Tuesday, August 07, 2007

Forget the Rims, Invest...

Ok so my cousin has this co-worker, to protect the innocent will call her Wanda. Anyhow, she is what you would call a "blinger." She'll drop 500.00 dollars on a purse one day, and the next she'll require a ride to work b/c she has no money for gas. Ya gotta give her credit though, she looks great standing at that bus stop, but im sure she'd rather look ok driving herself to work.

Why is it my peepz are we more fascinated with looking good rather then investing that money and doing good in the long run? Remember the movie Baby Boy? There was a clip in there where Ving Rhames was telling Tyrese's character about Guns and Butter. In it he talked about how young people today are more interested in buying rims then investing there money in things that gain value over time. Why is it this message is so true? I drove over to San Antonio's East Side the other day (Notoriously Black and Crime riddled) and I saw something that I was use to growing up as a kid. A really nice car, parked out in front of what appears to be a run down 2 bedroom shack. Rather then assume this is a one time thing I continued to drive around until I reached an apartment complex that wasnt very clean either. In it however I spotted at my count 2 Cadillac Escalades, and about 5 Expeditions.

Answer me this, If you can afford payments on an Escalade, then why cant you afford an apartment payments in a better part of town? Or better yet, why not save the money, and put money down on a house? Its a very sad state of affairs in our community, and I honestly have no idea who's at fault.

Black people by and large (not all of us) are addicted to the bling. Now I know this is a broad generalization. But its a fact. Over my 29 yrs of life I can say that Ive seen my people do some of the most stupid things with there money and have the audacity to justify the means of there decisions. Remember the Katrina Document? Remember the guys who took there payment and went to the strip club and tried to cash it? Yep black folk. Remember the woman who went to Dillards and spent 50% of hers on clothes? Why not take your money and get food and shelter?

My people this to me is an epidemic in our community. Poor financial management. I think in order to fix this problem we as a people must police our own and educate them when possible on investing and Home Ownership. Lets not let them settle any longer. When you see a sister cousin or a cousin get that first paycheck, have them put at least 20% in savings. Its a start. When you see your brother or homeboy get that tax return back, teach them about how if properly invested a third of that can be doubled within the year. Its a simple solution. Don't take no for an answer. We are overdue for a generation of smart and well balanced people who have there own car and homes.

I pay a mortgage, but that's after years of poor money management. If someone would've sit me down about 8 yrs ago, I would be almost halfway done paying off my current home right now.


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