Book Review, The Color of Wealth, by Kyle Phoenix

 There are 5 "races" in America: Asian, Latino, African/Black, Native American and Caucasian.  That's a given but what isn't often examined as closely is how each racial group occupies America and why.  Every racial classification (technically Latinos are an ethnicity) has had historical issues in America, pointed laws against them achieving financial parity with Caucasians.  Suddenly that question of what's going on and who has access to the American Dream and why, becomes pertinent and immediate.

In my teaching work I am pushed by the materials often to deal with race, it is the pressing educational issue of the 21st Century in many ways as society is moving us all, races and ethnicities to a level of equality being within reach of all.  I would argue that the past 100 years of all the races excepting Caucasian, have just learned and been given the opportunity to have, use and manage large sums of not simply money but wealth.  It's not a lot yet, the annual expenditure of African Americans is close to $1 trillion a year, Latinos are between $800 to 900 billion a year but where does that money go?  Only a half to a third own homes and businesses of Latinos and Blacks.  Native Americans barely hit the measuring rod because there are so few due to genocide and Asians,who tend to be more educated that Caucasians and earn more per household, are also not a large enough population to move economies.  However Blacks and Latinos spend their money on overwhelmingly Caucasian based businesses and products, keeping one race financially healthy at the detriment of themselves.  Economic hegemony.

Where are you in your life?  Where are you within segments of your race?  Based upon generally American Census financial information:
  • Poverty is 1 to 4 people living on $18,000 or less a year.
  • Working Class is 1 to 4 people living on $30,000 or less a year.
  • Middle Class is 1 to 4 people living on $36,000 or more a year.
  • Upper Middle Class is 1 to 4 people living on up to $250,000 a year.
  • Rich is 1 to 4 people living on $1 million or more in income a year.
  • Wealth is $10 million a year or more in annual income and the wherewithal to pass it on to the next generation.
This book is an excellent manual for understanding historically how races use and have money in America and why.  And then it goes a level deeper, it prescribes what the individual, state and national government can do to bridge inequalities.  Take a chance figure out why you're where you're at and learn the skills to get out.

Thank you!
Kyle Phoenix
Thanks and enjoy! You can Like Us/Share this post on FaceBook, LinkedIn, Google+ or Follow Us on Twitter! Don't forget to watch The Kyle Phoenix Show on Channel 56 (Time Warner), 83 (RCN), 34 (Verizon) and the Thursday/Friday 12am/midnight simulcast on

No comments:

Post a Comment