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African American Economic Recovery Think Tank - Stanley L. Scott Founderís Goals

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  • African American Economic Recovery Think Tank - Stanley L. Scott Founderís Goals

    "Money has no true value unless it contributes something to the human race, unless it builds a bridge to a better life. Any man or woman can make money, but it takes a special kind of person to use it responsibly." Martin Luther King Jr.
    Core Mission is to help nurture progressive critical thinking leadership in the African American community to develop enterprise corridors, teach and develop business ownership, community investment and stabilization in less fortunate communities. We have developed tools to inspire education, create entrepreneurship, community stabilization plans for re-occupying abandoned homes, community investment clubs, teach marketing and customer service awareness skills, and a solid plan for redeveloping key urban communities with affordable multi-income homes, apartments, public and private charter schools (Pre-k through the 6 grades), neighborhood social historical events and environmentally safe parks.
    We are prone to judge success by the index of our salaries or the size of our automobile rather than by the quality of our service and relationship to humanity. --Dr. Martin Luther King Jr.
    African American Wealth Building Initiative
    Author/s: Earl G. Graves, Black Enterprises - Issue: Dec 2000 -Black Wealth Initiative, our crusade to close the net worth gap that separates African Americans from full empowerment, freedom, and equality.

    African Americans can create, transfer and leverage wealth--individually and collectively--that will last their families for generations. Now is the time to commit to becoming wealthy. Today is an excellent time for African Americans to re-establish or renew our commitment to wealth building as part of our legacy to our children future. While many Americans are born into families with assets to build upon (real estate, stocks, bonds, etc.), too many African Americans dig themselves out of a hole left by a generation that failed to make financial literacy and wealth preservation a priority. Too few of us have taken the necessary steps to ensure that whatever wealth we have accumulated--great or small--is passed on to future generations. While there are many examples of multigenerational wealth among white Americans--the Rockefellers, the Fords, the Kennedy’s, and the Morgan’s--the same is not true among black Americans, including the wealthiest among us. While this reality has been our inheritance, we must be determined not to let it become our legacy.
    However, the point is not merely to increase our personal net worth, but to leverage that wealth to strengthen and empower African Americans as a whole, by building and sustaining those organizations and institutions critical to our progress in an environment still all too hostile to our ambitions. That is why I want to call your attention to another element of our Black Wealth Initiative the Circle of Wealth. Indeed, the last component of the circle--to reinvest our increased wealth in our children, our businesses, and our community--deserves our utmost consideration.
    Finally, we must do all that we can to teach our children not to squander, but rather make the most of their inheritance. We at Earl G. Graves Ltd. and BE will continue to provide you with information and resources, such as our Teenpreneur youth publication and feature stories (such as our piece on finance camps for teens in this issue), to help you boost the business perceptive and financial literacy of our young people.
    Collectively, we are in a position to pass on more wealth to our progeny than any generation of African Americans before. We have a moral obligation to establish a worthy legacy of wealth and wisdom for future generations. Again, this is not just a one-year campaign, but also an ongoing effort to provide you with the inspiration and information necessary to build your personal net worth through disciplined saving, investing, and wealth preservation from generation to generation


    Agenda:
    1. Core Mission Statement

    a. You might well remember that nothing can bring you success but yourself. Napoleon Hill, 1883-1970, American Speaker, Motivational Writer, ''Think and Grow Rich''
    b. "Keys" to success are;
    1. TIMING: Being at the right place at the right time.
    2. Find a need and fulfill it. Successful businesses are created on the needs of people.
    3. HAVING VISION: Seeing potential in what is being presented.
    4. Optimistic -Having the ability to see success.
    5. TAKING ACTION: Going one-step further than the rest. Doing instead of talking, debating or studying – insanity factor.

    2. Education
    a. Understanding, creating and controlling the power of wealth – page 8
    b. Banking on us: the state of black wealth. - pages 10v
    c. How income creates wealth - pages 13
    d. How to create wealth as a community – pages 14
    e. First thing first -Teaching economic literacy – pages 14
    f. Creating wealth in the African American community – pages 19
    g. The benefits of a Financial Planner - pages 27
    h. One for your money: the quest to leverage capital. – Pages 29
    i. Creating wealth through entrepreneurship – pages 31
    j. The energy that drives America is entrepreneurship – pages 40
    k. Ventures from employee to entrepreneur: countdown to starting your own business. – Pgs 40
    l. Entrepreneurial Education for the next generation - pages 46
    m. Kids Incorporated - pages 49
    n. Money, power, respect – pages 51
    o. The history of Black Entrepreneurship in America - pages
    p. A.G. Gaston's legacy is an inspiration to black business today – pages 89
    q. Making an investment in black business – pages 91
    r. Declaration of Financial Empowerment - pages 96
    s. Defying the myth about black companies – pages 108
    t. Growing your business doesn't have to be a pain – pages 115
    u. Beating the odds: remembering the basics of business can help – pages 116
    v. Making entrepreneurship job one.
    w. Marketing the hood to button-down bankers - pages 133
    x. African American businesses embrace the practice of vertical integration -
    y. Riding the Internet wave – pages 136

    3. The Power of Self-reliance
    a. Building and maintaining Cash Reserves
    b. Real Estate Investment
    c. Business Ownership
    d. Strategic partnerships = strong business
    e. Investment Clubs
    f. Political Voting Blocks
    g. Community Friendly Banks –reinvesting in the urban core

    4. Resources
    a. Community Reinvestment Act
    b. Neighborhood Stabilization Program Grants
    c. Weatherization Assistance Program (WAP)
    d. Fraud Enforcement and Recovery Act
    e. Helping Families Save Their Homes Act
    f. Credit Card Accountability, Responsibility, and Disclosure (CARD) Act
    g. Northwest Jacksonville Economic Development Fund
    h. Venture Capitalists
    i. Private Investment (Family and Friends)
    j. Corporations
    Humanitarian equality, good healthcare, a productive education and wealth is not a gift. Equality in America for African Americans is self-made and maintain by empathy for family and communities, singleness of purpose (education, healthcare and prosperity) and a voting blocks. We as African Americans must collectively working together for a common goal to achieve equality, prosperity and political power in America and the world by controlling wealth, decreasing materialistic consumption, strategic long term planning, and stability in marriage.




    by Stanley Scott
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