Hello Beautiful

Do you know the difference between an Asset and a Liability? The minute you’re able to decipher the difference you can discover whether you are rich or poor. We spend too much money in cars or clothes or even bills. Why take all your money and spend in bills? This why you are poor. There are things that Rich people do that are different from poor people. Why go broke? When you have $100 dollars, what do you do with it? Most people don’t believe in mutual funds, stocks or bonds. Why not buy property atleast if you get something for $150,000, it “could” appreciate to $175,000 or even more? Is it because of your credit why you can’t acquire property? You have blame yourself for messing up your credit and Oh, Rich people don’t have poor credit. Maybe you should start there. Things that we think have value have done and things that are of value we don’t acquire. We waste too much of our money trying to keep up with other people and going broke. Have you ever heard of a life insurance policy? There are so many things that can make us rich, we just don’t acquire them and that’s why we are poor. Having a job doesn’t make you rich. It’s how you spend your money. Nothing wrong with buying yourself nice things and wanting to look nice and live nice. You work hard for your money. You deserve the finer things of life. But when you have the extra $10 dollars sitting on the dresser, what do you do with it? A small saving account will give you a profit for your money. We should be in a profit making business because this is what it’s all about. Taking what you have and gaining a profit. Rich people know this and that’s why they are the way they are. They don’t waste their money on foolishness. Like I said – nothing wrong with wanting nice things, but the sooner you put your money in something that will grow your money and stop owing people (like your creditors), then will you be rich.

God Bless Everyone!

This comment is for those who think this article is a stereotype. Sorry but this time I agree. Most, again I will say MOST black people don’t spend their money right. The first thing most of us want is a MERCEDES. We’ll buy that on a VW budget. Knowin we can’t afford it. Example of not spending your money right. Buying cars over 50 thousand dollars with no garage to park it in. Spending 500 dollars on a hand bag living in a roach infested apartment. Having 200 pairs of shoes in your closet with a credit card balance of 15 thousand dollars or more. Hangin out in the strip club making it rain while living at home with yo mamma. Yeap I totally agree. Black people don’t spend their money right.

@ Kelis … I agree. The people on here that are saying “yeah its a black thing” and that and this are just feeding into the stereotype. Irresponsible spending is irresponsible spending no matter the race. A white couple having $20,000 in credit card debt is no different than the black person “bling bling” out.

@ AngryMann1 The reason why people tune out Bill Cosby is the way he does it. People dont want to hear the message if all you are doing is downing and degrading them. They will automatically tune you out.

This country is rigtfully in a recession. It worship the false god mammon with it’s ranked materialism and status. If there is no fear of God why should anybody be shocked. People walk around puffed up with pride as they are the ones who makes their own heart beats in there chest and are the Boss of bosses. It is not just the people it is also the government who we failed to hold responsible for their wasteful spended and washing of money. It is not a racial thing it is lack of self respect and self worth thing. Money,position,and goods are not a measuring stick for of love and respect for ones self. It is character that is the measure of a man,woman,boy,and girl.

What I don’t get is all of the people talking about this site is geared toward African Americans but is playing into the sterotypes! Well, it needs to be address! That’s why we can’t get anywhere because as soon as someone broaches the subject, they get shot down like they shouldn’t state the obvious! Just like when Bill Cosby talked about we needed to do better, some of you wanted to kill him.. We’ve got to wake up family, and if the subject is brought up, we need to have a frank and civil dicussion about it! Don’t hate Khandi and Young Joc for bringing up the subject, let’s find solutions to combat it…Oh, and stop trying to keep up with the Jonses, cuz their broke too!!

You know what else pisses me off about a lot of my people especially newly signed on athletes, all they see is that multimillion dollar contract then right away they try to buy a BMW for everyone in their family bad choice back investment, some can barely read so how can you decipher a contract? Don’t depend on everyone else to look out for you, you look out for yourself, take a course in Econ 101. And when being interviewed stop saying “nam sayin’ ” every other word, why is it that a lot of the white boys with the same level of education or lack thereof still seem to articulate better on national TV? My father only had a 3rd grade education but he was so articulate in his speech that most assumed he was a college graduate, he was self taught and read books in his free time and was well versed on most subjects outside of just sports and religion he also insisted on proper English spoken at home so his children could easily assimilate into the workforce and be competitive as well.
Sincerely,
A non-famous black senior citizen

It’s interesting how this site is geared toward the African-American community, and at the same time, it perpetuates negative stereotypes about African-American people in it’s articles. As for this particular article, I feel very inclined to submit my response. I work in the financial industry. What I have come to understand, through my day-to-day work, is that American’s have issues handling their finances responsibly. This is no “black” problem. This is an American problem. Just as often as African-Americans spend their money irresponsibly, European-Americans do the same. This is an American tradition. When people from other countries come to America and obtain wealth, and keep it, it could have much to do with their cultural practices, morals and values. For example, Mexicans normally value family and unity in their communities. Therefore, it should be no surprise to see ten Mexicans in one household. While everyone is working, bills are split ten ways, and everyone is able to obtain and multiply their wealth quite quickly. This is due to their Mexican cultural morals of family and unity. American values are much different from many foreigners. Status, materials, fashion, etc; these are everyday American values that lead to irresponsible spending. For example, you notice American families make purchases on credit (credit cards) instead of being patient and saving the money. In conclusion, irresponsible spending is not a “black” problem, it is an American problem that we ALL should take personal responsibility for continuing. Maybe if we looked at it that way, we can start to dig ourselves out of our recession. : ) .

She is right. It’s not a “Black” thing so much as a status thing though. People who are not used to having money will flash it due to the sudden feeling of “success” it brings.