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Wealth

Dr. George C. Fraser

By 2053, just 10 years after the country is projected to become majority non-white, black median families will own zero wealth if current trends continue.

Dr. George C. Fraser is the Chairman and CEO of FraserNet, Inc., a company he founded some 30 years ago, to lead a global networking movement for people of African descent.

He spent 20 years in leadership positions with Procter & Gamble, United Way and Ford Motor Company before starting his own business in 1987.

Dr. Fraser is the author of 6 best-selling books. He has been named as one of the best speakers in America, and President Barack Obama recently awarded Dr. Fraser “The President’s Lifetime Achievement Award”.

He’s been married to Nora Jean for 45 years.

Today Dr Fraser and I discussed his love/hate relationship with black history month, and what's required for us as a community to begin to close the wealth gap between African Americans and other groups.

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A few of the questions we asked Dr. Fraser:

  • [spp-timestamp time="13:45"] What does black history month means to you, as a black man in 2018?
  • What's driving you in the work you're doing today? What's keeping you motivated at the age of 72?
  • [spp-timestamp time="27:45"] How do we begin to close the wealth gap in the black community?

Quotes from Dr. George C. Fraser:

  • African American baby boomers will be the first generation of Africans in America that will raise another generation of African Americans that will not do better than them – USA Today (2015)
  • If nothing changes among African Americans, it will take them 228 years, if ever, to close the wealth gap between blacks and whites in America, but it will take hispanics 89 years – Institutes of Policy Studies (April 2016)
  • By 2053, just 10 years after the country is projected to become majority non-white, black median families will own zero wealth if current trends continue – Fortune Magazine (September 2017)
  • No one is going to fix us but us. White folks will not be fixing black people. It's been 400 years and we're not fixed!
  • White folks in general are not even thinking about us. Do you know who white folks are thinking about? They are thinking about white people. They are thinking about their children, their husbands, their wives, their neighborhoods, their schools and their businesses. That's what they're thinking about and that's who they should be thinking about, because that's who black people ought to be thinking about. We ought to be thinking about our communities, our households, our income, how we spend our money, our businesses. We should be focused on us first.
  • Think about race and culture first, but not only.
  • I've been focused on economic development and wealth creation
  • If financial illiteracy is an American problem, it is 10x the problem in the context of the black community
  • There are 43 million black people in America; and only 10% are financially literate.
  • The only color that really matters in this country is green. So until our pile of green is as big and as wide and as deep and as leveraged as any other cultural groups pile of green, we will never be equal at the table of democratic capitalism. We cannot live in a capitalistic society and be ignorant about money.
  • I want to create financial education centers all across the country
  • People will not change when they see the light, they will change when they feel the heat.
  • You will never change that which you tolerate, you will only change when you get angry.

One Action To Blaze Your Trail:

Turn off the damn television!

One of the worst habits we have as a people, black people in America, is that we watch 40% more television than any other cultural group in America. We watch 72 hours of television a week!

Ask yourself this question in the quiet of your own mind: 

What gift are you holding hostage from our community, because of your personal fears? What are you not doing because you are scared, that you don't want to take any risks? What are you not doing? Why are you not where you are suppose to be?

 

–>REMINDER: Blazer Nation gets discounted tickets for only $299 ($2,100 package)! Email: gfraser@frasernet.com Subject: I'm in! I listened to you on the Trailblazers.FM Podcast

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