ISSUES #22: MAY 2016
The Black Family
Vernon R. Heard
April 2015
MONEY
TALK$
If your financial plan is "Rick Ross does it, why can't I?" you're headed for disaster
Finances. The other ‘F’ word. With management and careful planning, finances can be a part of the foundation of your and your family’s future. Poorly managed, they can be your downfall and the thing that rips apart a marriage or an entire family. Of course, love should be the glue that binds the marriage, and thus, the family, but money problems can undermine even the most solid relationships.
The number one enemy of finances in the hood is flossing. Flossing is one of those inane, overrated things perpetuated in the hood with people rocking the latest Jordans, the hottest new rims, gold and jewelry, thousand dollar weaves, designer purses and red bottoms. All the while, with zero savings in the bank, no plans for college/college funds, and riding the bus without an inkling to change the situation. That whole “I may be broke but I look good” attitude is just some ignorant ignorance. Another mental shackle we need to shed. Now I’m no economist, but I do know a thing or two about being broke. I believe that we all deserve to have nice things but not while we’re living with our kids at mom’s house. Not while we owe friends and loved ones money. Not when we have no savings account. Not while we’re crashing on the homie’s couch. Not while hitting corners, dodging the police because the tags on the car are expired.
I see young folks growing into maturity with that ‘ball till I fall’ mentality. In the club with bottle service (some made up sh*t to begin with) and throwing money in the air, trying to be VIPs because Jay-Z said so. Meanwhile, they are working at Whataburger or Best Buy. Don’t get me wrong, there’s absolutely NOTHING wrong with working at either place, but ignoring learning to live within your means is a dangerous foundation to build your financial discipline upon. There are adults in our community doing the same thing. More image than substance. Attempting to align with their peers financially or trying
to live life like a music video. Personally, I wouldn’t want to wear my income on my arm or around my neck. If I’m doing well or not, it won’t be conveyed in rims and gold. You see it often… nice car with an unfurnished house. Turning up on Friday and Saturday nights then turning down the TV on Monday so the bill collectors at the door won’t know they’re home. J
I joke a bit but we seriously need to talk money within our families. We need to talk about getting more value for our dollar and shopping around. Comparing prices and resisting impulse buys. Discuss creating and sticking to a budget. That’s a tough one. Especially with unforeseen events happening.
Kevin Hart speaks on trying to spend like his friends in his stand-up comedy release "Laugh At My Pain" ORDER THE MOVIE
The best you can do sometimes is to use your budget as suggested framework while getting through tough times. BUT… as soon as things smooth out GET RIGHT BACK ON YOUR BUDGET! Try saving 5-10% of your income and adjusting your lifestyle to live off the balance. Decide if designer labels are worth it. Even then, check out the outlets and clearance stores for better deals. Nothing wrong with designer labels. You deserve ‘em here and there. You have to pick your spots for treating yourself when you are managing your finances through planning and not living from paycheck to paycheck. AND TALK TO YOUR KIDS about saving, banking, budgeting and paying taxes. Don’t let them get to be adults and realize they were never prepared for these facts of life.
Finances are an individual issue where, usually, no two situations are the same. You shouldn’t want to match what your neighbors do and should shoot for staying in your own financial lane. What are your family’s priorities? What do you want to accomplish? Do you want your kids to go to college? You want to own your own business? Paid off your student loans? These questions are all worth contemplating. The sooner in life the better. Or do you want to live like a boss like Rick Ross? I wonder if Ricky Rose’ has any student loans?
LESS THIS...
MORE THIS!!
Love to all,
V. Ray
#positiveblack
