This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
We didn’t inherit the best circumstances. We descended from slaves, and enslaved people were dirt poor. They didn’t have or own anything. Then once the slaves were freed, they still didn’t own anything.
Black people have been passed over for career and educational opportunities for decades.
It’s finally getting better, but it’s still not perfect.
I say this to preface the fact that we’ve always been behind economically and educationally.
However, I don’t believe our history grants us the right not to try to change our circumstances.
I sure as hell wasn’t going to allow our history to prevent me from improving my financial and educational situation.
Media Perpetuates Questionable Depictions
In your average music video, you will see people of color displaying their fashion, cars, homes, jewelry, shoes, and other expensive accessories.
The average person I talk to desires similar things:
Nice car
Nice shoes
Nice house
Nice clothes
Nice everything
But at what cost?
We don’t really know what the financial situation of famous people is. Frequently it’s not the best, but you wouldn’t know that by what you see.
In a society that constantly pressures its members to buy luxurious items,
Black people have been a primary target, and it’s been a success.
Studies say that the average lifespan of the dollar is approximately 28 days in Asian communities, 19 days in Jewish communities, 17 days in white communities – and just six hours in Black communities (Source).
We frequently prioritize buying stuff over investing in our financial futures to create long-term wealth.
Why though?
1. Lack of Self-Discipline
We want to experience short-term pleasure in exchange for immediate satisfaction. It feels good to look good.
But at what cost?
You’re off track if you look good but don’t have any savings and investments.
Way off track.
2. Lack of Education
Historically, personal finance is not taught in our schools. And what we’re being taught at home is to collect debt. Furthermore, your average person isn’t ingesting personal finance books.
Most people have some form of debt.
The most common types are credit card debt, car debt, student loan debt, and mortgage debt.
85% Of Americans Have Car Payments
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If you don’t know how to leverage debt properly, it can destroy your financial situation.
Once I started investing in my financial education, I saw a shift in my finances. The more we educate ourselves about money, the more potential power we have to transform our financial futures.
Our Community Is Financially Struggling
Black people are at the bottom of the totem pole. Not only does research tell us this, but I’ve also witnessed it in family, friends, acquaintances, and people I don’t even know throughout my life.
People are more willing to dine out than invest a dollar in an investment.
Furthermore, many people are more willing to hop on social media or watch tv than read a personal finance book.
Financially Dependent
Instead of getting a job or starting a business, my step-grandfather bought lottery tickets with social security money and bummed off my grandmother. He always said he would win. When he finally did, he went broke and spent all his money.
Only Spends. Never Saves.
Instead of one of my best friends, who earns six figures, investing money in their investment account, they spent it on recreational habits, dining out, fashion, and their dating partners to flex.
The Luxury Car Buyer.
Instead of investing money into sound investments, one of my friends, who earns almost half a million dollars, spends it on luxurious cars.
The Spender. Then The Asker.
Instead of an acquaintance saving money and building an emergency fund, they spend all their money and then ask their family for money so they can get their nails done, and their family gives it to them, too.
Black people have come a long way, but we still lag behind. Many black people still maintain a broke mindset.
Many black people still refuse to invest any time in educating themselves about personal finance.
12 Steps You Need to Execute W/ Your Money
Avoid going into debt for any reason, including the following: treat-yourself-shopping, holiday shopping, gift buying, traveling, and other superfluous spending.
Continue investing, or start investing if you haven’t.
Take a break from buying gifts this year.
Read a book on finance and educate yourself for the new year.
Don’t blow your money on your appearance.
Don’t pay extra fees to get your paycheck in advance.
Instead of eating out and putting junk in your body often, eat in.
Stop giving in to impulse purchases.
Start Budgeting.
Take notes on what isn’t working. Most people don’t effectively manage their money, so do the opposite of them.
Don’t count on social security or other government funding.
Build your 3–6 month emergency fund.
Do Black People Have A Gambling Problem?
Apparently, they domedium.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.