by Dr. Charles Alonzo Peters
We’re suffocating in stuff. Our garages are overflowing, our attics busting at the seams, and our bedroom closets crammed to capacity. We even have whole television shows about hoarders, people who’ve taken the obsession with junk to the next level.
My own war against stuff became crystal clear after paying my last self-storage bill – $91, and that was for one of the smallest units. Over the last two years I’ve shelled out over $2000 just to store my junk. Money that should have gone into my IRA or 401K. And I’m not alone. By the end of 2009 there was more than 2.35 billion square feet of self-storage space in the US.
Even our houses have grown in size to accommodate all the tools, shoes, furniture, toys, and other plastic pieces of garbage we accumulate.
Two and three car garages have become popular – not for parking our cars, but for storing our things. Ask anyone and they’ll tell you a bedroom truly isn’t a bedroom unless it has ample closet space.
But there is a high price to be paid for stuff. The problem with building wealth is not that we don’t have enough money to do so, but we don’t put our money to efficient use. We waste it – on stuff.
Take a look at your bedroom. How much money have you wasted on shoes or clothes that seemed like a bargain at the time, but now languish in the dark corners of your closet? What about those rows of DVDs or video games that collect dust sitting beside the television?
Add the fact that much of our junk is bought on credit and the amount of wasted money is enough to make you wanna cry. Heck I’m still paying off some of my junk to this very day.
There are ways to deal with our obsession with stuff, and the money it sucks from our pocket. Some people follow the one in, three out rule. For every piece of clothing they purchase, three pieces are removed – either given to the salvation army, to friends, or sold online. Buy a DVD, three others must be sold or donated. Pick up a new pair of shoes, three others must go.
Others follow a no junk checklist. They question every purchase they make, asking themselves:
- Can I rent or borrow it?
- Can I substitute something in it’s place?
- Will I feel the same way about it tomorrow as I do now? How about next week, next month, next year?
- Do I have the space?
- Will it require even more money for upkeep or maintenance?
- Will this be something I use constantly?
- Do I have the time or opportunity to use it?
When I think of all the useless purchases I’ve made over the year a particular quote comes to mind,
“He who buys what he does not need steals from himself”
Cutting the junk from our lives is an important step to building lasting wealth. Unfortunately for me and a lot of others, it’s easier said than done.
BMWK. Are you like me? Do you have more junk than you need? Are your closets overflowing with useless stuff? How have you resisted the urge to accumulate more?
Every Monday you can find great insight and tips on managing your greenbacks by Dr. Charles Alonzo Peters of MochaMoney.com here on BlackandMarriedWithKids.com.
Discussing finances in the black community is TABOO…and I often feel sheepish when expressing my views..”shes a hater” MONEY is a touchy subject and most people look toward others to define their worth..Robert has on jordans but can’t read..smh, we’re investing in the wrong things..Everybody wants to show that they’ve made it with nice cars, clothes, etc..but most are living from one paycheck to the next..NO savings, No investments, No plans for the future..Lack of knowledge is robbing us blind..However this problem goes much deeper than color..States are on the brim of bankruptcy because of their lack of planning and greed..we’re became an hedonistic society.
Discussing finances in the black community is TABOO…and I often feel sheepish when expressing my views..”shes a hater” MONEY is a touchy subject and most people look toward others to define their worth..Robert has on jordans but can’t read..smh, we’re investing in the wrong things..Everybody wants to show that they’ve made it with nice cars, clothes, etc..but most are living from one paycheck to the next..NO savings, No investments, No plans for the future..Lack of knowledge is robbing us blind..However this problem goes much deeper than color..States are on the brim of bankruptcy because of their lack of planning and greed..we’re became an hedonistic society.
I couldn’t agree with you more. Discussing finances is taboo in the Black community. But ask any other ethnic group and they’ll tell you that they not only discuss finances but they also pool financial resources to get ahead. I’ve had many immigrant friends discuss how they’ll combine money and expertise to buy businesses or homes. Something we should start doing more of instead of spending money on expensive cars, expensive wardrobes, and oversized homes.
Discussing finances in the black community is TABOO…and I often feel sheepish when expressing my views..”shes a hater” MONEY is a touchy subject and most people look toward others to define their worth..Robert has on jordans but can’t read..smh, we’re investing in the wrong things..Everybody wants to show that they’ve made it with nice cars, clothes, etc..but most are living from one paycheck to the next..NO savings, No investments, No plans for the future..Lack of knowledge is robbing us blind..However this problem goes much deeper than color..States are on the brim of bankruptcy because of their lack of planning and greed..we’re became an hedonistic society.
Mental slavery supercedes all other types! Once we un-wash our brains, the revolution will truly begin…and I’m sure it will be televised!
Yep! I was agreed, I’ll keep in touch to your blog.
This blog is so usefully, Thanks for the posted 😉
I alway say the world is obese,they eyes is bigger,then they stomach…Back in the day,the old saying is you’re not satified until you’re broke…I’m just saying,the world is alway thirsty…
Wow, this post is good, my younger sister is analyzing such things, thus I am going to
let know her.