I have been wanting to address this topic of money management for a while now. It pains me to see when black people in the entertainment industry become successful that they waste their earnings on frivolous products. Speaking of pain, to give you a precise example of what I am talking about here is a link of T-pain and Taylor Swift’s rap parody, were you can see T-pain wearing a “BIG ASS CHAIN”, LITERALLY!!!
This is what I mean by poor money management in black entertainment. Just because you have it, does not mean to waste it! I have seen entertainers who buy 20 cars and never really use them all to black entertainers who buy clothes for millions of dollars, when there are some brands that look exactly the same as the product they purchase for less money. But the worst of all when it comes to poor money management in black entertainment, is the obsession with jewelry.
( Rapper) Lil Wayne $50,000+ grill (Boxer) Floyd Mayweather’s many cars all $100,000 and up
This shows the lack of money management skills to the fullest extent. This will come back to hurt these artist later on. Black entertainers like MC Hammer and Gary Coleman are perfect examples of what can go wrong when you fail to manage your money wisely. The mindset of “spend it how you get it” is affecting the younger generation to the point where having the biggest car or the most jewelry is what they view as being cool. What I am trying to say is that, there are people starving in the world not to mention the recession is still going on. Why not do some good in the world by helping those who are less fortunate through charity, instead of spending recklessly on $200,000 or more on name brand clothes that are rarely used.
My Suggested Solution
There are ways to having the pricey products you desire while at the same time budgeting your money.
1. Invest in stock and bonds
Most kids and teenagers have not yet been taught this amazing way to make money with only supple spending. It does not make since to buy a product for $200 when you can own the company that makes them for up to 75% of the product price. The money and benefits that you get from being partial owner of the company can get you both the $200 product as well as more money to pocket.
2. Bargain
If there is something that you really desire that is overpriced, there is a %90 chance that there is another just like it that cost way less.
3. Save
Even i have a problem doing this. Saving is the easiest way to gain more money to spend as you please. This also helps you attain items that you can not afford at the moment. The wealthiest people in the world stick to this rule and have maintained their profits and social statuses for years.
I think that these are the key rules to good money management. I address this to my fellow black brothers and sisters because you do not hear of much careless spending by white people. By helping ourselves, we are able to help others in the midst of recession and other future financial fallbacks.
All images were taken from Google Images.
