The basic principles of how credit and money works are quite simple. Too many of us make it out to be more than what it is.
While a deeper understand of how invest ones money is needed if you want to go above and beyond the norm, even those principles can be understood by the common man without having to attend college to become a finance major.
It’s like changing the oil on your car, you don’t have to go to a high priced dealership to do so if you’re willing to get down and do it yourself.
But I’ve always wondered why some of us just don’t get it.
While I’ve made a few major money mistakes of my own down through the years, I’ve learned that the lack of discipline coupled with the absence of a basic understanding of how money works is at the root of most of the major foul ups that many of us commit.
And this goes for everyone. All races, cultures, lifestyles and age groups.
Ignorance knows no color.
With that being said, it has always appeared to me that too many Black Americans are leading the pack when it comes to the respect of the power of money and a severe ignorance on how money works bordering on extreme stupidity.
Let me also state that this is not everyone, but far too many.
Harsh words for a sad situation indeed.
But somebody has to say it no matter how harsh it may sound.
First of all, allow me to congratulate this who do not fall under this damaged umbrella of self perpetuated poverty. I want to commend those who understand how to budget their money where a certain percentage is divided up for savings, expenses and investments.
But I also must share some raw truths about the poor behavior of those who love to SPEND money but haven’t a clue on how to handle it leaving themselves oftentimes at the mercy of the other races who will quickly swoop down and open up the businesses in the Black community to profit greatly from their ignorance.
Where else do you see “Buy Here – Pay Here” Car Dealerships where a person only has to have a job to get a vehicle that they must pay a high interest rate on a note that is due every two weeks.
What other people have neighborhoods riddled with “PayDay Loans” operations also at high interest rates where money is borrowed against a paycheck that hasn’t even arrived yet?
What about the “Rent-A-Centers” that lease out high priced cheap furniture, televisions and various housewares where after all payments have been collected, the individual leasing these usually sub-par items has usually paid two or three times what the item would have cost if they purchased it in a more traditional manner having excellent credit.
Why is it that when a Black person has a good credit rating it’s a thing of awe?
We are out here but since the expectations of us in the finance responsibility department is so low, then we don’t even try to buck the self fulfilling prophesy that has become our very public resume of failure.
Why don’t we grasp the understanding that it costs lots of money in the long run to have a poor credit rating that came from always thinking about the here and now and not knowing that those late payments will cost us greatly in the end?
Some of us just get the fact that the “Overdraft Protection” on a checking account is a safety net that you really don’t want to use because of the high penalty incurred and it’s NOT part of our budget!
Tonight we will go deep into the psychological issues that Black people have with money and attempt to enlighten someone out here who is willing to escape the clutches and consequences of ignorance that has placed a huge cost on their heads in recent years.
Ignorance of how to manage your personal finances costs!
It’s the very much alive elephant in the living room that no one wanted to talk about!
Time: Friday, August 2, 2013 @ 10:00 p.m. Eastern Standard Time
Place: The LanceScurv Show <—–Click here at showtime to hear the entire program live on your computer or smartphone!
Call In Number: 760-259-2310 – Call in to listen or join in with your opinions on the discussion. You DO NOT need a computer to participate in the show, all you need is your phone.
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