What Would It Take to Bridge the Black-White Wealth Gap?

[The Founder]

I was asked by @TSU/BAMA to post this here.

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Another point is...we have to start investing in property. Instead of taking expensive trips etc....save that money and put it on a house or double up on payments. One of the things my family does is take one family vacation a year which is usually the Bayou Classic. We stay from Tuesday to Monday.

Going to very football game or the Celebration Bowl...nah......taking these other vacations...nah....I put that money into the principal of my mortgage. Why by a new vehicle....wait until the Sugar Bowl and buy a used vehicle that dealership provided as a loaner. Why purchase expensive clothes....no one knows how much they cost except you. I see parents buying their kids all types of stuff with tax refunds. Put that money in to an investment. I know a young lady who saved her tax refund for 5 years. Put it in a CD and used the CD as collateral to purchase a modular home. She got a lower interest rate for that.

There was once a saying that some black folks are not taught fiscal management. I disagree, some black folks don't want to learn fiscal management.

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[TSU/BAMA]

You know Founder, you can really be a serious dude when you want to be. I know sometimes we might think you are bat shit crazy. LOL!! And I cannot speak for anyone else, but I think this is some very good, sound, financial advice. It is definitely a step in the right direction. And when you said "some black folks don't want to learn fiscal management", no truer words have ever been spoken. Some of my co-worker's philosophy is "if you don't owe anybody, you ain't got shit". SMH.

I learned the hard way, a long time ago, to live below my means, but within my needs. And, do not spend money that I don't have, buying stuff I don't need, in order to impress people (who, if the truth be told, I really didn't like them, and they didn't like me). My apologies if I am sounding preachy.

 

[The Founder]

You know Founder, you can really be a serious dude when you want to be. I know sometimes we might think you are bat shit crazy. LOL!! And I cannot speak for anyone else, but I think this is some very good, sound, financial advice. It is definitely a step in the right direction. And when you said "some black folks don't want to learn fiscal management", no truer words have ever been spoken. Some of my co-worker's philosophy is "if you don't owe anybody, you ain't got shit". SMH.

I learned the hard way, a long time ago, to live below my means, but within my needs. And, do not spend money that I don't have, buying stuff I don't need, in order to impress people (who, if the truth be told, I really didn't like them, and they didn't like me). My apologies if I am sounding preachy.

What I have learned I observed from white people. The small things. For example I don't have seasonal clothing. No such thing. All my clothes I can wear year around. Hell I just wear under armour under my thin pants in the winter. I have literally 2 heavy coats. One scarf....I don't own not one watch because I have a clock on my cell. LOL....

I have no problem buying my wife a diamond because if shit gets hard she can sell that MOFO. I wear tennis shoes that can be worn with slacks MAJORITY of the time.

My son hates Jordans because he does not see the point. He would rather we go buy him 3 pair of pumas.

 

[The Founder]

Black folks need to quit trying to show out.

 

[jag4life]

Reparations + Indentured servitude (reversed)

 

[The Founder]

Reparations + Indentured servitude (reversed)

Not happening....folks still on this reparations tip which to me is like praying to win the lottery.

I know a guy in the military who lives in a affortable housing complex. Basically his rent is based on his salary. Well he would rather live there, buy two new cars (a 2018 mustang and a 2017 Denali pickup) than to buy a home. Then he puts some $10k rims on both. Then talks this reparations crap.

Dude could have purchased a used 2016 Denali pickup and saved about $60k. Then used his VA loan to purchase a home where the note would be the same amount he is paying for the affortable housing.

Yet, he wants to show out for the instagram.