Unfortunately, “Clinton Portis Broke after Earning Over $43 Million in NFL” is just another tale of a black person being exposed to a responsibility that they were not equipped to handle. Before I continue with my succinct anatomization of this story, I would like to say that this is not a direct shot at Clinton Portis, because he is just one in a long line of black athletes who earned millions of dollars during their career, only to end up in debt. Clinton Portis was a good running back during his career, and he earned every one of the $43 plus million that he was paid. With the disabilities that he is currently suffering with as a result of his career, it is obvious that he has paid a hefty price to follow his dream.

What we must look at here is the fact that this story is simply a microcosm of a much larger issue — financial literacy among the black collective. There is an old adage that expresses the fact that having an excess of money will expose the weaknesses in a person’s character. Not only is this adage accurate, but having wealth will also expose ignorance in the way of financial literacy. Far too many black athletes are paid large salaries for their ability to produce in their particular sport, only to squander it. It has been said that whites have no problem paying blacks high salaries, because they can treat it like a loan, they will get it back through the conduit of consumerism, and poor choices.

This is not about attacking Clinton Portis or any of the other players, because their culpability is shared with those of us who know better. Blacks, who are financially literate, have a responsibility to share their knowledge and teach those in their periphery how to manage and invest their money. We have to stop treating money as a result of our efforts and start treating it as a dynamic tool for empowerment.

The problem with the black collective, as a whole, is the fact that we are primarily consumers, meaning that no matter how much money we earn, we keep very little of it within the black economy. Other groups literally build their wealth off of our income. We must start early, teaching our youth about the importance of ownership and investing. A good place to start is during the holiday season. Instead of buying things that children don’t need anyway, buy them their first stock certificate and frame it. Explain ownership and why it is so valuable to their future.

This notion of developing financial literacy among blacks does not end with our youth; we can also gift financial literacy courses and financial counseling sessions to our adult family and friends. What we cannot continue to do is hemorrhage money as a result of ignorance. We must develop an understanding of the importance of ownership and black group economics, practiced vertically. If we plug this hole, there is no limit to what can be accomplished from where we are currently. ~ Dr. Rick Wallace, Ph.D.