Skip to main content

There was an unexpected issue forwarding you to "Twitter" for authentication. Please try again later.
×
If there has been a thread on this already my apologies. But I have a hard time dealing with some of our peoples' spending habits.. I just do not get it. I do not see how people would rather spend money on expensive cars, clothes, purses, etc.. as opposed to saving on a consistent basis. I hope I'm not generalizing but it really bothers me and I'm concerned that when some of us really need money to get out of a bind we will not have it.

I'm cool with treating yourself after all the bills have been paid. but what about treating yourself after the bills have been paid and you have put aside for savings\retirement.
Original Post

Replies sorted oldest to newest

quote:
Originally posted by Lamp:

I'm cool with treating yourself after all the bills have been paid. but what about treating yourself after the bills have been paid and you have put aside for savings\retirement.


I agree 1,000%, but for many black folks who haven't had shyt ever and who are bombarded with messages of consumerism - buying stuff is what satisfies immediate emotional needs. I disagree with it. I think we need to create a new set of financial goals and objectives (aspirations) which include 'money in the bank', but as America is set up now - it's all about "stuff"!

Heck, I understand the phenomenon but still fall victim to it. sck
quote:
Originally posted by MBM:

I agree 1,000%, but for many black folks who haven't had shyt ever and who are bombarded with messages of consumerism - buying stuff is what satisfies immediate emotional needs. I disagree with it. I think we need to create a new set of financial goals and objectives (aspirations) which include 'money in the bank', but as America is set up now - it's all about "stuff"! sck

Heck, I understand the phenomenon but still fall victim to it. sck


I call this the * Tammie Faye Syndrome * - what happens when people who come from modest back grounds suddenly come into some money lol
I believe that much of this behavior is universal and is the result of a "poverty mentality." By universasl, I mean translates across the racial divide.

When your needs consistently exceed your resources, saving is not even a consideration. Saving can only come when your income exceeds your needs.

Anyone who has spent enough time deferring wants, because their housing, utilities, food, and transportation was greater than or equal to their income, i.e., impoverished, will eventually get to the point where they will begin to forgo needs to satisfy wants. It's human nature.

Having been impoverished, I must admit that on more than one occasion, my phone and/or light bill didn't get paid so that I could get a hair cut and have a night on the town.

Having lived this, the behavior will extend beyond when they are struggling to meet needs.

Saving is a learned behavior that can only be built on the foundation of excess.
I think this is about haveing an inferiority complex and having to compensate for it. It leads to many mistakes.

I had a woman talk to me about buying a $1000 suit. I sat there thinking "is she nuts." so a couple of weeks later I decided to do an experiment. I checked the newspaper for estate auctions with oriental rugs. And I called her and asked if she would go to an auction with me. She said no. I would be willing to spend a grand on an oriental rug, Chinese no Persian. Rugs don't change style and it wouldn't be tailored to fit one person. Women bug me with the useless junk they want me to spend money on. They care about it and I don't.

A couple of years ago a Black man came into a McDonalds when I was in line a said he had a $850 suit for sale. I almost busted out laughing. He wouldn't be able to get $100 for it.

umbra
I have always thought the some of our overspending is a way for us to feel accepted by the larger society. Our way of saying, yep ya'll treated me bad and disrespected me but now I have your attention cause I'm driving a 50K dollar car.. Or I can buy my kids these designer clothes. It gets us attention.

The materialistic things may be one of the few things some of us think we have to live for. I'm not knocking spending at all.. Just have everything else in order. If you do not have money to spend like you would like then just re-evaluate your situation and see if you can bring in more money.
quote:
Originally posted by Faheem:
Why should anyone save their money?


for me plain and simple, I'm not trying to work forever. I have seen mom and dad work forever and they still are. I dont want to live a life of wondering where the next money will come from when I get older or when I'm in an emergency bind..

Saving also sets a precedence for the kids as well who may follow..
quote:
Originally posted by Lamp:
quote:
Originally posted by Faheem:
Why should anyone save their money?


for me plain and simple, I'm not trying to work forever. I have seen mom and dad work forever and they still are. I dont want to live a life of wondering where the next money will come from when I get older or when I'm in an emergency bind..

Saving also sets a precedence for the kids as well who may follow..


So is saving simply done out of fear of having to work when you are old? Is it done to be able to have fun when your old, travel a lil bit, not work etc... or is it done to leave someting to your children?

Im still not clear on why one should save their money versus spending it now and enjoying life now?
for me its a combination of all those you mentioned. my concern though is what will our folks do once they reach an age where they may not be able to work any longer or they are in a situation where they need money in an emergency.

I think for alot of our people there is no reason to live paycheck to paycheck. Nothing wrong with enjoying life.

Add Reply

Post
×
×
×
×
Link copied to your clipboard.
×