Happy New Year to all!
I saw something that got me to thinking, when will the hood richness end? I know many people of color come from meager backgrounds and once they are able to get something, the often do it in excess. It happens with many Black athletes, rappers and actors. Once they get enough pocket change, they go out and purchase a fleet of cars, jewelry and other items to let people in the hood know they've made it. What most Black people don't realize is many people who possess wealth don't go around showing it. Their money is invested wisely so they can continue to grow it.
It is very unfortunate that most Black people spend the majority of their income on clothes, cars or entertainment, whereas others spend it on retirement or some other form of investment. When will we wake up and realize we will never have economic wealth if we continue to become hood rich. There are many Black people who could open a business and be very successful but they won't because they can't stay out of the stores.
In order for us to get ahead as a race, we need to regain our economic power. We need to stop giving back 98% of our income and keeping the 2% for ourselves. We also need to know and understand that every time we go to the store and spend excessive amounts of money, there are people who are very grateful for us and they are laughing their way to the bank as they are counting their money.
I believe many of my peers need to focus on building their financial portfolio so when it's time to retire, they won't be looking for Uncle Sam to send them a check. I also think we are doing a disservice to our children and future generations. We are teaching them to be financially irresponsible just like us. Let's vow to stop making frivolous purchases and invest more. We also need to use our talents that God has given us to create wealth. The next time you're getting ready to purchase a "want", think about this: If I purchase this item, how am I creating economic wealth for me or my community? If this item is a not a need and it does not create economic wealth, maybe you need to rethink the purchase.
My prayer for 2010 and many more to come is that God will bless me and my finances. I hope He'll do the same for you!
