Put it on My Tab...
But I ain't even gon act holier than thou
Cause fuck it, I went to Jacob with 25 thou
Before I had a house and I'd do it again
Cause I wanna be on 106 and Park pushing a Benz
I wanna act ballerific like it's all terrific
I got a couple past due bills, I won't get specific
I got a problem with spending before I get it
We all self conscious I'm just the first to admit it
-Kanye West "All Falls Down"
Ok, so lets start today with a poll. How many of us have credit card debt in the thousands and have no earthly idea what in the hell we bought over the years that cost so much? Me! *I am raising my hand.* Why in the world do we insist on going into debt, voluntarily? Black folks especially have a problem with spending (And maybe you do too Kelisha..because you have "colored tendencies"). We are obsessed with the bling. Obsessed with keeping up with the Jonses (yes, Peggy and Phil)!
When I was in high school, I worked at FootLocker for three years. I could always tell when it was the first of the month, because business would double. It would be young black mothers and fathers in there spending up there checks to get their four month old a pair of $60 Jordans to match the ones they had just paid $170 for. When I became a mother and noticed how fast children grew out of clothes, I just could not justify spending a lot on a child's shoes or clothing. Now, don't get me wrong, my children still dress cute, but Target's clothes are just as cute Baby Gap.
We will spend spend spend to maintain an image we can't really support. Why? Most of us want will take our money and buy luxury cars or big ass houses, but won't invest a dollar in our children's education or in our own futures. We will ride around in the hottest cars, rocking the hottest clothes, wearing the flyest jewelry, and go into an apartment, with no lights and no food in the refrigerator. We throw away money for years renting homes instead of taking the time to buy a home. Houses are investments. They help on your taxes. Its ok to get house and not have any furniture, you will make a return on the house...not what's in it.
Its a damn shame that Colortyme and other rent-to-own places are mostly located in our neighborhoods. They make a killing on paying discount rates on items and renting them to us for four times what they paid plus interest. You can rent to own rims now...rims! Rent to own engagement rings, don't start your wedding out in debt. Have you also noticed where are the "Check-n-Go"s are? Uh huh, beside Aaron Rents...
Its not really our fault. Most of us a second and third generation wasters. I have learned the hard way, but nevertheless I have learned. Here is a secret, any of us can afford anything we want if we save. I refuse to run my debt up, for something I don't need immediately, you know food, water, or shelter... Clothes, cars, liquor, jewelry. We will pary every weekend, and wake up in our mama's basement and let her cook us some breakfast. Selling ourselves short for an image. Have you seen how Bill Gates dresses? lol..he is the richest man in the world.
So weigh in...what do you think? To buy or not to buy..on credit that is. Are you guilt of this? I know I am! What advice do you have?
posted by Mz Cane at 6:54 AM
9 Comments:
you are stepping all over my toes this morning
Okay, YES, Kelisha has some tendancies....and spending is one. I am on a tight budget for another two years because of it. I learned the hard way to not say "charge it". I'm paying big time now. I now don't buy unless I am paying cash. Not worth it to me anymore. Don't get me wrong...I still spend money foolishly sometimes but at least I'm not paying interest on it. I own it free and clear! I would love to teach people about this problem, but I really believe people don't understand until they are so far in debt they don't know the way out! As for me, I had to hit rock bottom...even thought the easy way out was to end it all. I've learned to value different things now.
I definitely have some debt. The majority I got in grad school. I paid rent, bought furniture, got groceries, bought plane tickets home. Mostly it was about survival but of course there were some impulsive buys. Once I started working my problem was buying things when I knew I had the money and just not sending that money to the credit card company.
Now I'm focused on paying it all off. I only carry one of my cards and I don't sign up for any new ones. If I don't have the money in the bank I'm not using the card unless I'm out of town and the purchase cannot be obtained any other way. I mostly use my check card.
I made up my mind to get my credit together awhile ago but I swear when I saw those rent-a-rims commercials I became more determined. Those things pissed me off.
I like many others would buy things to lift my spirits. Nothing makes a girl feel better than some new shoes, followed up with dinner and drinks. Because I had the card, I actually would spend more money than if I had cash. I would even treat my best friend, a man, whatever. I used to buy all my friends birthday gifts, anniversary gifts, etc. But too many dollars later, my debt is out of hand. I had all the cards, name one, I had it. Unfortunately I thought I had it like that til I got laid off. Reality slapped me hard. So, now if I don't have cash, I don't buy it. It all started in college, they should not let us get those cards. They should make a reality show about credit card debt, "HOW YOU GONNA PAY IT NOW".
Well, I was never really one for large amounts of debt. Lucky for me, my parents taugh us about credit, debt, and responsible spending form a very early age. The thing we could all use a lesson on is the difference between good debt and bad debt. As Mz Cane so wonderfully articulated, houses help. I have never been one to try and keep up with the Jones. I dont own anything name brand unless my friends give it as a gift. My kids dont wear them either, unless a great deal comes up on e-bay. I owe no one anything with exception of two mortgages. I have lots of experience in this area because I have found myslef in the position of helping friends and family members get out of debt. Sometimes it takes itting rock bottom to realize that its not about how much you make and how much you spend, it's about how much you save and how you put your money to work for you. Lets all become owners and not loaners. Pay your tithes, and watch how money will just fall into your lap.
Debt? I am in plenty of debt. I hate shopping unless I am going somewhere special. My shopping trips are usually not planned so I never seem to catch the sales. If I want it I buy it and figure out how to pay for it later. Wishing I hadn't purchased a lot of things that I purchased.
I would love to be like my parents one day and purchase a few rental properties. Unfortunately my poor spending habits have left me cash poor and pretty extended. Counting on my lottery winnings to help get me out of debt. Haven't won yet but I am confident that I will. Until then I will work to pay my bills.
Okay, I notice nobody's said anything about student loans yet. I THOUGHT I'd escaped the whole college credit card trap when I was in school. I only got 2 credit cards & only used them for gas & paid them off every month (just like I was taught). It was when I graduated and got credit limit increases that I got in trouble. You know - I had to furnish that 1st place, get that 1st ride, buy a whole new work wardrobe (club gear just doesn't get it in the office). That salary sounds like a lot more than it really is. Man, does FICA get more than his fair share of my $$$. I digress...
Now I've already got the house, etc. But I'm stuck trying to pay off all this credit card debt for stupid stuff I'm sure because I don't even remember 10% of the stuff I purchased.
The new cardinal rule in my house now - CASH ONLY!!!!! I'd be sittin' pretty if I didn't have all these minimum monthly payments to make. I learned my lesson though. God willing - it will NEVER happen again!
Debt isn't necessarily a bad thing. Its how you manage your debt that matters. In my own opinion, we're taught to fear debt, and be risk averse. Heck, Black folks just recently started taking advantage of the Bankruptcy laws that White folks have been well aware of and have used to their advantage for YEARS. And of course, once we got the news, they changed the laws (smile). But the point is, every millionaire or billionaire has been Bankrupt once or twice in some cases.
I really wish that Black folks would really quit reiterating the $150.00 Jordans as it relates to the first of the month. Its tired, hurtful, and simply untrue.
If I work everyday, and I choose to buy my kids whatever I want them to have, thats my business and none of yours. If I have a good kid, and she happens to like Baby Phat, or Jordans or whatever, then its my perogative to purchase it or not. If I choose to spend my entire paycheck on sunflower seeds, thats still my business.
AMERICANs in general are consumers. Most people like designer things, its just that Black people have a tendency to like logos to make sure everybody knows they have designer things.
Do you make the same "Jordans" comparison when you see young white & Asian women walking around in their non-descript Kate Spade or Hermes Birkin bags? Would you really know a pair of Jimmy Choos if they didn't say Jimmy Choo on the side?
We need to really stop perpetuating these stereotypes. Black people are diverse and don't fit into any one mold, even more, you can't look at a Black person and know what they may have. There are a bunch of well off Black folks, young and old, who don't "BLING". So STOP trying to get folks all riled up with this tired example of how much Black folks spend.
I respect your opinion and thank you for stepping out the box and presenting a different arguement. I happen to be a young black woman who lives a "comfortable" lifestyle. I'm not ragging on buying expensive things, just putting all of your money into them instead of extending your wealth through investments.
ps...I can attest to the first of the month Jordan run though, I worked at FootLocker for years...I saw it firsthand!
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