan]

This is powerful and I bet a lot of people won’t like it. Most of us have to spend some painful years unlearning the things that hold us back are actually often within our control.

[danielmondragon]

I love your explanation of this topic. I’m saving this video to refer to it in the future👍

[abenas]

I can hear the life lessons from my dad in your advice today. Especially when it came to the pants in the end. 😂🤣. He believed in saving and building wealth. I was always taught that we can pool our resources like our ancestors did to get ahead. We're more educated than ever before. We have to do better when it comes to generational wealth. The resources are at our fingertips....only a click away now. Hence the reason why l subscribed to your channel. While my dad didn't know much about stocks, he changed the narrative through home ownership. Now it's up to me to improve my investment knowledge to change the narrative for my children. Keep up the good work Casey. 😊

[AllAboutPurple]

Casey I have to agree, as a community, in general there is a lack of financial literacy that other communities pass on to their kids/next generation.

[violetfrankson]

Why be average¿When anyone CAN Choose to beThey're very Best.Anyone can settle for scraps, that's called Laziness.Reaching One's fullest Potential is a virtual, its a committed HABITthat's Consciously Designed w/complete INTENTION☆

[Real.Estate.Report]

That concept of saving 15%+ of income is definitely an important principal that ALL races need to know about, and should be taught to kids in high school!

[mattheww.]

I personally believe that one of the biggest things holding black Americans down in the US is the single parent household rate. For whites, the rate is 24%, and for blacks it’s 64% (with Asians being the lowest at 15% and the most wealthy). Imo, it is much less common to have a good childhood and become successful when you are only raised by one parent. The main thing that needs to change imo and this should benefit all Americans is it should be required to take a personal finance class to graduate HS.

[James-yivk]

I bought walmart cargo khakis three years ago and still have them today. Good investment!

[ToddBaldwin]

Great video Casey! We should collaborate again soon!

[caseycalloway]

Its simple, ignore skin color and just look at what works. It’s called setting a precedent. I dont care if your brown, white, green, red or purple, if purple is investing 20% of their income and they’re millionaires, do what they’re doing. Its just that simple. If a set of people are doing well, and your attributing that prosperity to their skin color soley, you’ve already failed yourself. Its an ideological difference, categorized by skin color because of society. It doesnt have to be, and America is one of the few countries where everyone can reap the same rewards, all else held equal. Your skin color DOES NOT MATTER unless YOU put more weight on a specific skin colors ideology than another. The flaw is in who you choose to let influence you.

Casey, I’d love a retort if im wrong. Call me out on my bs if its bs.

[jeffwrightslc]

GREAT VIDEO, BUT...


This type of thinking is very damaging to people who WANT to be victims all their lives!

“We only fail because of ourselves. The minute you take responsibility, everything changes.” - Jon Taffer

I have had the tremendous blessing of watching so many young people completely transform their own - FORMERLY - damaged lives by simply taking responsibility for their own progress.

For so many of these people their wonderful transformation (wealth, relationships, mindset) began by recognizing that with every bad thing that happens, you can choose to be:
1 - the victim,
2 - the survivor or
3 - the hero of the situation.
The easiest response to a tragedy is to be the victim. The most rewarding (and difficult) response is to become the hero of your own story.

[lolwtf]

I am agree with you on financial literacy and investing early and consistently can close wealth gap. But the racial wealth gap is so much more. I have son who I have invested for him since age 9, 3 years later he have enough to purchase a new economy car. I plan on adding to his investment (so he can a start on being financially stable and free) have taught him about investing, compound interest, delayed gratification and not getting suck on luxury goods, my son has and lives a life of stability and middle class privilege. I on other hand grew up in extreme poverty and it takes exceptional behavior, extreme sacrifice and discipline to escape it. In escaping poverty many people and groups have been broken and disappointed (life happens and discrimination happens ) in escaping poverty. So in know way can I lay blame at feet of black people while ignoring the system put in place to shut them out. Government created the problem so it must be one of solutions to fixing it. And yes we as black people must know that we must make extreme sacrifices to elevate our families. No it ain’t fair that we must be exceptional just to live the life or equal to a s life to unexceptional white Americans who have benefited from generation of wealth when we were shut out of even participating in stock market or job or housing equality.

[Porcelynnn]

It’s not what you make. It’s what you save.

[Julian-zcvm]

Not making excuses for people, but it is a lot easier to pretend to be poor when you're making good money, than it is to actually be poor. I save/invest 60% of my income and plan to FIRE by 40. My life is pretty easy financially...I am coasting. But if I made 50% less, saving just 10% would be a lot more difficult compared to the much larger 60% that I am now. Along with a lower income comes lower education, higher job insecurity meaning you're more likely to being laid off, and if that happens say bye bye to your credit score. So now your living situation would have higher insecurity, you'd be driving a cheaper car that could break down on you so getting to work to do the OT you mentioned would be more difficult, and also since your credit worthiness is lower you might only qualify to live in a bad neighborhood which would affect your income potential and your children's education as well. I see what you're saying, but just telling poor people to save more has not worked up until now, so I don't see why it will going forward. What you're saying is pretty similar to how Jared Kushner said "black people just have to want to be successful". You're version is that "black people just have to want to be wealthy." I definitely 100% get where you're coming from, but I think the missing piece that would help wealth inequality is better education for children. I live in one of the best school districts in my state. A mile away and across the border into the inner city is one of the worst school districts in my state. Why do those children get less school funding than children in my school district? If anything, they deserve more school funding and after school programs to help pull them out of poverty and get them educated and on the right path. I think there needs to be "extreme transparency" around school funding.