By William A. Foster, IV
“Patience is not simply the ability to wait – it’s how we behave while we’re waiting.” – Joyce Meyer
Are we there yet? Any adult remembers asking this as a child and any parent remembers hearing this from a child. The trip could be to the grocery store or a road trip. Sometimes we think children are being impatient when it could be they are just excited and ready to explore all that awaits them at their destination. For myself and the building of HBCU Money, we are that metaphorical child.
Expecting to be much further, bigger, and covering far more ground by now. My HBCU Alumni Owned media contemporary Steven Gaither of HBCU Gameday recently put it best in a tweet, “Just because HBCU Gameday doesn’t show up at your school consistently doesn’t mean we are biased or hating. We don’t have the resources (manpower and money) to provide the same level of coverage for everyone consistently.” That really hit home for me. Steven and his team have been doing amazing work and have built an amazing following in a very short period, but like most HBCUpreneurs there is little in the way of resources available. We are often competing with major media and asked to cover our subject matter with the same level of quality all while doing it with 1/1000th of the resources. And yet, we know the work must be done and we will continue to do it. HBCU Money, HBCU Gameday, HBCU Digest, and other HBCU Alumni Owned media is not a luxury to our ecosystem, it is a necessity, imperative, and vital. The HBCU narrative, all of it from the good, the bad, and between absolutely must be controlled by those who know, love , and want to see the very best for our institutions.
In HBCU Money’s eighth year there is significantly more building to be done. The hiring of HBCU journalism graduates, YouTube channel to launch, acquisition of radio and television station, internship programs, and more. One day we will be ranking HBCU b-schools, graduate programs, and more. The vision is grand as I am sure it is for our colleagues, but patience is key because whether it happens in the next year or the next ten, we are here to stay, here to grow, and here to be a force. Thank you for eight years of support.
Rest In Peace Kobe & Gianna Bryant. May this year be a tribute to their work ethic from all of us at HBCU Money.
The top ten earning African Americans earned approximately $700 million last year. It should be noted that these are pre-tax and pre-fee earnings. Because the majority of African America’s highest earners still earn their money through sports and entertainment their earnings are considered earned income by IRS definition and taxed at the highest tax rate which this year is almost 40 percent. Couple that with their agent fees (byproduct of being in the entertainment industry is a need for endless amounts of handlers) that average in the range of 10 percent, the group of ten will pay out almost 50 percent of their earnings. Chris Rock is famously quoted as saying “Shaq is rich, the white man who signs his check….is wealthy.” The income disparity between the top ten earning African Americans and European Americans is a staggering $0.07 for every $1.00 while the overall income gap between African Americans is $0.52 and $0.62 versus Asian Americans and European Americans, respectively.
1 – Oprah Winfrey
Salary: $165 million
Source: Ms. Winfrey owns Harpo, Inc. which owns 50 percent of OWN. OWN which has operated in the red since its inception is estimated to break even this fiscal year. Thankfully, Ms. Winfrey still profits greatly from syndicated shows under her company such as Dr. Phil and others.
2 – Andre Young
Salary: $110 million
Source: Better known as Dr. Dre, his place as the number two spot is due to a one-off moment where HTC paid $300 million for a majority stake in the company that operates the headphones that carry his name Beats By Dr. Dre. Mr. Young owned one-third of the company at the time of the sale.
3 – Tyler Perry
Salary: $105 million
4 – LeBron James
Salary: $53 million
Source: Miami Heat and endorsements
5 – R. Rihanna Fenty
Salary: $53 million
Source: Music and endorsements
6- Kobe Bryant
Salary: $50 million
Source: Los Angeles Lakers and endorsements
7 – Sean Combs
Salary: $45 million
Source: Endorsements, Clothing, Marketing
8 – Floyd Mayweather
Salary: $40 million
9 – Beyonce Carter
Salary: $40 million
Source: Music, endorsements, clothing
10 – Shawn Carter
Salary: $38 million
Source: Music, endorsements, marketing, invest
Posted in Lists
Tagged African American, beyonce, dr. dre, floyd mayweather, jay-z, kobe bryant, lebron james, oprah winfrey, richest, rihanna, sean combs, tyler perry