black economic history

Dr Boyce Watkins: Three ugly reasons why Donald Trump has more money than you do

Dr Boyce Watkins: Three ugly reasons why Donald Trump has more money than you do

by Dr Boyce Watkins

Donald Trump has been admittedly one of the most ridiculous, bombastic and dangerous figures in recent American political history.   The fact that he was able to secure the Republican nomination for the presidency is not only a miracle, but the result of decades of devious manipulation by the party itself.  In fact, this presidential election, in its entirety, is a very telling display of what happens when you allow corrupt politicians to run your country without having to answer to the American people.

But here’s the part you may not want to admit:  Donald Trump is not an idiot.  In fact, some might say he’s a genius.  An evil genius, yes, but a genius nonetheless.  The fact is that you’re hard pressed to find any public figure who’s been one of the most talked about people in America since the late 1970s.  You don’t have a 40-year impact on the entire country by just being lucky.

With that said, I want to put my Finance professor hat on for a second and help you understand why Donald Trump has more money than the rest of us.  In fact, Trump lives better than 99% of all Americans even when he’s broke, bankrupt, struggling and deep in debt.  I knew a lot of young, arrogant, annoying wannabe Donald Trumps that I sent to Wall Street during my days on the faculty at Syracuse University and the fact is that their parents knew a few things that your parents may not.

So, here are some reasons that Donald Trump has more money than you:

    1. He’s a white man:  Clearly, being white in America is one of the greatest indicators of economic success.  While some might lead you to believe that it all comes down to hard work, determination and intelligence, the fact of the matter is that there were several hundred years of this nation’s history where white men were the only ones invited to the table when important decisions were made.  Beyond  that, the white male is the only group of people in America who’ve been allowed to rob, steal and kill with virtual impunity.   That’s why, to this day, most of us have to answer to a white guy every single day on the job.
    2. His daddy was rich:  Had it not been for the wealth left by Donald Trump Sr., we wouldn’t have this weirdo running for president right now.  But despite the fact that we have obvious reason to be concerned about men like Trump running the country, the truth is that you can leave a legacy of wealth for your children as well.  When you leave your children something to work with, they are able to finish where you left off and do things you could not do.  But this doesn’t happen if your kids have to start all over again.  So, when you die (which will probably be sooner than you think), make sure you leave your kids more than a stack of bill collectors.
    3. America is economically rigged:  As I teach my students in The Black Wealth Bootcamp, we must start economic conversations by understanding that America is financially biased.  This bias partly runs along racial lines, but much of the bias directly relates to the role you accept in this economic system.  So, if you are a worker, consumer, spender and borrower, then America is designed to screw you to high heaven.  But if you are an investor, stock market participant, producer, property owner or entrepreneur, you’ll receive economic benefits left and right.  So, while we know that American racism is as real as the sky is blue, the fact is that a white man will never be able to stop you from learning how to start a business or buy a share of stock.

This article wasn’t written to vilify Donald Trump, nor was it meant to excuse his insane behavior.  It was meant to speak directly to the facts.  When you really break it all down, there isn’t much that Donald Trump has been able to do with his life that your grandkids couldn’t do if you were to commit yourself to helping them build wealth during this generation.   By embracing financial literacy, entrepreneurship, wealth-building and cooperative economics, the next generation may be able to produce a black Donald Trump.  Not that I want this to happen, but at least we would have that option.

Dr Boyce Watkins is a Finance PhD and star of the new film, “The Secrets of Black Financial Intelligence.”  He’s also the founder of The Black Wealth Bootcamp.  To  learn more, please visit TheBlackWealthBootcamp.com 

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