Take Heed My Black People!!! We are givin our money back rather than making it multiply.... :x ............
Next time you see that 'player of the year 'flashin' in that 2005
**** 300 sittin' on 23's while he's pulling it into a parking
stall of a rented apartment hand him this article.
USA Today article on Black Spending Habits:
These are tough economic times, especially for African-Americans,
for whom the unemployment rate is more than 10%. Alarmingly, rather
than belt-tightening, the response has been to spend more. In many
poor neighborhoods, one is likely to notice satellite dishes and
expensive new cars. According to Target Market, a company that tracks
black consumer spending, blacks spends a significant amount of their
income on depreciable products. In 2002, the year the economy
nose-dived; we spent $22.9 billion ($22,900,000,000.00) on clothes,
$3.2 billion ($3,000,000,000.00) on electronics and $11.6 billion
($11,000,000,000.00) on furniture to put into homes that, in ! many
cases, were rented. Among our favorite purchases are cars and liquor.
Blacks make up only 12% of the U.S. population, yet account for 30%
of the country's Scotch consumption. Detroit, which is 80% black,
is the world's No.1 market for Cognac (Pass The Co---------).
So impressed was Lincoln with the $46.7 billion ($46,000,000,000) that
blacks spent on cars that the automaker commissioned Sean "P. Diddy"
Combs, the entertainment and fashion mogul, to design a limited-edition
Navigator replete with six plasma screens, three DVD players and a
Sony Play Station 2.
The only area where blacks seem to be cutting back on spending is
books; total purchases have gone from a high of $356 million in 2000 to
$303 million in 2002.
This shortsighted behavior, motivated by a desire for instant
gratification and social acceptance, comes at the expense of our
future. The National Urban League's "State of Black Amer! ica 2004"
report found that fewer than 50% of black families owned their
homes compared with more than 70% of whites.
According to published reports, the Ariel Mutual Funds/Charles
Schwab 2003 Black Investor. Survey found that when comparing
households where blacks and whites had roughly the same
household incomes, whites saved nearly 20% more each month
for retirement, and 30% of African-Americans earning $100,000
a year had less than $5,000 in retirement savings. While 79% of
whites invest in the stock market, only 61% of African-Americans
do. Certainly, higher rates of unemployment, income disparity and
credit discrimination are financial impediments to the economic
vitality of blacks, but so are our consumer tastes.
By finding the courage to change our spending habits, we might be
surprised at how far the $631 billion ($631,000,000,000.00) we now
earn might take us.
So in response, what is the last thing you bought that you KNOW yo **** couldn't afford?!!
It really is sad to see how some people waste their money, but alot of people don't know how to manage their money well. It is sometimes an accepted thing to increase spending when your suplly of money increases. Some blacks also have a misconception that you have to show off how much money you have, instead of trying to increase the money exponentially.
I knew I should have bought the Sauve insted of that Relaxed and Natural
i haven't quite recovered from those $150 jeans...but um...yeah that's prolly the last thing i purchased that I KNEW i couldn't afford...damn my bank account hurt...*goes to get a band-aid*
Getting my hair braided Wed. was something me and my bank account couldnt handle-$1EIGHTY.00-....it hurt my soul when i handed the lady all those 20's....dayum.
