Peace Ya'll,
The email below was sent to me. I support it, and, therefore, am passing it on. I am very pleased when I see conscious young brothers speaking up. As the bother who wrote the message below said, I, too, am saddened at how young people esp. are often pressured into feeling like they have to have the newest shoes or clothes, but aren't even passing their classes in school. What have we become? and it is WE because we all are a reflection of each other. Instead of buying each other material things, let's exchange books and spread knowledge....just think about it. I love ya'll...MY PEOPLE. Peace. Nusaiba
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“AFRICAN AMERICANS AND MONEY: A QUEST FOR SELF-DETERMINATION”
By Shadagga
ã Monday, June 02, 2003
As a young African Trinidadian living in the hood I often see folks flossing as if they are residing in Hollywood. The first thing that comes to mind is a jewel that my grandmother used to drop on me and it goes like this: “ you can’t judge a person’s wealth based on their physical appearance ”. As a youth I didn’t take that statement seriously. As I grew older and wiser, I got interested in understanding what is wealth and what is not. Based on my observation, experience and reading, it seems like the majority of my people confuse consumption with wealth.
I have friends and family who are slaves to fashion and trends. From the cars they drive, clothes they wear, and their taste in food to the way they wine and dine. They live extravagant lifestyles while only earning a nickel but they spend a dime just so they can shine externally while internally they’re stressed out. Struggling to pay bills and a paycheck or two away from homelessness, yet they always seem to be flossing. Masquerading like they got it made, when in reality these folks are just trying to survive. They have failed to take the time out to read a good book on financial responsibilities and try to apply the principles. So due to their lack of knowledge they are leading a generation down a pit of hopelessness disguised as wealth or flossing when they are really losing the economic race.
Due to their lack of financial knowledge or awareness many African Americans don’t invest their money or spend it wisely. Instead they spend their dollars on things that depreciate. They are simply confusing wealth with the type of cars they drive, the name brand clothes and jewelry they wear. Necessities and wants have been confused. They use the wrong standards to validate their existence as being successful by chasing down materialism rather than “real” wealth.
We as a race have to rise up to this problem soon because as the saying goes, “A people that lack knowledge of self shall perish.” As a result of the bad lessons that are being taught to our people by our very own people we lag behind in acquiring wealth and are leading in consumption. We are the number one consumers. Why not strive to be number one in investing and wealth building rather than leaving our children in debt, without any real estate assets, businesses, mutual funds, stocks or bonds. If we are to be liberated or to be independent in this or any society we have to educate ourselves about money, so that we can learn how to use it and not abuse it.
I am a student who learns from my experience and observations, as well as from reading books. It saddens me to have friends and family who have 4 to 6 credit cards but don’t have a library card. We must become ferocious readers. I have read several books on financial issues and the book I believe is the most appropriate to build on is “SMART MONEY MOVES FOR AFRICAN AMERICANS” by Kelvin Boston. This book is a blueprint for African Americans who are seriously interested in achieving financial freedom and want to manifest a sense of self-determination. This book will teach you the proper tools necessary to achieve your financial goals and dreams.
Here are the 12 jewelz that I got from the book.
1. You must pay your self first before you pay anyone else. You must invest a portion of your salary directly into a 401(k) plan and/or mutual funds, stocks, and bonds.
2. Invest in a money market fund rather a savings account.
3. Buy things you need on sale, off-season or used.
4. Shop at thrift stores, or garage sales.
5. Buy things you can afford and pay for them with cash instead of credit cards.
6. Establish and maintain your credit card status. Get a copy of your credit report and work with organizations and people that will strengthen your financial power.
7. Become an informed investor by reading books, magazines & newspapers, and watching television shows that deal with investing, so you can take the appropriate steps in investing your hard earn dollars wisely.
8. Become a long-term investor. Read up on the difference between 401(k) plans, mutual funds, stocks, bonds and money market funds. As an investor you must develop a diversified portfolio.
9. As you learn about money, investments and the true value of wealth you should share that information with your friends and family. As you grow wiser and richer your community can also grow wiser and richer with you.
10. Join or form an investment club. Form a Susu or partner with serious minded friends and family.
11. Spend your money amongst your own community. We have to recycle our dollars amongst ourselves.
12. Stop buying expensive vehicles, jewelry and unnecessary items and start investing in real estate. Become an entrepreneur; invest in your future by getting an education. Pursue a college degree. Charity begins at home therefore you should give money to worthy organizations.
I conclude this article by saying the power to free your self from economic bondage is in your mind and hands. Knowledge is potential power. What you do with the knowledge will determine your quest for self-determination. Take time out to become an informed investor and show and prove to your community that yes you can and that they can too.
Bless up
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