Recently, The Kennedy Center honored Bill Cosby, giving him the Mark Twain Prize for American Humor. Chris Rock made a joke about being able to feel equal in the presence of country music legend Willie Nelson, but when in the presence of Bill Cosby, Rock said that Cosby let him know that Cosby was the elder and deserving of commiserate respect. My mind must have processed something about having seen this clip because I awakened with a revelation about Bill Cosby, what he appears to represent to black education, black people and why he seems constantly to get into trouble with us.
Let me explain.
First, I have to discuss Dr. Carter G. Woodson, the father of Black History Month. He started Negro History Week, wanting to establish a tradition, ensuring that black people would desire to learn more about themselves. The problem is that one of the many history books he wrote is now being widely read — The Mis-Education of the Negro, written in 1933. This book was a response to what co-founder of the NAACP and Renaissance man Dr. W.E.B. Du Bois called, “the talented tenth.”
According to Du Bois, the talented tenth, the top ten percent of educated black people, would lead the rest of the race to liberation from the tyranny and impunity of American lynching, race riots, segregation and discrimination. Today, however, members of the talented tenth, like Cosby, represent, not liberation, but assimilation. Since black people still seek liberation, especially from police brutality and homicide, imprisonment, and now, the ever-encroaching white backlash for the Obama Administration, Woodson’s The Mis-Education of the Negro has resurfaced.
Woodson’s book posits that Western education was designed specifically to elevate the white race as supreme to all races and to destroy all other cultures, labeling them as inferior with special emphasis on the black race. This emphasis is shown in the negative — editing out of all texts the entire contribution to the world of black people. In Western education, Woodson says, blacks are only mentioned to “prove” black “inferiority”. Any cursory glance at Western textbooks from Woodson’s time period, 1933, would easily demonstrate what Woodson says. Although, today, special efforts to mention black people and other peoples of color are made, their contributions to world development, specifically those of Africans, are not mentioned or they are not placed in their proper contexts.
Dr. Woodson recommended that black people study themselves first and then study others. He suggested ways to heal the wounds of this neglect and mis-education. Also, he prophesied what would happen if black people continued to learn Western education without first developing an understanding of themselves, not just as Americans, but as Africans.
Bill Cosby appears to represent the mis-educated Negro, one who is thoroughly learned in Western education with little regard for what the lack of African history in education means. As mentioned before, Cosby can be classified as a member of the talented tenth. Instead of that group leading black people to liberation, many blacks consider that the talented tenth have merely led themselves to the bank, white neighborhoods and high level positions in white-dominated fields. “Is this all of the progress that we can expect?” some ask.
Although Cosby and his wife have donated millions of dollars to Historically Black Colleges and Universities, they seem to epitomize a growing separation within the black community that Woodson warned against. The Cosbys have been portrayed by the media as a couple who has conformed to Western society (the society that enslaved their ancestors) and adopted its standards as the highest that humanity can offer. I do not believe that the Cosbys see themselves in this manner, but they do appear to promote Western education without stipulation.
What is the harm in this?
I met a young black man at the bus stop in my hometown, Shreveport, La. The city council had just passed a law against wearing sagging pants in public. The young man, of course, was sagging so I asked him what he thought about the law. He dismissed me until I told him that I was against legislating one’s manner of dress.
He agreed with me and explained his disapproval of making a law against someone’s freedom of self-expression. Knowing that this young man was deliberately defying the law, which was adopted during the administration of the first black mayor, I pointed out that among all the other states, Louisiana had the highest percentage of its population in prison, comprised overwhelmingly of black people. During our exchange, the young man mentioned to me that he wanted to be a doctor. Immediately, I thought to myself that unless he conformed to society’s standards, which seemed unlikely, his dream would never come true.
The inconsistencies of this young man caused me great grief. It is very easy for a young man like him to end up in prison. Although he was obviously intelligent enough to become a doctor, he seemed unaware of why he adopted the sagging culture in the first place. He seemed to care more about defying a law that limited his personal freedom. Also, he seemed unconcerned about the consequences of defying that law. Finally, and, most importantly, he seemed ignorant of the total devastation that Louisiana criminal law could bring to a young man such as himself. Remember the Jena Six? An unpaid ticket and a little attitude could snowball, very easily, into life imprisonment.
The issue of conforming or assimilating into white culture was hot when Woodson wrote The Mis-education of the Negro. One could say that Bill and Camille Cosby are pieces that are helping to make clearer the puzzling effects of the talented tenth. Ronald Reagan’s trickle down economic policy did not work for him. Similarly, the trickle down liberation policy of Du Bois has not worked for black people. It merely has caused separation, abandonment, and the barren fruit of hopelessness. This imagery is even more striking while viewing the conformity of President and Mrs. Barack Obama. Their assistance to the black community is more indirect and implied than actual fact.
So, what is the answer to this never-ending debate of black education? Do we rant and rave about the talented tenth? Absolutely not. It does no good, anyway. We celebrate them as a great and noble experiment. They represent a theory that has been tested and found wanting.
Thank you Bill and Camille Cosby. Thank you Barack and Michelle Obama. Thank you to all black people who have contributed greatness in the name of the United States of America.
Now, let us return to the drawing board and not just read, but study, Dr. Carter G. Woodson’s The Mis-education of the Negro. Let us put African history back into its proper place – at the beginning of humanity and the beginning of civilization.
Step 2. Education and InformationOnce you have the success mindset of champions it’s time to head into the classroom to learn about Property, Structure and Finance. Although this is when you will leverage the time, knowledge and expertise of many experts throughout the program, it is essential that YOU remain in charge of our property investing business.You need to treat every investment property, with its income and expenses, as though it were a stand-alone business with you as the Director. You don’t need to be an expert in all aspects of investing, but it is important to be educated and well informed.You must understand the basic concepts of property, finance and structure so you can both understand and communicate with the experts in these specific areas of your investing. Get educated in such topics as property basics including property selection criteria and the Wealth Creation Strategy. Look into the basic principles of company and trust structures and which is best suited to your personal circumstances. Look into the multitude of investment mortgage options, the principals of each and shortlist which will suit your current financial and investing situation best.Researching and becoming informed will not only increase your financial and property vocabulary but will give you a very sound understanding of property investing, saving you time and money when eventually dealing with the relevant experts. Do not however, use the excuse of lack of knowledge and not knowing enough, to get stuck in analysis paralysis, know when to say enough is enough and get started. You never stop learning about investing, so expect that you will learn along the way.Step 3. Finance StrategyNow that you have a successful investor mindset and a good basic understanding of property, structure and finance it’s time to look in detail at your overall finance strategy which can make or break your success as an investor. With the expert guidance and advice of a finance broker who specialises in investing, not mum and dad mortgages, firstly review the mortgage on your existing home (if any) with the aim of refinancing and releasing equity to be used as a deposit and a buffer for your first investment property.Then with your shortlist, look at the best option according to your particular financial situation for financing your new investment property. Once you have chosen the best option, formally gain pre-approval or approval in principal for your future investment property, before moving to the next step.Step 4. Portfolio StructureNow that you have your finance in order it’s time to look at what structure you are going to purchase your investment property in. This is the step that most people skip or don’t even realise they need until after they have 3 or 4 properties and it’s all getting very messy and complicated with the tax office. Here is where you will rely on the property and tax accountant to determine the right structure for you specifically. Whether you should buy in your name, multiple names, in the name of a company or a trust or a combination of both.The structure for your portfolio is as important as the concrete foundation under your investment property. It needs to be just as strong and it needs to be laid first, or like the actual foundation, it becomes very difficult and costly to fix any problems after you have built your home on top. Did you know that if you decided to transfer a property from your own name into a trust you would in effect have to “sell” the property to your own trust which incurs all the normal legal and buying and selling costs including having to repay the stamp duty.. ouch!Step 5. Property PurchaseNow that you have our investor mindset, your sound knowledge, your finance strategy and your structure in place, it’s time to finally go property shopping… Yahoo!! This is contrary to a novice investor who at an open house is lured by glossy brochures, the smell of an open fire, baking bread and percolating coffee, falls in love with a property first and then worries about the rest later. As a professional investor, you buy with logic not with emotion.In all areas of my own professional investing I assign each task to companies who are specialists in that area. Their teams are so committed and so passionate about their specialty that they spend all their resources sharpening their knowledge, skills and expertise, thereby becoming industry leaders in their field.Think of it this way; if you want a haircut you go to a hairdresser, if your pipes are blocked you call a plumber, to service your car you go to a mechanic and these are all relatively minor expenses. Even when selling a home, people engage the services of a local real estate agent they trust. So I don’t understand, when spending hundreds of thousands of dollars, people insist they are more qualified to find, select and negotiate on a quality residential investment property than a specialist buyers agent. Unless you are an expert this can be risky and extremely time consuming as you spend 12 months searching for a property. Not to mention expensive as the market keeps going up and up as you search, requiring a bigger deposit.I advocate using a professional Buyers Agent who wants to see you succeed. One who specialises in the specific area you are investing in, who has all the network and personal relationships required to find you a great investment, with any luck, under market value.They will select a short list of properties with a history of good growth that fit within the selection criteria and then it’s a simple matter of making an informed choice. Depending on the property type, you can then organise to have your building, pest or strata inspections undertaken as necessary. Being a new investor, or if you are new to the particular buyer’s agent, I suggest you organise an independent valuation to confirm you are paying fair market value.Once a property is chosen, the buyer’s agent will use his extensive negotiation skills to negotiate on your behalf for the best possible price and settlement conditions. If the offer is accepted you celebrate!! but if not, then you start over again.Step 6. Property ConveyancingCongratulations, your offer has been accepted, the 10% deposit has been exchanged, the champagne is flowing and you are now officially a property investor. You are on your way to financial freedom. So now it’s time to kick back, relax and watch the capital growth right? Well, not quite… There is still one very important step to go.You now need to legally transfer the property from the vendors name into your name or the name of your trust. You can choose either a solicitor or a conveyancer to do this on your behalf. They will do all the necessary searches and checks required to ensure that the property you purchased is exactly as stated in the vendor’s section 32 or relevant contract in your country. They confirm that there are no structures that are not council approved, any unexpected water or electrical easements, caveats or any other nasty surprises.They will also be responsible for coordinating settlement between you, the vendor, their solicitor and both lenders…Now that is no easy feat! Settlement, usually 30 to 90 days later is when your loan is fully drawn down and the balance of the purchase price and all associated finance and legal fees are paid.To further protect yourself, this is also the time to review your insurances and estate planning and create or update your will to include your trust and portfolio. This will ensure that your specific wishes are respected with regard to your legacy that you have worked so hard to create.So that’s it… a simple, accelerated 6 step process that you can follow, no matter what your level of property experience or what town or country you live in. Start your journey to wealth and empowerment through residential property, so you can become financially free, become authentic and free to create the life of your dreams. So what are you waiting for?