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AAERTT – African American Economic Recovery Think Tank – Founder’s 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." 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 You might well remember that nothing can bring you success but yourself. Napoleon Hill, 1883-1970, American Speaker, Motivational Writer, ''Think and Grow Rich'' 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. Now is an excellent time to establish or renew our commitment to wealth building as part of our propensity legacy. 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 Author/s: Earl G. Graves, Black Enterprises - Issue: Dec, 2000 AAERTT Agenda: 1. Core Mission Statement a. Open comments – 30 minutes 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 ddr 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. Urban Policy Progress The President signed an Executive Order establishing the White House Office of Urban Affairs. The American Jobs Act would rebuild the economy the American way-- based on balance, fairness and the same set of rules for everyone from Wall Street to Main Street. In urban communities, the American Jobs Act would modernize public schools, invest in roads and bridges, and cut payroll taxes for every American worker and more. •Impact for Hispanic Families and the Economy (pdf) •Impact for African-American Families and the Economy (pdf) •Impact for Low-Income Families and the Economy (pdf) The American Recovery and Reinvestment Act included broad support for urban communities. •To broaden access to affordable housing, the Act provides for $1 billion in increased funding for the Community Development Block Grant; $4 billion in increased public housing capital funds; $2 billion in payments to owners of project based rental assistance properties to keep them affordable; $2 billion in Neighborhood Stabilization Funds to purchase and rehabilitate foreclosed homes; and $1.5 billion in Homelessness Prevention Funds to keep people in their homes; •To expand educational opportunity for low-income students, the Act provides for $13 billion in Title I funds to go to K-12 education in disadvantaged school systems; •To strengthen workforce development, the Act provides $3.95 billion in increased workforce investment training dollars to keep our workers skilled and to employ young people during the summer; •To improve energy efficiency, the Act increases the Weatherization Assistance Program by $5 billion, helping low income consumers save on their energy bills while simultaneously training more workers for a growing field; •To bolster our nation’s transportation infrastructure, the Act provides $1.5 billion in discretionary funding for the Department of Transportation to fund projects of regional or national significance as well as $8 billion to jumpstart high speed rail and connect regions to one another; and, •The Act also provides $4.7 billion to provide broadband access to underserved areas. Guiding Principles President Obama’s urban policy agenda is grounded in the recognition that our nation’s cities and metropolitan areas are vital engines for economic growth, innovation, and opportunity. To maximize economic productivity and opportunity in a 21st Century economy, federal policy must reflect the new metropolitan reality—that strong cities are the building blocks of strong regions, which in turn, are essential for a strong America. Break Through Traditional Barriers President Obama believes that the federal government must break from the siloed approach to urban policy development – where each facet of policy operates independently from all others - and replace it with an interdisciplinary approach that appreciates the interdependent nature of issues affecting urban communities. The President’s urban agenda will promote cross-cutting plans to revitalize urban areas, considering housing, transportation, energy, and labor, education, and criminal justice policy as a system rather than independent of each other. Take a Regional Approach President Obama will also take a regional approach that disregards traditional jurisdictional boundaries, setting policy that takes into account how cities, suburbs, and exurbs interact. President Obama’s urban policy agenda will use this integrated approach to enhance economic competitiveness, sustainability, and equity in our cities and metropolitan areas. Promote Inclusive Growth President Obama believes that for our nation to thrive, the federal government must make and promote coordinated and strategic investments in our regions, cities, and neighborhoods that result in inclusive economic growth. The President’s urban policies will therefore seek to avoid creating winners and losers from his urban agenda, but rather will aim to lift up and revitalize urban areas holistically and invest in community development. Guiding Principles President Obama’s central focus is on stimulating economic recovery and helping America emerge a stronger and more prosperous nation. The current economic crisis is the result of many years of irresponsibility, both in government and in the private sector. As we look toward the future, we must confront the many dimensions of this crisis while laying the foundation for a new era of responsibility and transparency. Creating Jobs President Obama’s first priority in confronting the economic crisis is to put Americans back to work. The American Recovery and Reinvestment Plan signed by the President will spur job creation while making long-term investments in health care, education, energy, and infrastructure. Among other objectives, the recovery plan will increase production of alternative energy, modernize and weatherize buildings and homes, expand broadband technology across the country, and computerize the health care system. The recovery plan will save or create about 3.5 million jobs while investing in priorities that create sustainable economic growth for the future. Keeping Americans in Their Homes Millions of hard-working, responsible families are at risk of losing their homes as home prices fall and jobs are threatened. The Making Home Affordable Refinancing program will expand access to refinancing for up to 4 to 5 million families who are current on their mortgages but otherwise unable to refinance because their homes have lost value. The Making Home Affordable Modification program has a $75 billion commitment to support loan modifications so that up to 3 to 4 million borrowers at risk of foreclosure can keep their homes. President Obama’s programs to prevent foreclosures will help bolster home prices and will provide direct support to up to 9 million homeowners to refinance for lower payments or have their mortgages modified to prevent foreclosure. President Obama also launched, where borrowers can learn basic facts about mortgages, homeownership, and resources available. Bringing Stability to Financial Markets This crisis has taught us the real impact that financial markets and institutions can have on working families. President Obama has worked to get credit flowing again so that small businesses can rebuild and hire workers and families can afford to send their children to college. At the same time, the President has demanded accountability and transparency both on Wall Street and in Washington, taking steps to ensure that banks use taxpayer assistance to support lending and create sustainable economic growth. For the long term, the President will create a new regulatory framework that holds market players responsible for their actions and stops fraudulent practices before they take hold. Stanley "Doc";