9 Hours AgoCNBC.com

 

"Poverty is a state of mind," said John Hope Bryant, the entrepreneur and founder of Operation HOPE.

In his book, "How the Poor Can Save Capitalism," Bryant argued that improving lower income Americans' financial literacy—and bringing them as customers into the financial services industry—will lead to a stronger U.S. economy overall.

"If you're making $50,000 a year or less in this country, you've got too much month at the end of your money," Bryant said. According to the U.S. Census, 49.5 percent of Americans earned $50,000 or less in 2012. Roughly half of those brought home less than $25,000.

But engaging the poor and working class as active consumers who require services such as savings accounts, mortgages and credit counseling is the best way to stabilize the American economy, contends Bryant.

"People who make $50,000 a year take 90 cents of (each) dollar and put it back in the economy because they can't afford not to," Bryant said.

Read, comment and share the complete article here at CNBC On The Money.  Watch the full interview tomorrow evening, 7pm EST

Get The new book, How The Poor Can Save Capitalism, here.

Watch the 4-minute movie on How The Poor Can Save Capitalism here.

Listen to the first national interview for How The Poor Can Save Capitalism, on the Steve Harvey Morning Show here.

Join the national HOPE 100-City Book Tour here.

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