“Bling bling” “pills and booze” you know it. A lot of things take away the cash from the hands of a black man, and guess what? Most of these expenses are completely a waste of money too. In this post we shall be exploring the issue of ‘black spending’.
For the benefit of this post, we shall be defining ‘Black Spending’ as a means whereby black people spend money on frivolities. This action may be exhibited by other races, but we will be focusing on the black community this time.
Black Spending is an attitude that cannot be overlooked, seeing as most young black people have rather become hooked on it. Most persons would rather spend money on clothes, jewelries, hard drugs, and the rest. The idea of investing for a greater profit does not sit with us no more.
Below, we shall be looking at reasons why most young black people will rather engage in Black Spending than investments.
- Role Models
To every young black man going through tough financial times, his idea of financial liberation lies with the way most popular black figures flaunt their cash. We all want to rock the type of gold necklace 50 Cent wears, or rock the latest Yeezy collections or get high on some weed like Wizkhalifa.
It all starts with that; we want to act or live our lives on the actions of our role models. This is one big issue because most of us who go down this lane do not consider the investments or other ventures these our role models are engaged in.
- Lack of patience
Everyone wants to hit the top at the same time. We want to ‘secure the bag’ and ‘flex the cash’ as soon as possible. This happens so fact that we do not have the time to take the foot off the gas. We just want to make it happen while we still at it. It’s sad. Really sad.
- Illiteracy
A man of little knowledge or wisdom will go as far as his intellect will take him, and bruh, it ain’t that far. The fact that we do not consider the need to engage in financial education regarding the right ways to spend and invest money will make us engage more in Black Spending.
- Unhealthy Competition
Of course, some competitions are unhealthy. A situation where you want to pop more pills and sniff more coke because Joe does more than you do, is a typical example of an unhealthy competition in this context. The fact that you want to wear the same type of cloth Jean wears so you would look ‘cooler’, as against saving or investing in a business venture, is an unhealthy competition.
- Background
Lack of a proper support system has thrown most of us young black people into the jaws of Black Spending. This background range from school, parents and guardians, friends. The absence of an adequate support system breeds more cases of Black Spending, because we all need to be instructed and directed on the right path financially, by persons who we look up to as parents or elder members of the community.
- Peer Pressure
One of the greatest influences on a young black person, both positively and negatively. Black Spending, most times, stems from the fact that our friends engage in various spending attitudes that we feel inclined to do same.
The need to overcome Black Spending is very important. Black people are in a more fertile ground right now, with regards to opportunity to make money. The chances are available; the system is supportive too. We just have to shake off the chains or constraints of Black Spending.
We must look at educational materials; we must attend classes on economics and finance. We must inculcate the habit of savings.
Financial freedom is key to unlock every form of prejudice we face in the world today. Start saving. Stop Black Spending.
