How Blacks Spend Money

I prolly am the most UN frivolous person in here. I dont bling, I dont pop bottles, and I dont drive flashy cars. I am VERY practical with my money,---even before I got HALF my damn salary cut 4 months ago.

The ONLY real splurge I have, is when I buy my wife things. That gives me the only high I need. Now, I will say that I am NOT gonna wear cheap shoes, and my children are not going to go cold. But I see these 20 somethings coming to work, and I KNOW they have gone out, and gotten overextended with these cars, jewelry, and clothes. I dont open my mouth, because its none of my business. But I can understand why homeownership stats for AA are bad. Kids dont think in terms of stuff like that.

I guess my trade off for having such a bland image, is I have MOST of my money in retirement(wait, WHO exactly is the fool?) and long term savings accounts. And Im starting to question THOSE accts!!! Who knows if you will be around to use that money?

Im gonna adhere to those old sayings---"A penny saved, is a penny earned" and hope that it pans out for me.


Que

WOW, you one of those "Good Ass Men."

I am a MUCH better spender NOW than i EVER was...... I got myself into MAJOR trouble at an early age and declared chapter 7 at age 22.  It took all the 10 years of that crap on my report to get back on track - but I am - I purchased a house during that time - got a GREAT intrest rate thanks to the program I went through (www.naca.com) and my home is MODEST - less than 100K.  I did NOT do the big and grand like other folk........

I also enrolled in a debt repay program over a year ago - and I have remained faithful to my payments and NOT adding any additional credit lines or debts.  When I bought my car - I set my limits according to my budget and stayed within those parameters.

I also brew my coffee at home (I'm a starbucks snob tho) and I pack my lunch more often than not.  I do allow for splurges but I don't eat out on any kind of normal basis. 

I also got back on the 401K track and this year will be forcing myself NOT to spend my entire income tax return check (LOL).  I also changed my hairstyle so with my braids I am not in the beauty shop OR buying products to do my hair all the time. 

I should be ahead of the game going into next year - at least that's my plan. 

NACA is a great organization! I really like what they do.

Yea - it was annoying to be told I was broke as hell - and they really drilled budgeting into my head.  It was with their program I discovered some shockers about my spending habits (like $250 a month on Starbucks - WTF?)

$250 a month for Starbucks?!!!! Wow I thought I had it bad I bow down caffeine queen

LOL!  that was back when a sista ain't have no BILLS!!!  I was in a paid for house - only paying 300/month in taxes and insurance - so I was BALLIN with the rest!!!!  LOL

   What's wrong with driving a nice car or wearing designer clothes as long as you can afford it and that's what makes you happy?   Some people might consider plastic surgery frivolous.  Who's opinion is most valid?

Everyone has different values and priorities.  Home ownership isn't the sure thing investment that it used to be back in the day.  How many people are there out there right now whose homes are depreciating in value?  Their homes are worth less than the mortgages they still owe on them.  Personally, I'm not looking to purchase a house right now.  Our lives are too complicated to deal with the maintenance and the other responsibilities associated with ownership.  Also, given the current housing market, I'd be afraid of being stuck with a house that we couldn't sell if we decided to move. 

That being said...I can pinch a penny until Lincoln begs for mercy.  

Lessons my mother taught me:
- Always have some emergency money set aside.
- Don't waste anything.
- Live within your means.
- Pay your bills on time.
- If you can't make it or grow it, buy it on sale.

That's how we live.  Savings come right off the top.  The credit card balance is $0 at the end of every month.   We only eat out every once in a blue moon.  I cook meals for my family and I bring my lunch to work.   I buy flavored coffee beans at Kroger and grind them myself - tastes heavenly.   

Most important thing - I don't try to impress other people by spending money that I don't have.  I refuse to live in debt; it's bondage. 

 

I tried to walk away from this post several times, but something about it kept bothering me.  It took me a minute to figure out what it was.

It's racist. 

It perpetuates some very limiting stereotypes -  pretty much states that black folk have bad credit and don't have enought sense not to spend their money on stupid stuff. 

This is an open forum, but IMO, there could have been a less offensive approach if the true intent was to offer financial tips to young people or those inexperienced with money management.


Peace.