Yes, he is but by being right about that he's not necessarily saying no to advanced education. What he's suggesting is both and a consciousness towards a more expansive community capability.
There are 3 positionalities in Capitalism: Property/Object, Consumer/Employee, Owner/Creator.
African Americans have solidly been 2, with a micro percentage moving into the third, Owner. Not owning real property, materials, resources, manufacturing or production facilities, intellectual property means that we are dependent on external sources of employment and private funding, and mentorship.
I don't want to paint a destitute portrait, Black Enterprise magazine clearly illustrates a broad Black Fortune 200 of companies throughout the spectrum of industries. Johnson's point is that comparatively speaking to several metrics our entrepreneurial efforts are not substantive enough.
One, AAs spend $1 trillion dollars plus into American businesses, yet we're a tenth of the wealth holders in America per capita by household. Whites have an average of $141k as household net worth, this being historically inflated by the generational segregation of the GI Bill post WW2 veterans. Our current household AA net worth on average is $19-25k, behind several Latino groups and Asian ethnicities. We could hold and improve that at progressive Civil Rights but the reactionary response of AAs maintains the "Pooring " Effect.
Two, the Pooring Effect is strengthened by seeking validation in objects, bling, watches, cars, purses, shoes, hair weaves, gold chains, clothing, cable TV, leasing cars, all of those doodads, liabilities, disposable, not appreciating assets. Johnson rightfully points out the effort to be White or feel better about being Black by buying objects of no value. This cements people into the cycle of only 2 positions in a capitalistic framework.
I was watching Power 105, a video of the radio show here in NYC, Pete Davidson of SNL interview and he and Charlemagne were talking about buying expensive watches and having them on. Patek Philippe, starting at $5000 to $10,000 and whether it was an investment. Davidson was talking about SNL, living in an apartment and doing well. Charlemagne has a long term contract, bigger exposure, a book out, I'm sure he's projecting more and more moves to TV. Davidson though is a comic, working gig to gig. A watch , yes might appreciate in value but its not an asset. An asset makes you money. The book behind Charlemagne, that's an intellectual property asset, his home in New Jersey is an asset. Ironically Johnson had been on the show recently. He was talking about the mentality that lacks financial education but shops to validate self. Both are ultimately Employees—-no coincidence.
Three, other cultures practice Legacy Building. Insurance policies, home transfer, 529k plans, beneficiaries to 401k plans. AAs work, work hard but through a lack of financial education pay 72.4% in taxes overall then spend, debt /credit card what's leftover to buy doodads of no value. Again, a repercussion of being an Employee/Consumer.
This leads to the absence, vacuum of Voltron like financial power to come together in micro and major ways. We have stuff, things of value, yes but we're squandering what we have.
Umar’s point about degrees is that higher education degreed children are repeating their parents financial ignorance and not building private wealth. So we stay dependent on external cultural systems that do not serve our cultural interest but we lack leverage to force change.
Entrepreneurs though tend to have a different mindset, one of growth vs a fixed employee mindset. An entrepreneur knows how to sit down and decide at tax time costs, allocate money, decide on new investments into assets that generating income, revenue, ever increasing value.
I recently won a small amount of money and a coworker, about 23, African, asked for some/what was I going to do with it. I told him there are 3 Contexts to money.
1. Make money
2. Make money make money
3. Legacy money
I'd made the money by winning the raffle but now I had to make it make money and then that money make money and then to slowly create more and more legacy items in a portfolio for my children, grandchildren and great-grandchildren. It wasn’t just a get and spend, singular engagement—Consumer—-relationship to money.
It was like watching a light come on in him and he started actually singing the 3 steps.
To Johnson's point, its a start.
But we need better, more expansive programming into communities and schools----I agree and teach specific financial information and have for the past 15 years at all educational levels.
Rich Dad, Poor Dad is a good reader, all the books in the series, about 40, I have and are an excellent programmatic primer for a Beginner to Intermediate, ready for Advanced financial education. I got Cashflow 101 and 202 to play with students, but its hard in a semester or two with other core work to ascertain future financial wherewithal and the ability most importantly to create, manage, own a business.
Ownership requires less money but more education.
A degree and getting a job and shopping is easier, like suicide.
I've said before about Johnson (and maybe I'll forward it to him the text of), this context in Spiral Dynamics:
There's a brief section where it talks about race and Civil Rights leaders coming to understand that we moved from one level (3) to now level 4-legality, laws, racism, truth, justice and stopped, when White America, not entirely, but has expanded to include Level 5---capitalism, entrepreneurship, self actualization, ownership, self valuation, being a creator, the natural evolution.
I would say Whitney Young had this evolution in mind as he was negotiating behind the scenes with White business people, backed by Black Titan AG Gaston, one of the major private funders of the Civil rights movement.
Umar Johnson is polemic but he's not crazy nor wrong.
#KylePhoenix
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