Monday, March 21, 2011

MONEY MATTER MONDAYS

This blog comes from various conversations I have had with different people this month and it stems around money. It is my belief that many in the African American community have a different view of money, banking, savings, and investing than many of the other cultures. Here are some examples that led to this blog today:



  • I was talking with my cousins wife this weekend and she mentioned how the Japanese think that we (African Americans) are stupid because we buy into the mainstream culture. They say that we are more focused on our children being social and playing sports than we are with their education. We also buy into the mainstream clothing, cars and jewelry trends.

  • My cousins wife also mentioned how she drives around Hoffman Estates, Schaumburg and surrounding areas how the people drive regular cars eg Nissan's, Honda's, Toyota's, most of the middle class don't have luxury vehicles

  • Last week I was speaking with an ex and he said that my car doesn't look like me. I now drive a Honda Insight Hybrid car. My car fills up for $33 right now with gas at $4/gallon and I can drive 2 weeks on a full tank of gas. Believe me when I say that my car looks likes me. Its red, stylish, small, compact, and affordable to drive.

  • Then last week I saw a tweet, someone was commenting on the fact that a woman had her son outside in lee jeans and some off brand t-shirt as if there was something wrong with that.

  • Another example, I was talking to a friend that thought it foolish that someone would drive a $1,000,000 car that was a millionaire. I responded to him what is foolish is people driving $15 and $20K cars that don't have $5K or more in the bank.

I then think back to the fact that my grandmother worked for a Jewish family as their housekeeper Monday - Friday. The families son only had 1 pair of pants and 2 shirts. Everyday my grandmother would wash his clothes out for the next day. Keep in mind the family was wealthy enough to have a maid. Nevertheless they had their priorities in order. Many of those families when their children finish college their parents give them a boost in life by providing them with their first home and car!


I then think to many in the African American community who have bought into the American dream which is ok however I think we have over indulged in it. Why do I say this:


I remember growing up and their being a line outside of footlocker to buy new Jordans. It seems that many in the African American culture value clothing, fashion, and shoes. There are people who wouldn't dare step foot in Payless or buy a pair of Payless shoes. Now I do understand that feet are precious and all cheap shoes aren't good on your feet but I hope you get my point.


Many of us have become too obsessed with labels and who is wearing what designer and less concerned with education, finances, leadership, and wealth building. No I am not saying in the least bit the entire African American community is like this however large numbers are. It is evident in the hip hop culture and what it represents. Not to say that the actual artist buy into it yet, they are selling dreams and people who cannot afford this dream are buying it. Equating success with a big house, fancy car, nice clothes and jewelry.


Yes all of that can be the icing on the cake for a successful person however there is more to life and success than that. How about more focus on family and community and passing down valuable lessons to your children that will live on for years and years to come.


When it is all said and done and you are dead and gone, people aren't going to remember how big your house was, what type of car you drove, nor the fancy clothes you wore. They will remember how you impacted their lives and the lives of others.


My tips....spend, save, and think wisely:



  • Pay yourself first (save)

  • Give God his due 10%+

  • Stock up on/invest in precious metals (gold, silver, bronze, platinum, diamonds) - things that will always be valuable

  • Don't put all of your money in the bank

Teach your children the same principles above and continue to repeat and pass down from generation generation.



Be blessed and be a blessing,
Epiphany Essentials

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