Who among us hasn’t chuckled at the money miscues of Black folk? We’ve all seen the brother pushing a set of rims worth more than his car, or the sister sporting the latest handbag but scrambling to make the rent.
But sometimes the clowning and laughing at these miscues turns to concern, and the concern to despair. My heart actually aches when I see young brothers and sisters clad from head to toe in Gucci because they’ve bought into a lifetime of bondage, a new form of financial slavery.
When was the last time the executives at Prada, Mercedes, Lexus, or Coach invested one red dime in the Black community? Yet, so many of us rush to place ourselves in financial shackles just to sport their logos.
At the same time it’s completely understandable. We live in a society that continually denigrates us, that makes us feel less beautiful, less intelligent, and less competent. Why not purchase a modicum of self-respect, even if we can’t really afford it?
An elderly African-American woman lamented to me recently that Blacks will never build economic power like other ethnic groups. “We’re still feeling the effects of slavery,” she claimed. “We’re trying to purchase validation.”
Now perhaps there’s some truth to this. Maybe we are nursing some historical psychological wound treated temporarily with band-aids of consumerism.
But I’ve always been one to point the blame for our financial predicaments on poor social policies. Young Black children are forced to endure the worst of the American educational system and suffer overwhelming poverty that stifles their ability to excel.
Tax policies favor those who already have wealth, like homeowners, stockholders, and small business owners. Add to it discrimination in housing, credit access, and employment and it’s no wonder that the median wealth for white families in 2007 was $100,000, and only a paltry $5,000 for Black families.
But, at what point does personal responsibility play some part in the Black/White wealth gap? Bill Cosby faced a full-on frontal assault when he blamed Black parents for buying $500 sneakers while being unwilling to pay $200 for Hooked on Phonics.
Using data from the Federal Bureau of Labor Statistics’s Consumer Expenditure Survery, researchers discovered that Blacks and Hispanics spend up to 30% more on visible goods like clothing, cars, and jewelry than Whites with similar incomes.
Perhaps the cost of psychological band-aids is greater than we ever imagined.
BMWK, what’s your take? Is the poor financial state of Black America due to poor public policy or to poor personal choices? Is the belief that African-Americans spend excessively to seek validation fallacy or fact?
Nema says
Poor personal decisions. Tax policy does not favor those with money, if you are part of the working poor and you have a family the Earned Income Tax Credit will give you at least $3,000 per child. If you are Middle Class you can easily get hit with the AMT and owe thousands of dollars in addition to the thousands of dollars taken out of your check during the year.
I have watched poorer family members receive EIC checks for as much as $7000 and spend it on clothes and other depreciable items. Their children are walking around in Uggs while my daughter wears Old Navy and hand-me-downs. That is where the problem lies
As for the educational system, I taught for four years in NYC in one of the worst districts. I’m sick of this line that the schools and the teachers fail the students. Many (not all) poor black parents do not send their kids ready to learn; they send them to be babysat. We had new books, new computers, and a fairly dedicated staff. By year end most of the books had been destroyed (pages torn out, etc.) and two computer keyboards had been completely destroyed. What social policy is responsible for that foolishness?
Leonard Sturdivant says
This is the perfect place to introduce@dc8ad3480774158affe90ed7ab74fb0e:disqus White Validation Syndrome! it divides us, we kill for it, we fight for it, we die for
it, we can’t get enough of it, the more you have of it the better off you are,
translates into higher incomes for us, better job positions, more prestige
among our friends, the envy of all our friends, we compete for it, we will go
to jail for it, we will code switch for it, we will shape shift for it, we will
lie for it, we will cheat for it, we will walk over anyone to get it, we will
plot for it, we will scheme for it, affects our babies (Doll Test), we crave
it, we love it, we will pretend we have it, we will give up our culture for it,
we put on the “white coat” so we can feel it, we will wear name badges out in
public for it, we will avoid black schools for it, we will go to white schools
to get it… we will climb the highest mountain for it… but by the time we get
there, it will be such a disconnect between who we are and what we have become,
we will implode for it… therefore, it is incumbent upon us to have a
conversation about it and give it a name so that we can begin to address it,
for it explains a great majority of the pathologies that affect African
Americans.
Leonard Sturdivant, Doctoral Student – Saint Louis University
Ms. Frugal&Fabulous says
Excellent article! I’ve argued this same issue with friends for years. While they are out spending hundreds of dollars on bags, clothes and shoes, I spend less than $50 at the thrift store and look just as good 🙂 They ask me, girl that’s hot, where did you get that? I tell them and they turn their noses up because it came from the thrift store. Prada, Gucci and LV don’t give a rats butt about us, but we give our last to have their logo on us as if they’ve made us important and accepted. SMH…..we’ve got to do better!
Ms. Frugal&Fabulous says
Excellent article! I’ve argued this same issue with friends for years. While they are out spending hundreds of dollars on bags, clothes and shoes, I spend less than $50 at the thrift store and look just as good 🙂 They ask me, girl that’s hot, where did you get that? I tell them and they turn their noses up because it came from the thrift store. Prada, Gucci and LV don’t give a rats butt about us, but we give our last to have their logo on us as if they’ve made us important and accepted. SMH…..we’ve got to do better!
Ms. Frugal&Fabulous says
Excellent article! I’ve argued this same issue with friends for years. While they are out spending hundreds of dollars on bags, clothes and shoes, I spend less than $50 at the thrift store and look just as good 🙂 They ask me, girl that’s hot, where did you get that? I tell them and they turn their noses up because it came from the thrift store. Prada, Gucci and LV don’t give a rats butt about us, but we give our last to have their logo on us as if they’ve made us important and accepted. SMH…..we’ve got to do better!
Ms. Frugal&Fabulous says
Excellent article! I’ve argued this same issue with friends for years. While they are out spending hundreds of dollars on bags, clothes and shoes, I spend less than $50 at the thrift store and look just as good 🙂 They ask me, girl that’s hot, where did you get that? I tell them and they turn their noses up because it came from the thrift store. Prada, Gucci and LV don’t give a rats butt about us, but we give our last to have their logo on us as if they’ve made us important and accepted. SMH…..we’ve got to do better!
James L. Breedlove says
Therefore I say to you, do not worry about your life, what you will eat
or what you will drink; nor about your body, what you will put on. Is
not life more than food and the body more than clothing? But seek first the kingdom of God and His righteousness, and all these things shall be added to you… Why do you spend money for what is not bread, And your wages for what does not satisfy? Listen carefully to Me, and eat what is good, And let your soul delight itself in abundance.-God
James L. Breedlove says
Therefore I say to you, do not worry about your life, what you will eat
or what you will drink; nor about your body, what you will put on. Is
not life more than food and the body more than clothing? But seek first the kingdom of God and His righteousness, and all these things shall be added to you… Why do you spend money for what is not bread, And your wages for what does not satisfy? Listen carefully to Me, and eat what is good, And let your soul delight itself in abundance.-God
James L. Breedlove says
Therefore I say to you, do not worry about your life, what you will eat
or what you will drink; nor about your body, what you will put on. Is
not life more than food and the body more than clothing? But seek first the kingdom of God and His righteousness, and all these things shall be added to you… Why do you spend money for what is not bread, And your wages for what does not satisfy? Listen carefully to Me, and eat what is good, And let your soul delight itself in abundance.-God
Angela A says
I love this article! Thank you for this! This is so true! I see brothers and sisters sporting cars and suvs that make you do a double take too! While I see whites driving around their old Honda sedans. Why!?! Whites no how to save money and are smart at doing so. They have the money, but don’t spend it willy nilly. Gas is too high and why not drive around your trusty old car. I know these bros and sis can’t afford no BMW suv. One day I will follow one home to see how they living. CRAZAY!
Angela A says
I love this article! Thank you for this! This is so true! I see brothers and sisters sporting cars and suvs that make you do a double take too! While I see whites driving around their old Honda sedans. Why!?! Whites no how to save money and are smart at doing so. They have the money, but don’t spend it willy nilly. Gas is too high and why not drive around your trusty old car. I know these bros and sis can’t afford no BMW suv. One day I will follow one home to see how they living. CRAZAY!
Ron-t says
I believe they both play a roll in the economic imbalance. I find that financial education was lacking when I was growing up, and I’m 51 years old. There were certain things that I was not taught concerning how to manage money, such as investing, saving budgeting and preparing for retirement or having a college fund or even about the need for maintaining a good credit score. Theses are just some of the areas I believe should be considered basic knowledge for our graduating youth of today. I’m not shifting the blame on my parents, they only did what they knew how to do, considering the era inwhich we grew up. However, I believe the financial bliss of the coming generations can be significantly impacted by empowering them with financial and economic knowledge. It must be done!
Ron-t says
I believe they both play a roll in the economic imbalance. I find that financial education was lacking when I was growing up, and I’m 51 years old. There were certain things that I was not taught concerning how to manage money, such as investing, saving budgeting and preparing for retirement or having a college fund or even about the need for maintaining a good credit score. Theses are just some of the areas I believe should be considered basic knowledge for our graduating youth of today. I’m not shifting the blame on my parents, they only did what they knew how to do, considering the era inwhich we grew up. However, I believe the financial bliss of the coming generations can be significantly impacted by empowering them with financial and economic knowledge. It must be done!
Ron-t says
I believe they both play a roll in the economic imbalance. I find that financial education was lacking when I was growing up, and I’m 51 years old. There were certain things that I was not taught concerning how to manage money, such as investing, saving budgeting and preparing for retirement or having a college fund or even about the need for maintaining a good credit score. Theses are just some of the areas I believe should be considered basic knowledge for our graduating youth of today. I’m not shifting the blame on my parents, they only did what they knew how to do, considering the era inwhich we grew up. However, I believe the financial bliss of the coming generations can be significantly impacted by empowering them with financial and economic knowledge. It must be done!
Ron-t says
I believe they both play a roll in the economic imbalance. I find that financial education was lacking when I was growing up, and I’m 51 years old. There were certain things that I was not taught concerning how to manage money, such as investing, saving budgeting and preparing for retirement or having a college fund or even about the need for maintaining a good credit score. Theses are just some of the areas I believe should be considered basic knowledge for our graduating youth of today. I’m not shifting the blame on my parents, they only did what they knew how to do, considering the era inwhich we grew up. However, I believe the financial bliss of the coming generations can be significantly impacted by empowering them with financial and economic knowledge. It must be done!
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