Black People : Living Above Your Means

Discussion in 'Black People Open Forum' started by UbZoRbShUn, Mar 4, 2003.

  1. UbZoRbShUn

    UbZoRbShUn Well-Known Member MEMBER

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    62,000 is the number of unemployed people in the city of Atlanta as of 03/04/03. 71% of Black folk here have filed for bankruptcy. Atlanta leads the nation in the most bankruptcy cases filed. Of the 71% of people who filed many of them do not think it's harmful for their credit. Most Atlantan's live above their means. Keepin up with the Jonses and what have you. See there is "New Money" and then there is "Old Money" ...... Old Money will beat New Money hands down every time.

    I live in Atlanta. I'm not a transplant if you will. Born here. Black folk make a lil change and they want to move way out in Alpharetta where the cost of living is off the hook. Now since 62, 000 are basically looking for the same jobs in a shrinking job market, the harsh reality is setting in.

    I ain't JD what's his name, nor am I in line to the Wal-Mart throne. I was laid off in January, but you know I still got a lil change to pay the bills, and keep food on the table and no I have not filed for bankruptcy. I don't bling bling and drive the 2003 what ever is on the market. People living in my apartment complex have 2003 Navigators in front, but they stuff is getting put out on the curb as I type.... living above your means.... why ?

    Just ramblin
     
  2. j'hiah

    j'hiah Well-Known Member MEMBER

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    this ish is so real...

    and then l know peeps with $20,000 cars living with momz...
    sad economics...

    As Solomon said "wisdom is the principal thing...so get wisdom and as you get wisdom, get understanding."

    but do you think filing bankruptcy is what society has forced them to do (thinking of discrimination and other stagnants)??

    l think the whole system of things are screwed up and have boomerang effects...
     
  3. ZeroGravity

    ZeroGravity Well-Known Member MEMBER

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    j'hiah, I'm curious ... how can society force people into filing bankruptcy? Could you please elaborate on that?
     
  4. j'hiah

    j'hiah Well-Known Member MEMBER

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    ZeroGravity, l gave an extensive perspective.
    ln Macroeconomics (and in History) l learned how corporate racism mixed with educational barring
    has really given been effective toward this generation in the decisions we make and specifically, our financial managements...

    (All things considered, they're not held 100% accountable for filing bankruptcy or whatever the case may be)

    The Government can do more spending (proposed 32 billion to station troops in Turkey for war) on war and not give those who file bankruptcy at least microgrants or loans, business training/classes so they can at least have the opportunity to not struggle with debt and **** near poverty??

    We're more faithful in economically aiding foreign countries than our own people here.

    l believe that people do have personal accountabilities, but what l'm stressing is that the Government could do a lot more to economically and politically aid the individual and the household.
     
  5. ZeroGravity

    ZeroGravity Well-Known Member MEMBER

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    j'hiah ... thanks :)
     
  6. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    so true so true i have seen many fall by the waste side
    living above their means i have a friend who did it and now
    he live in a shelter today.....can't keep up wit da jones
    no way
     
  7. A007

    A007 Well-Known Member MEMBER

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    The sad fact is that we are a product of our environment. That environment includes home and social lessons. The problem is that we aren't getting the right lessons. In my case my father is a stock broker and never once talked to me about money, how to make it, manage it, or spend it. I was forced to learn from the streets for much of my early adulthood and the streets are teaching you that if you don't floss you are nothing. We all want to feel good about ourselves and much of that is rooted in what others think of us...so we want all the material things so we can look good, people will think we are doing well, and we feel good about ourselves. That end result is a level of materialism that is at an all time high. If my father had taught me the real value of money in my teens I would not have had to find out the hard way and start over at 25. It is important to learn the truth about money and how to manage it and if you only learn from what you see on the streets, bankruptcy and bad credir are inevitable.
     
  8. UbZoRbShUn

    UbZoRbShUn Well-Known Member MEMBER

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    yeah this is true but i think too especially now we all need to buckle down. Cause I'm here to tell ya i'll buy some walmart stuff in a new yawk minute if i can save a buck or two.....



    One
     
  9. Squeeks

    Squeeks New Member MEMBER

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    It is to bad that many of our elders have forgotten to tell us how they got over. My momma encouraged....... drove me to the bank and handed me the paperwork to fill out for a checking account. I was 18 at the time and never ever had a savings account. I had worked since i was 16 and she would cash my pay checks for me. Not once did she or my daddy tell me about interest, a savings account, or a investment plan.

    My parents simply thought I would learn from their example. Well I did. I learned to hide clothes in the trunk of my car after shopping until they went to bed. I learned to intercept the mail and pull out the credit card bills and put back the other stuff for somebody else to bring in the house. I learned that overdraft protection is just another term for get it now and pay it whenever I have some cash leftover from lunch.

    I am now 31 and have gone through Consumer Credit Counseling. Guess what..... I still got the bad habits. I can't tell you what my retirement account balance is, but I do have one. I haven't balanced my checkbook in over 3 months, but I haven't bounced anything.... yet. I know my savings balance.... $25.00 - the minimum allowed to have the checking account.

    Beware my friends, once those habits are set, it is like Cain and Able trying to get rid of them!!!!!!

    I promise myself I will balance that book tonight. Pay my bills on payday starting this month, and put something, anything in savings. Maybe if I was taught this when i got the measly five dollar allowance, it would be second nature now.

    What are you teaching your nieces, nephews, sons, daughters, mentees???????

    Squeeks
     
  10. cherryblossom

    cherryblossom Banned MEMBER

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    And 7 years since you posted this, the unemployment rate in ATL is outrageous. Georgia leads the country, I believe or is close to #1.

    And now, all those homes which were built are vacant, never had an occupant....Many of them are unfinished because the builders ran outta money.

    All those Condos built are sitting vacant too.

    On top of that, the foreclosed homes are everywhere. Every 1st Tuesday, if you've got some extra money, the Court House steps is the place to be.

    Now, alla those people who moved OUT of the city, outside the Perimeter wanna come BACK....The commutes and the real estate markets are killing them.

    And when the gas prices went up, those Navigators and other large SUVs really became "luxury" vehicles!
     
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