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The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
The Hustle Economy: The Real Worth and Value of African Americans
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The Hustle Economy: The Real Worth and Value of African Americans

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A psycho-cultural perspective by Footsteps about the true economic story of African Americans

A psycho-cultural perspective by Footsteps about the true economic story of African Americans

Published in: Education, News & Politics
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  1. The Hustle Economy The real worth and value of African Americans
  2. 2010 Census… Reports that the current US black population is at… 42 Million From 12.3 % of U.S. in 2000 To 13.6% of U.S. in 2010
  3. Total $1 Trillion AA buying power * African American Market in the U.S., Package Facts, 2008
  4. “Many (African Americans) seem to continue to be lost in the illusion of being rich… “According to the Census data…we can’t afford it… “…based on these data…the average African (American) can not truly afford the lifestyles that we lead…” The Income Disparity Among African Americans: We Ain’tBallin’” Brandale Randolph, 3/4/11, http://www.sicklycat.com/2011/03/04/the-income-disparity-among-african-americans-we- ain%E2%80%99t-ballin%E2%80%99/ CONVENTIONAL WISDOM
  5. The Census reports the official taxable income data (which fuel the conventional wisdom regarding the economics of the black community) comparing: THE EMPLOYED THE UNEMPLOYED However, this view ofour community is one from the outside-looking-in…
  6. A more accurate view of the community (from the inside) would capture all the ways income is generated and then provide a better descriptor: EAP: ECONOMICALLY ACTIVE PEOPLE Informal Economy Literature Review, Jan L. Losby, John F.Else, Marcia E. Kingslow, Elaine L. Edgcomb, Erika T. Malm, and Vivian Kao, December, 2002, www.kingslow- assoc.com/images/Informal_Economy_Lit_Review.pdf
  7. An economic state of making money, no matter whether or not taxes are paid, has spawned lots of academic phrases : Informal Economy Shadow Economy Underground Economy Subterranean Economy Irregular Economy Hidden Economy Submerged Economy Unrecorded Economy Clandestine Economy Non-Official Economy Informal Economy Literature Review, Jan L. Losby, John F. Else, Marcia E. Kingslow, Elaine L. Edgcomb, Erika T. Malm, and Vivian Kao, December, 2002, www.kingslow- assoc.com/images/Informal_Economy_Lit_Review.pdf
  8. The Hustle Economy Urban Dictionary Definition of Hustling: Hustling in making money out of everything, no matter what it is At Footsteps, we take the POV of our consumers as are our guide and we call it what they would call it:
  9. $0-$7,500 $7,501- $15,000 $15,001- $20,000 $20,001- $40,000 $40,000 + ANY INFORMAL ACTIVITY 58% 61% 59% 54% 49% Between 50% to 60% of our consumers, at a variety of “official” income levels, are engaging in informal work Informal Economy Literature Review, Jan L. Losby, John F. Else, Marcia E. Kingslow, Elaine L. Edgcomb, Erika T. Malm, and Vivian Kao, December, 2002, www.kingslow- assoc.com/images/Informal_Economy_Lit_Review.pdf Informal Work Engagement at Various Income Levels
  10. PRIMARY WORKS FOR COMPANY EXTRA WORK FOR CURRENT EMPLOYER Person works for someone else (AA: 29%) • Works off-the-books • Works under-the-table • Paid in cash and not taxed • Works extra hours on weekends (paid in cash not taxed) PERSON OPERATES OWN SMALL BUSINESS DOES SPORADIC ODD JOBS, SERVICES, OR PRODUCTS Person self-employed (AA: 71%) •Cash-only exchanges • On-going, regular • Business seems as primary income •May invest income into business • Seasonal work • Helps keep household expenses down by bartering for services or low-cost products •Not as formalized as a “small business Informal Work Typologies Informal Economy Literature Review, Jan L. Losby, John F.Else, Marcia E. Kingslow, Elaine L. Edgecomb, Erika T. Malm, and Vivian Kao, December, 2002, www.kingslow-assoc.com/images/Informal_Economy_Lit_Review.pdf The Informal Economy: African Americans, Jan L. Losby, Marcia E. Kingslow, and John F. Else, 2003, ISED Solutions
  11. “when applied by researchers in Los Angeles County, between 9 and 29 percent of county employment may be informal…based on an estimated 811,000 informal workers…a conservative estimate of $7,200 a year in average earnings… Informal Economy Literature Review, Jan L. Losby, John F.Else, Marcia E. Kingslow, Elaine L. Edgcomb, Erika T. Malm, and Vivian Kao, December, 2002, www.kingslow- assoc.com/images/Informal_Economy_Lit_Review.pdf “On average, people who are informally operating businesses earn more per month ($1,013) than do people who are employed informally ($702)…”(the average yearly income for all is $10,920) The Informal Economy: African Americans, Jan L. Losby, Marcia E. Kingslow, and John F. Else, 2003, ISED Solutions A Tax-free Supplemental Income Between $7K -$11K
  12. Why Hustle? First and foremost, it is about $’s But it is also about: Wanting to be in control Wanting independence Wanting a creative outlet Wanting a flexible schedule Wanting a sense of security The Informal Economy: African Americans, Jan L. Losby, Marcia E. Kingslow, and John F. Else, 2003, ISED Solutions
  13. A Tale of Two Hustles Some have skills that they want to maximize; some of which they may not be using in their formal job engaged Some have few formal job options open to them either because they have little education and/or menial skills
  14. But for many, because it just what we do… In their research, Jan Losby and colleagues found that many African American respondents who were engaged in the Hustling Economy had grown up watching their elders doing the exact same thing “When I was 10 or 11 years old, my dad used to take me around to relatives housed and different family members that needed work done. I just got really interested…” “I’m used to seeing people with extra jobs or working on the side….” “The majority of people …probably work informally…I don’t think that’s really unusual…at least not for the people in my neighborhood…” The Informal Economy: African Americans, Jan L. Losby, Marcia E. Kingslow, and John F. Else, 2003, ISED Solutions
  15. This is a part of the AA Community’s DNA Since African Americans have been in this country we have had an informal economy that has supplemented and sustained us… Throughout formal segregation it was a community-wide survival mechanism Despite the advent of the Civil Rights Act, the spirit of entrepreneurialism is still alive in our communities no matter our income brackets Stylin’, African American Expressive Culture, Shane White and Graham White, 1998 Cornell University
  16. “There are two informal economies, says SaskiaSassen, a sociology professor at Columbia University in New York... “You have a poverty kind of informal economy, and you have an informal economy that feeds into the high end,” she says. These are creative professionals such as freelance designers and performers...” “America’s ‘shadow economy’ is bigger than you think – and growing,” Taylor Barnes, The Christian Science Monitor, 9/12/09, http://www.csmonitor.com/Business/2009/1112/americas-shadow-economy-is-bigger- than-you-think-and-growing
  17. Formalizing the Informal When the Kaufman Index of Entrepreneurial Activity: 1996-2009 reports that the entrepreneurial activity rate for African Americans has increased to highest rate over the past decade and a half and an Uptown Magazines study suggests that mass affluents are leading the charge as 53% of them are engaged in full time or part time entrepreneurial ventures for the most part it is just a formalizing of what has been going on in our community on an informal basis because for many they want to be in compliance…
  18. Hustlin’ Raison d’etre Whether the hustlin’ is informal or as it is now considered to be -- “entrepreneurial” -- African American culture has historically emphasized and reinforced independence survival mechanisms that have continued to pay dividends for black folks… They call me the Boss, I be callin’ the shots, It’s Rick Ross, that boy be ballin’ a lot Everyday I’m, everyday I’m, everyday I’m hustlin’
  19. Real African American Worth Official Economy The Hustle Economy

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