For the last week, as I have been taking the necessary steps toward my goals, one thing of obvious importance has stubbornly included itself in my decision-making: FINANCES. Now, for a gal who prefers to spend the rest of her life only dealing in words; simply for the lust of the English language; numbers, which unfortunately are a part of finances, absolutely scare me. I’m sure they wouldn’t scare me as much if I had larger numbers to work with, but even before the recession, like most of us, I was accustomed to “ballin’ on a budget.” The problem with that, though, is that if enough of us (Black people, I mean) are adapting to this ideal of working our financial strain, are we truly progressing to financial freedom? And, as the largest consumers on the entire planet, do we demand enough from large corporations who specifically target us?

I know. I’m just in time to halt your holiday shopping and restrict your Christmas list to just a few fun items. I apologize. Truly, I do. But why should I be the only one making my financial freedom and my child’s educational future a priority? So without further or do, here are the numbers…

Blacks continue to be the major marketing target for Corporate America. The potential of the Black market has advertisers dedicating major dollars to reach them. In 2002, advertisers spent $457.9 billion to reach Blacks through Black media properties. In 2006, that amount increased by 72.8%, totaling $791 million.

I remember in the early 1990’s hearing for the first time the statistics on Black spending which, at that time was not called Black Power, but instead, “spending.” It seems to me that once Corporate America realized the growth projections of Black spending, we were then referred to as “powerful.” But, in an effort to make “like” with my fellow print media, I will also oblige.

The buying power of Blacks has risen 166% in 17 years, from $318 billion in 1990 to $845 billion in 2007. By next year, the buying power of Blacks is expected to reach $1 trillion, according to the University of Georgia’s Selig Center for Economic Growth. This growth is largely to do with our rise in income, which collectively, looks great, but individually, speaks volumes to our current state.

According to the 2007 U.S. Census Bureau report, Blacks’ median household income is $33,916, while Whites’ is $54,920; Asians’ is $66,103, and Hispanics’ is $38,679. Am I the only one seeing the so-called power wavering just a bit? Black people are bringing in the least amount of income, yet, we are spending more than anyone else. How is this even possible, you ask? How are we spending much more than we are actually making? There’s only one possible word for this: DEBT.

Keep in mind this has been ongoing for more than 20 years. Today, our Black children have taken the reins of our spending habits. Black teens spend an average of $96 monthly, 20% more than the average U.S. teen. In comparison to all U.S. teens, Black teens spend more yearly on apparel and technology-related products, as well as tend to be more brand-loyal to a variety of goods, including personal products, footwear, and food.I am not a financial consultant, an accountant, nor am I exempt from the majority of us who falls victim to those fast food commercials who put those golden fries at the forefront of the camera with steam rising from its salty freshness, or those vehicle commercials that play our favorite Hip Hop song and make us get up and say, “That’s my jam,” as we imagine we’re cruising down one of Wilmington’s main streets in a brand new SUV, sitting on 24-inch rims. Trust me, I get it and I’m right there with you. We’ve allowed marketers to take Black stereotypes, ease them into their advertisements, and ultimately cause us to spend our babies’ college tuition!

Specifically, over a 12-month period, Black teens spend an average of $258 on clothing, while other U.S. teens spend an average of $219. However, we have the least amount of high school graduates and college attendees, compared to any other race. Are we getting the picture? Could it be that for the past 20 years, we’ve been more concerned with “looking good,” versus actually doing well for ourselves?

These statistics are telling us that while you have worked so hard to get your son those $175 basketball sneakers, during the high school graduation ceremony, it is likely he will be walking in those crisp, brand new sneakers out onto America’s pavement without his diploma. And honestly, how much money are sneaker companies and brands putting back into our community? We are not even looking at the bigger picture: we spend all these dollars to put the best and most expensive brands on the backs of our children, ultimately making these companies rich, and enrichment and after-school programs for our children are scarce. We spend all this money with the fast-food restaurant chains in our neighborhood, making them billion-dollar corporations and we neglect to demand their monetary support for our little league teams.

We continue to overindulge in items which are depreciable and fail to invest in our children’s education or our own retirement goals. We have watched those who have come before us literally die in debt and without even taking the time to plan properly for their demise, ultimately leaving family to foot their funeral bill.

While corporations invest their money into our communities, they are the only ones seeing a return. Meanwhile, we go as far as to depreciate even ourselves. History is repeating itself and we cannot blame it on “the white man.” It is up to us to be good stewards over what we earn, and leave wealth, enough for our children’s children.

So, this holiday season and going forward, as you are checking off your lists, include a savings bond for your child; invest in your future; pay-off a debt, and put away what you would normally waste on brand-items, for a rainy day. It is time to preserve US.

Sources: Mediamark Research & Intelligence, Teenmark 2007; Selig Center Multicultural Economy Report, 2007; Pew Research Center, 2007; U.S. Census Bureau, 2007.

Ebony Wilmore, a Delaware native, is a notable spoken word artist and poet. She is the self-published author of Spoken Word for the Broken Rose, a book of poetry.