Pam, Dyalekt, Tasty Keish

b&b171 You can’t talk about economics without talking about race (LIVE from the 4th Annual Audio Festival)

We packed a whole lot of goodies in this hour special.

We caught up with Tasty Keish from last year’s #DDJA interview to see where she is now after deciding to work as a full-time freelancer. We also discuss and divulge into a new Investment Appetizer and Poor Tax before our feature topic: The harsh reality that is the racial wealth divide. Prosperity Now conducted the study on the racial wealth divide and in this show, we break down their findings.

No new music in this episode, but check out our previous episodes or Lil Raq’s Summer Playlist for a cropped list of our favorites.

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Episode Highlights:

Tasty Keish: When you go into a networking space, whether you’re shy or not, you know what doesn’t feel good to you, so…I would just leave.

Dyalekt: Assess, do the math, and take the leap.

Pam: When you decide, you don’t have to quit tomorrow, but when you decide, make it a point to look at what you have now, because that will give you an idea of what income you need to fill or what savings you need to fill, or a little bit of both.

Tasty Keish: Nothing will make you chase an invoice down faster than hunger.

Tasty Keish: I had been on nightshifts for…10 years off and on, so like I knew that stores were open, I just never got to them…The first week that I got a full night’s sleep every day, I felt like superman..I had so much energy.

Tasty Keish: The job and the dream that my mother had for me, I wasn’t living it. Like, I’m not living in a house, I ain’t have a car, so what the hell am I doing y’all?

Tasty Keish: I love the freedom…total freedom of schedule for the most part. Challenge is not knowing where [work and income] is coming from sometimes.

Tasty Keish: I know like that’s a good job and I could always go back, and they’ll have me on record, so like they were like “Send us your 2017 physical so we have you on record” and I haven’t gone yet, ‘cause I’m trying not to. I don’t want that safety net.

Dyalekt: It’s crazy how we don’t think about it ‘til we’re in it, but your job becomes your life.

Tasty Keish: Plan it and then save up a little bit, even, not a whole bunch, like whatever. Just do something. Do something, and then like while you’re in your holding place, while you’re in that limbo, create something, right. Create something that shows your depth of field in the thing that you wanna do full time.

Pam: You don’t wanna own just one stock…A truly diversified portfolio has about 11 thousand different stocks…fortunately you don’t have to pick all of them..they’ll literally put hundreds or thousands of different stock into this container, essentially, called a Mutual Fund, an Index Fund, or and ETF, and so there are places that will take care of diversification for you.

Pam: The thing is, bonds typically pay like 4-5%, and right now because the interest rate are low they’re paying like 2-3%, whereas the stock market, you know, the SNP500 went up 32% in 2016. It’s the risk/reward thing.

Dyalekt: Poor tax is the hidden taxes that exist in the world. There are a lot of things that make it more difficult to be poor.

Dyalekt: It’s hard to be poor, and it’s expensive to be poor already, because of the natural things that occur with having less money than folks, but there are a lot of insidious extra fees, taxes, and penalties that are put on people because they’re poor.

Dyalekt: The lottery is a poor tax because it is explicitly marketed to people of color and people in poor situations.

Dyalekt: Groceries are more expensive, literally per pound more expensive, in poor neighborhoods…The wilted, crappier lettuce is more expensive at Key Food than it is at Whole Foods .

Dyalekt: Protests are a terrible tax on the poor ‘cause where do protests happen?…Other than Occupy Wall Street…they happen on your street. They happen in poor neighborhoods.

Pam: It would take 228 years for the average Black family to catch up to the wealth of a white family today.

Pam: Unemployment is down, to almost pre-recession levels, but has not been accompanied by an increase in the number of actual quality jobs. So, quality jobs is jobs that are enough to pay the bills and enough to enable workers to actually save and build wealth.

Pam: The current unemployment is actually 4% flat, and the current unemployment for Black workers is 8.7%.

Pam: 1 in 4 jobs in the U.S. are jobs that pay below the poverty line…not enough to cover the cost of living EVEN if you are working full time right now.

Pam: Homeownership is one of the #1 ways to start building generational wealth…71% of white households are homeowners, compared to 41% of Black households.

Pam: For every dollar of net worth held by white households…Black households have 7 cents.