저자: MeetKevin · 외국인
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흑인·히스패닉의 자산 격차는 주택 소유율 격차에서 크게 비롯되며, 주택 소유자 순자산이 세입자보다 36배 높다고 주장. 원인으로 역사적 레드라이닝과 세대 간 자산 이전, 금융 자문가의 수수료 구조(신탁의무 불명확) 및 부동산 교육 부족을 든다. 자신의 부동산 투자 교육 과정을 홍보하며 구독·좋아요를 요청한다.
다듬은 글
Hey everyone, it's me, Meet Kevin. And today, we're talking about why black people are statistically poorer than white people. And the real reason might come as a shock to you. And the entire cost of the video is not No, it is not you buying a course or a t-shirt, although you can do that down below if you want.
It is you smashing that like button. Today, there are almost 82 million households that own real estate. Unfortunately, that leaves around 45 million households, or somewhere close to 100 million people who don't own real estate. And you might be thinking to yourself, "Wait, Kevin, why does owning real estate matter?
And what does this have to do with blacks and whites and passive income while I sleep? I want that money while I sleep." Well, here's the thing. The New York Times tells us that if blacks and Hispanics owned real estate at rates similar to white folks, then the racial wealth gap between blacks and Hispanics and white people would narrow by 33% almost instantly.
Now, right away, that should be pretty shocking. Simply the fact that blacks and Hispanics don't own real estate as much as white people contributes to a massive wealth gap. You might be thinking to yourself, "Wait a minute, really? Is Is Is there really that much of a difference between the home ownership rate?" Well, let's zoom in a little bit.
And let's look at what Harvard tells us about the home ownership rate in 2017. According to Harvard, 72% of whites own their own homes. Yet, only 43% of blacks own their own homes. The national average is about 63% for home ownership. But, you can see the massive favor goes to white people that own real estate, where blacks and Hispanics historically don't own as much real estate as white people.
See, naturally, you might be asking yourself, "Wait a minute, Kevin. Okay, like who cares about the homeownership rate? Like it just because you own a place doesn't mean all of a sudden your net worth is higher. You know, you could just as well invest in mutual funds or Vanguard index funds or whatever." Well, unfortunately, at least statistically, that's just not the case.
See, The New York Times also tells us that the average expected net worth of a homeowner is $195,400. Compare that to tenants, tenants have an expected net worth of just $5,400. That means homeowners have statistically 36 times the net worth of tenants. It doesn't even matter if everybody invests in Vanguard or Tesla stock the same.
Tenants are 36 times poorer than homeowners, and black people and Hispanics own homes way less than white people do. Now, some of you critics out there might be thinking to yourself, "Well, well, come on, Kevin. It's 2019. Home values are like super high right now." Okay, fine. That that's fair. Let's go back to some other research I did just for you kind of folks, which I appreciate you.
I still want your likes. I went back to 2011 and found that even in 2011, the median net worth of a black household was $7,113. For Hispanics, it was $8,348. For white people, it was over $111,000. Like, what? Think about that for a moment. Why is that fair? Black people, $7,000. Hispanics, $8,000, white people, $111,000.
Are you kidding me? Like, no. It's not fair. It should not be that way. So, I decided to go on a little bit of a mission. I decided to find out why is this? What is causing this? And no, I'm not suggesting everybody just be a homeowner tomorrow. I don't think that's going to solve everything to just go out and buy a house.
It would be a mistake to do that, especially without the proper education. But, you do keep in mind that even Harvard does say that home ownership is positively associated with better housing, safer neighborhoods, better jobs, better schools, better opportunities to build wealth. And well, overall, statistically, home ownership is driving some massive value.
But, let's now get into the corrupt reasons why I think this is all the way it is and how we can change it. I think there are two pretty nasty and corrupt reasons why there is such a wealth disparity between blacks and Hispanics and white people. The first reason is, think about it this way. When you have decades and decades of racism and segregation, what happens?
White people get to buy real estate and black people and Hispanics don't. Thanks to old school redlining laws that said banks will not lend in certain areas and crazy nasty stuff like that. See, the New York Times says white people are much more prepared to buy houses because they have parents that are not only educated in real estate or have experience in real estate, but they can just give down payment money to their white children.
But see, it gets even worse than that because you might say to yourself, well, come on. A black person or a Hispanic person has just every equal opportunity to just go ahead and walk on into a financial advisor's office and get educated about their finances and real estate. Well, unfortunately, that also doesn't work that well.
See, financial advisors don't always have the legal obligation to give you the best advice for you. In fact, there's a lot of confusion around whether or not a financial advisor is actually a fiduciary or not. That's known as a fiduciary relationship. It's just some fancy legal term that says you have to do what's in the best interest of your client.
Well, financial advisors and people that sell you mutual funds or stocks or you know, other kind of bond funds, what whatever, all these securities they sell you just aren't always obligated to give you the financial information that's in your best interest. And even when somebody is a fiduciary in one case, they might not be in another.
Combine that with the fact that when people go to financial advisors, they usually don't realize there's something known as revenue sharing. And that is when a financial advisor recommends a product to you, they get a commission on that product. It's not as transparent as real estate. Now, I know a lot of you might think, "Well, come on, when you sell a house in real estate, you get a commission as well." Right, but the commission is much more transparent in real estate and legally, agents are held to that fiduciary obligation that they say have to do what's in the best interest of their client.
Now, I don't want to get into a debate about whether or not, you know, financial advisors are bad and real estate agents are good. That's not what I'm trying to say. I'm just saying that it's not that easy for people to get real estate advice because there are a lot of convoluted and messed up things that make it very hard to understand if you're actually getting good advice.
And that's cuz there's no money to be made for a financial advisor in real estate unless they're also a real estate agent. Unfortunately, even on the real estate agent side, not all real estate agents know about real estate investments. So, where do you full circle back to? If you don't have an education or some kind of aid or knowledge in real estate investing, how are you possibly going to invest in real estate?
If you don't have a family that understands real estate, you don't know if you can trust a financial advisor to tell you about real estate, you don't know if you can trust a real estate agent about real estate. Let's just be real about it all. Now all of a sudden you just get fearful and you're thinking to yourself, "Wow, how am I ever supposed to learn about real estate?
You know what? I'll just keep renting." In fact, this is where things get even nastier. You might think, "Okay, well well maybe I'll just I'll just read, you know, online about real estate." Well, then you get people like this guy, Ramit Sethi, who wrote an article in The Observer about how people were telling lies about real estate investing and half-truths.
He takes the position that he's anti-real estate investing and that you're better off renting. And so he says that, you know, people lie about real estate investing. Uh and and now when I broke apart his numbers, where he gives this example and says, "Hey, well look, here's one of the reasons you don't want to invest in real estate.
If you buy a $300,000 house, it's going to cost you a million dollars over 30 years." That was with his argument that he made. Well, when I break apart those numbers and I look at, "Wait a minute, how does he get to those numbers?" I realize, "Oh my gosh, he had to pad the numbers with $13,600 in renovation and repair costs every single year." Like every investor watching this video right now should have a heart attack and go, "No, no, no, no, no.
$200 a month is like $2,400. That's like a fifth of $13,600. Average investor does not spend that much money on real estate. That's insane." Either Ramit's talking to people who buy real estate wrong or they spend crazy amounts of money renovating real estate in the wrong ways because they're watching too much HGTV.
Problem is, he doesn't make that distinction. So, now all of a sudden it's like, well, no freaking kidding why we have a problem with the wealth gap in the United States. You can't get educated. And then you're like, well, wait a minute, you can go to school. Well, you ain't learning about real estate in high school, let's be real about that.
And then it's like, well, what about college? Great. Maybe you'll be lucky and you'll learn about real estate in college. Although you probably won't. Instead, all you'll probably get is saddled with student debt, which student debt now sits on your qualifying shoulders, so to speak, and makes it so you can't qualify for real estate anyway.
It's super hard to actually get educated on real estate investing. Now, I have something super exciting to show you. It's all right here in front of me, but before I do, let's obviously come up with a summary here and say, folks, it should be super freaking obvious at this point that a lack of education clearly leads to a massive widening of the racial wealth gap.
This is basically like a new form of racism in 2019 in the United States. It's unacceptable that this gap is so wide, and what should you do right now, no matter whether you are black, white, Hispanic, or whatever, it does not matter, what should you be doing right now? You should consider getting educated in real estate.
No, you don't have to buy my courses, which are linked below, or attend my in-person live real estate investing crash courses. You can watch YouTube videos for free. You can get really inexpensive books. There are endless ways for you to learn about real estate. You don't have to listen to everything I say.
Take what you like, and I hope you learn something. Also, shout out to Ricardo here that sent me this amazing a letter for feedback for the New York City I'm over it tour event that we just had this last Saturday. That was the real estate investing crash course, the all day event. Next up is Chicago.
Know that the New York City one sold out. We actually squeezed in another extra two seats in the back just to get a few extra people in in the back that really wanted to come. I'll just quickly also mention that not only is Chicago next and it's about to sell out. After that we have Seattle, Austin, Miami, San Francisco, Charlotte and Atlanta and a few other locations.
I would love to see you there and I really hope to be able to teach you what I can about real estate investing. All right folks, here it is. I couldn't have done it without you. It's because people like you press that red subscribe button and I am so grateful for you. Thank you so much for making that red button gray.
Please if you haven't done that yet, please do so because look what it has led to. This is so motivating to create more content for all of you. It's the YouTube play button. Ah, shiny. So I think oh look, it's like a mirror too. I can see how I have anything I taste. Yeah, looking forward to producing more videos. Presented to Meat. M E A T? What?
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