by Dr. Charles Alonzo Peters
Sometimes you just have to laugh at the crazy things people do with their money. OK, maybe not directly in their face, but in the back of your mind you’re wondering “What the heck?”
You know the friend that never has two cents to their name but who’s always eating out or chomping down on some KFC. Yes, that strong urge to ask why they don’t cook at home is almost unbearable – but sometimes it’s just better to keep your mouth shut.
Or how about the brotha driving down the street in a hooptie sporting $800 rims, or the family with the Lexus parked in front of their mobile home. Don’t forget the young sistah on the subway who pulls her iphone from her coach bag, only to proceed in a conversation about finding a way to pay the rent.
Sometimes you don’t know whether to laugh or cry.
It’s easy to laugh at the money foibles of others, but sometimes we need to take a look at our own money mishaps. How does that phrase go again? Something like, those who live in glass houses shouldn’t throw stones.
The problem – our financial missteps aren’t always as obvious as renting an apartment while driving a $80,000 car, but they can be just as financially devastating.
Here are a few examples of my money madness moments. See if you can relate.
But it’s on sale. – Yes, I’m a sucker for sales, especially a real good one. You know the 40% to 50% off type. Makes me feel smarter, even though the item was probably made, printed, or assembled in China for just a few bucks in the first place.
And I guess I’m not alone. At a recent Borders liquidation sale I checked out, the line was over 100 people long – and most of the books were only discounted a measly 20% off list price. Not a good deal at all. But the word “sale” seems to draw us in like moths to a flame.
My painful experience with sales have taught me, if you don’t need it, it’s not a bargain at any price.
I deserve it – This is my achilles heel. You work hard, make sacrifices and so of course feel the need to reward yourself. Problem is we reward ourselves too often, discovering we really do deserve the debt we’ve racked up.
I’ll pay it off at the end of the month – I’ve purchased iPods, clothes, and even a new computer with the best intentions of paying it off at the end of the month.
I tell myself I won’t be a sucker to credit card debt. I’ll just send in one large check to the credit card company in 30 days. Sounds good. Never happens. Usually some other unforeseen expenses pop up and my best laid plans are foiled. Somehow I think credit card companies count on this.
I need it for work. – Oh how many times have I told myself that I need something for work. Whether it’s the costly training program, the expensive suit, or the new laptop. Heck, some of us even purchase expensive cars because we need to “look the part.”
I’ll start tomorrow. – Talk about procrastination. I always know I should do certain things to become financially fit. But it always seems easier to do it tomorrow. Like the time it took me over a year after starting my new job to begin contributing to the 401K plan, or the nearly two years I contemplated opening a Roth IRA before actually getting around to it.
Yes we all have our money madness moments.
BMWK: I know you don’t drive a hooptie with $1,000 rims, but what are some of the crazy things you do that waste or cost you money? What money madness moments have you caught others in?
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.