Black People : Spending habits in the black community

karmashines

Well-Known Member
REGISTERED MEMBER
Feb 26, 2005
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I was reviewing some of the comments in the Bill Cosby thread, and wanted to discuss in more detail this issue.

Some have said that some blacks, especially poorer ones would rather spend their money on a fancy car or designer clothing than buying a house or starting a business. Have you observed this with friends and family you know or is it more of a stereotype? If there is a ring of truth to it, then why do you think it is and what can be done to change perceptions?
 
Well, I think the problem is, that some don't see purchasing a house, or starting a business, as something that is attainable to them. Buying a flashy car, or expensive clothes is a more instant gratification. If these are the images that a person, any person, constantly sees as status symbols, then is this what any person would eventually desire?
 
watzinaname said:
Well, I think the problem is, that some don't see purchasing a house, or starting a business, as something that is attainable to them. Buying a flashy car, or expensive clothes is a more instant gratification. If these are the images that a person, any person, constantly sees as status symbols, then is this what any person would eventually desire?

ditto...:darts:
 
This is NOT a stereotype from my vantage point. I’ve noticed this all of my life. It’s like I said in another thread, some of our folk, including some of my relatives, are so much into “showy” things They want to be noticed, so they would rather spend the money NOW on something flashy that will impress others or that others will envy them for rather than save the money for a down payment on a house. Some folks I know would rather have a Hummer than a Toyota because the Hummer gets a lot more attention and arouses envy among others they hang with. Some of my own relatives would rather for me to buy their children a toy or a pair of designer sneakers for a gift than a savings bond. Delaying gratification is NOT something they value at all. They say they could be dead tomorrow, so why do all that saving. When I ask them, "What if you aren't dead tomorrow," they get annoyed.

This is a constant problem with some of my distant family members because some of us in the family were taught to save, delay gratification, value education, etc. and others were not. We have totally different values. So some of us are not always in a crisis situation like some of the others. It’s ironic that the ones who spend their money foolishly seem to hate the ones of us who spend our money more wisely. After they’ve squandered their money on what they want, they want the others of us to “help" them out to get what they need. I do it sometimes, but it’s so tiring and I know it's also enabling them to continue the pattern, but . . . . And they NEVER listen to advice about how to avoid these constant crises. They resent the advice. Yet every crisis seems to be a surprise to them.
 

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