READY

MISEDUCATION

Feb 15, 2000

Jeffrey Elder Knows that the number one problem in the African American household is money management, that is why he created The READY Program. READY is an acronym for Rigorous Educational Assistance for Deserving Youth and was approved by the Internal Revenue Service as a non-profit organization.

A self-taught investor, Mr. Elder learned everything he knows from working with an investment banking firm. Elder's desire, determination, and dedication to the communtiy were the ground work that fueled his never-ending quest for funding from various agencies.

There is good news for the millions of African Americans who represent the poor, working poor, nearly working poor. They can still enjoy the fruits of the American dream once they learn how to use their financial resources and secure them effectively.

The need for economic education in the African American community is not a new phenomenon. Since the time of the emancipation, African Americans have been business minded, starting independent ventures in an effort to grasp their piece of the economic pie. As time has progressed, I have been sounding a clarion call to the African American communtiy to become educated when it comes to wealth and money. Booker T. Washington stated, "No race that has anything to contribute to the markets of the world is no longer in any degree ostracized.

The teaching of basic money management concepts was not a major interest of the African American church, the Civil Rights movement, or the American public school system. The church and the Civil Rights movement championed many campaigns that open employment and business opportunities to African Americans. However, after opening these doors neither group taught its followers what to do with their new sources of revenue.

A few nontraditional religious organizations and leaders, such as The Nation of Islam, and several African American New age churches, have stressed the importance of economic self-determination. However, they have not been able to influence the majority of African American churchgoers to become financially secure.

Given the traditional African American church's position on money, the majority of African American churchgoers were taught that money was "the root of all evil" and to store their "treasures up in heaven." One can understand why African Americans ministers never became strong advocates of individual prosperity. However, trying to understand why African American civil rights leaders did not advocate prosperity is another matter. With the exception of Booker T. Washington, who preached a gospel of hard work, thrift, business organization, and industrial education in the late 1800s no other national African American leader has advocated the importance of creating "personal wealth". Economic empowerment was not the main thrust of the civil rights movement or of its leaders.

THE CIVIL RIGHTS MOVEMENT WAS THE LAST FRONTIER TO THE CAPITAL MARKET.

The primary job of the public school system has been and continues to be, to teach children the basics needed to enter American's workforce. Apparently, the public school system does not consider money management a basic requirement for any of our children, entering the workforce.

Public schools do a good job of teaching children about independence and a poor job of teaching them investing. They do a good job of teaching children about the principle of American freedom, but a poor job of teaching them about the principle of the American free enterprise system.

The tragedy of this paradox is the confusion it creates in the minds of African American children who graduate from public school without the financial skills they need to compete successfully.