Tom Joyner and Dr. Boyce Talk Money and Black Folks

Here is the transcript for the recent appearance I did on the Tom Joyner Morning Show discussing what I called the "Five E Philosophy" for Black empowerment. If you wish to hear the audio of the interview, please click here.

What are we going to do with our kids? I'm not here to judge whether you're a mother, father, husband, wife, baby's mama, baby daddy or community parent, but we all know that it takes a village to raise our children. At the very least, I certainly don't want Lil Wayne raising my kids, or to see them turned into chubby little playstation addicts who can't spell the word "NBA."

I have a humble proposal on how you might want to empower your kids. I call it the 5 E philosophy. The 5 E philosophy goes like this: Education, plus economics, plus expectations equals empowerment.

The first E is for Education:

Most studies show that black boys are 4- 5 times more likely to be placed in special education than kids who aren't black. When they are categorized at an early age, this leads to educational neglect and horrifically low graduation rates. I know this personally, since I was one of those boys. We all know that the public school system is a mess, but as a college professor over the last 17 years, I would like to help you and your child reframe the value of education.

Meet Stephen Stafford. Stephen is a 13-year old who happens to be a junior at Morehouse College – yes, 13 years old. Stephen is a triple major in computer science, mathematics and pre-med. We should celebrate kids like Stephen. We should honor him the same way we would if he averaged 40 points a game. We should talk about him like he is a platinum selling hip hop artist. We should brag about him like we brag about Pookie nem when they scored three touchdowns last week.

The article I wrote about Stephen was read by roughly half a million African Americans, which shows that many members of our community are ready for a change.

Our kids can hyper-analyze the triangle offense in basketball, carefully study the nickel defense in football and meticulously memorize playbooks that are 100 pages thick, but someone has convinced them that they can't do math and science.

They can go to work at McDonald's for 10 hours a day, but act a fool when you tell them to study 4 hours a day. It's time for kids to learn that education is the best investment of their time and the easiest way to create the future they would like to have. It's time to remove judgmental terms like "college material" when evaluating the futures of our children, since every child can be college material if they choose to be.


Let's get this straight: It takes more intelligence to make it in THE STREET or in prison than it does to make it on a college campus. Put it this way: If George Bush can go to Harvard and Yale, then any black kid in America can go to college somewhere. So when we talk to our kids about going to college, stop using the word "if" and start using the word "when."

The next E in the 5-E Philosphy stands for the word "Economics":

He who holds the gold makes the rules. Your financial freedom is the key to your social, psychological and spiritual freedom. When it comes time for us to stand up, our financial situation often forces us to sit right back down.

Teach your children how to break out of the shackles of labor and learn the significance of OWNING something. Start with owning your own home, and then consider owning your own business. Every black child in America should be taught the fundamentals of entrepreneurship. When they learn where babies come from, they should also learn where jobs come from. They should know the difference between having a high income and actually being wealthy. Don't teach them to take their tax refunds and run to the mall, teach them to take that money and run to their investment advisors.

To give you a quick illustration of the value of ownership, let's consider NBA star Lebron James. Lebron earns about $27 million dollars per year running, jumping and sweating every night. That's a nice income, I'm proud of him. But consider Bill Gates – Bill Gates could sit at home all day, not go to work, not take a single phone call and not even leave the house and earn $100 million dollars per week. Yes, I said per week. That's because Bill Gates has money invested that is out working for him – he doesn't have to do a thing.

Teach your kids how to let money work for them. Take a note from the Oprah Winfrey Network, with the acronym O-W-N. Oprah Winfrey has a successful business because she knows how to handle her business. Teach your kids to handle their business too.

The next E stands for Expectations:

Teach your kids to take the word "me" out of mediocrity. Our kids will jump whatever hurdle we set for them, so set that bar as high as you possibly can.

Teach them how to set goals. If you don't know where you're going, then you're probably not going to get there.

What doesn't kill you definitely makes you stronger, and God created hurdles to teach us how to jump. Teach your kids how to jump, and support them when they fall down.

Education Plus Economics Plus Expectations Equals Empowerment.

In the new millennium ya'll, and it's time to redefine WHAT IT MEANS TO BE BLACK.

Dr. Boyce Watkins is the founder of the Your Black World Coalition and the only African American in the world to earn a PhD in Finance during the year 2002. To have Dr. Boyce commentary delivered to your email, please click here.

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