Black folks i have a real question. Who taught you financial responsibility?

[7figz]

Honestly, especially as a man, once you start to make your own money.... what else you need ?

 

[I Self Lord & Master]

Honestly, especially as a man, once you start to make your own money.... what else you need ?

Idk if u black or not.......

But if it were that simple black ppl would not be n the situation we in....

 

[CapitalB]

children should be taught about money from about the 3rd grade but don't expect the schools to do this it's not in their interest to teach poor children about money. In any case these things are better absorbed in the household.

^^^^ a broken clock is right twice a day post. hahaha

Nigga, most likely you had no father your mother clearly was not shit for having and raising a child like you. Clearly you dropped out of school, so FOH you don't know how to read a clock unless it's a digital

^^^^ jus talkin to be talkin cause he's in his feelings post. hahahaha

 

[usmarin3]

Honestly, especially as a man, once you start to make your own money.... what else you need ?

Difference between making money and having your money make you money. I'm just now learning that shit

 

[7figz]

Honestly, especially as a man, once you start to make your own money.... what else you need ?

Idk if u black or not.......

But if it were that simple black ppl would not be n the situation we in....

Bruh, the bolded.... ^ .... and of-fuckin'course I'm Black.

 

[desertrain10]

Mostly trial and error

Trying to learn from my parents mistakes and successes

I agree tho financial illiteracy is a big problem within the blk community ...part of the reason why so many of us fall victim to predatory lending practices and economic recessions

If I'm not mistaken we were the hardest hit communities by the 2008 housing crisis

I don't know what the solution is besides introducing financial literacy classes, lessons into our public school system ...even than if the goal is building wealth we still have to deal with not having the "right" skin color ... But yea financial literacy is a start

 

[So ILL]

its been trial and error..

and jus living..

 

[I Self Lord & Master]

Honestly, especially as a man, once you start to make your own money.... what else you need ?

Idk if u black or not.......

But if it were that simple black ppl would not be n the situation we in....

Bruh, the bolded.... ^ .... and of-fuckin'course I'm Black.

@usmarine said it best

Niggas is taught to work more (ie multiple jobs) vs makin their bread work multiple positions for them

Or jus love more conservatively

 

[7figz]

Honestly, especially as a man, once you start to make your own money.... what else you need ?

Idk if u black or not.......

But if it were that simple black ppl would not be n the situation we in....

Bruh, the bolded.... ^ .... and of-fuckin'course I'm Black.

@usmarine said it best

Niggas is taught to work more (ie multiple jobs) vs makin their bread work multiple positions for them

Or jus love more conservatively

I'm past that B, but I hear you. Investing is the ultimate goal.

 

[blakfyahking]

Mostly trial and error

Trying to learn from my parents mistakes and successes

I agree tho financial illiteracy is a big problem within the blk community ...part of the reason why so many of us fall victim to predatory lending practices and economic recessions

If I'm not mistaken we were the hardest hit communities by the 2008 housing crisis

I don't know what the solution is besides introducing financial literacy classes, lessons into our public school system ...even than if the goal is building wealth we still have to deal with not having the "right" skin color ... But yea financial literacy is a start

man the bolded can't be emphasized enough

our problems with money go way past just a lack of financial literacy.........we have a culture where niggaz embrace stunting today just to be broke tomorrow........and when it's a cultural issue it's even harder to break the cycle

cats would rather look like they got it, than actually have it

it's funny because you rarely see cats really digging past the surface to see why/how they really spend their money

just tracking how you spend your money for 2 weeks is eye-opening for the average person..........especially around holidays........materialism is really fucking us up

 

[junegemini]

my momma and experience...my mother moved out a week after my 21st birthday. i had to pay mortgage and utilities, i quickly learned how to save money

 

[hoodsavior]

Not a damn thing man.. I used to get so mad that math is a subject that would be the most important if used right.. Like math and finance are so different that these word problems ccouldn't involve credit or anything like that.. My uncle been schooling me to the game about land and all that.. I'm running back to my homies and Lil niggaz dtoppin the same jewels.. I'm OKwit money but i felt lost when he was speaking.. But after listening to.him and reading black wall st I'm a different man..

 

[CapitalB]

DOPE Thread

*warning imcoming TITANGRAPH*

When I was a child we were poor and I'm not definitely not ashamed of that. I wanted to own things like the grocery stores, wal-marts, toy stores, video stores and stuff like that so that my moms wouldn't have to struggle to be able to food and toys for us. Every Christmas was a struggle but for what little it was to us it was a lot because we still got something even if it wasn't a lot. The memories were priceless I loved my moms for that. When I was around adolescence I started to become more conscious of finances and stuff, my mom and dad finally reconciled their differences and I got to live with my dad for a summer, it was the greatest experience and a life changing event to me man. My dad had his own business, he had nobody to tell him what to do, nobody to tell him when to clock in/out or nothing, he did what he wanted, he paid his employees out his own pocket, everybody gave my Dad daps - I wanted to be just like him and that showed me it was possible to be self sufficient and my own man. When I was 17 I opened my first business - a clothing line *shrugs*, it was quite successful, I was selling clothes out my dad's store and I had most of the kids from school and from other high schools rocking my shit. It was crazy the first time I was walking through the hall ways and seen kids rocking my logos and was blown the fuck away, I couldn't believe it, not 1 or 2 but like 14 different kids, I was so gassed. I made a lot of money off that for just a high school kid it was awesome. A few weeks later I had I guess my first employee and he would sell my joints (this white kid yo, he hustled hard to prove himself), he could have short changed me but he always brought my stacks back and I always gave him his cut. That was my first foray into entrepreneurship from there I kept stacking, I bought my first home at 20 flipped that, my second at 23 and I kept growing from there....

I never forgot my dream tho of owning things like grocery stores, wal-marts, video stores and all that. I had to figure out what that process was.... lo and behold it was called "investing", I started watching the business channels and the rate at which I was absorbing information was craaaazy. I taught myself what the stock market was, how it operated and the whole process without ever having to look into a textbook. I would go as far as calling financial advisors, real estate agents and everything - hell I went to school for business. In business school they were not teaching any of the shit I learned I was waaay ahead, everything was hypothetical but hey that's another story, school in general be like that depending on what you go for. The icing on the cake was when I heard the name "Warren Buffett", he was said to be the best investor. To me tho I always believed in a source as to where people learn what they learn. I wanted to know "who/what" taught Buffett. He always gave props to a man named Benjamin Graham, the Godfather of Value Investing. The one thing that forever changed my perception of financial responsibility and perhaps my life was this one saying:

"price is what you pay, value is what you got, all you're doing is buying stocks whose market cap is selling for less than their net worth. When people invest on the stock market, they forget that they are actually buying a fractional interest in a business."

^^^ that would have gone over most people's heads, Buffett always said investing is like an inoculation, either you get it or you don't and I got it loud and fucking clear. I started looking at the financial statements of companies and every night before I'd go to sleep I'd always read as much as I could about investing, even daydreaming and writing out what and how my company would look like and what companies I would buy. My obsession turned into passion and my calling. From that day forward I worked my ass off to make sure I always won on a financial side and also to give back and pass the knowledge I possessed to anyone who would listen because I knew I was good enough and smart enough that it would make a difference to someone. From family to friends I know in real life to even the IC, I remember in my stock market game it was dope to see posters on here actually beat the stock market consistently - a feat that 80% of professionals cannot do. I take great pride in that man.

Most people want to make money in life but don't know how, they possess the traits to but just don't see "the strings" as I say. Even rich people and it's crazy some of them can't bring themselves to say "hey I don't understand what this is can you teach me ?" if you care about your security fuck ego, learn what you have to learn to take your financial security to the next level. Whenever I talk to young black kids they don't even think about the stock market. There's what I call Perspective and Perception. Perspective is what matters, the long term and what you'll get out of it at the end of the tunnel. Perception isn't real, it's superficial things that are finite and it fucks up the game blurring what's real and isn't. People don't realize that you can buy fractional ownership of companies without even have to run them. What do you think all those people in your city's financial district are doing ? In some way, shape or form they facilitate or actively participate in the stock market and the movement of money through stocks and bonds. You can buy stock in companies from across the globe and as you sleep those companies are still making money day in day out. You can buy stocks that pay dividends every month (let that marinate), you can use your credit (and repair it) in ways you don't even know, the banks GICs and stuff is just a tiny piece of it you could buy index funds that track the S&P 500 and grow your money at incredible rates of return while greatly minimizing your risk (a GIC might return 2%, less than that if you factor inflation), maaaann there's so much more to it man.

The biggest issue that stops people from making and keeping all their money is lack of discipline and financial illiteracy. Can you imagine if many of our great athletes, musicians and prominent members of our communities could have achieved if they had better business sense ? That's what made the jews so self sufficient, in the old times Jews were only allowed to have banks and loan to each other in their communities..... now you see where they are today because of that. I believe in my race tho, we too are just getting there, man this day and age is the most financially conscious era of all time, you gotta realize we saw one of the harshest economic times since the Great Depression, a lot of people got wiped the fuck out. This new era won't let that happen to them again we have so many more giants whose shoulders we can stand on & learn from, Warren Buffett, Ben Graham, John Templeton, Francis Chou, Charlie Munger, Ken Fisher, etc. soo much to learn from yall...

imma go take me a 5hr my nigga and get back to this one. hahahaha

im sure its a good read..

jus aint got attention span for it at the moment. lol

 

[atribecalledgabi]

Nobody. I've always heard that stocks and bonds, save x amount of money, 401k thrown around but nobody ever sat me down and broke it down to me. Just going by trial and error like most have already said.

 

[junegemini]

I need somebody to school me on stocks and 401k

 

[desertrain10]

Mostly trial and error

Trying to learn from my parents mistakes and successes

I agree tho financial illiteracy is a big problem within the blk community ...part of the reason why so many of us fall victim to predatory lending practices and economic recessions

If I'm not mistaken we were the hardest hit communities by the 2008 housing crisis

I don't know what the solution is besides introducing financial literacy classes, lessons into our public school system ...even than if the goal is building wealth we still have to deal with not having the "right" skin color ... But yea financial literacy is a start

man the bolded can't be emphasized enough

our problems with money go way past just a lack of financial literacy.........we have a culture where niggaz embrace stunting today just to be broke tomorrow........and when it's a cultural issue it's even harder to break the cycle

cats would rather look like they got it, than actually have it

it's funny because you rarely see cats really digging past the surface to see why/how they really spend their money

just tracking how you spend your money for 2 weeks is eye-opening for the average person..........especially around holidays........materialism is really fucking us up

I can't agree

It's more complicated than that

And not every blk person or even a significant amount of blk people are out here blowing money to buy rims or the latest fashions

Most of us are hardworking individuals who are saving for homes, cars, college for our kids, retirement, vacations, etc just like every other race of people ...We just don't always have the means or know the best way to go about doing things

Besides financial illiteracy medical bills are also weighing us down. 1 in 5 Americans still face hardships due to medical costs...year after year Blks continue to be the hardest hit

I'll throw in student loans too

Than consider unemployment among blks is high and Americans stagnate wages

U got a fucked up situation

Than unlike other races we don't have generational wealth to lean on or to cushion our fall as we learn to manage our money

 

[Colin$mackabi$h]

In school they taught my class with the same speed as everybody else so if one understood it then everybody understands it (in they minds).

I didn't understand money from anybody but my grandmother, I came to her for help and she broke it down from the simple to the big change. She said dont ever help anybody but your family god bless the ancient black gods and goddesses.

Only I taught myself why only white faces are on that shit.

 

[kzzl]

My parents taught me about the responsibility. But my folks were working class people, so that's all the financial knowledge I had. The only folks with big money were the hustlers, they usually ended up in prison or dead. But watching them ball out and work their money was the only other reference I had.

But all of their knowledge is limited and so was mine as a result.

My high school had a final math course for seniors about handling finances. Business Math, I believe it was. Shit was cool and helped those that wanted to be helped.

 

[blacktux]

Life.

I grew up poor, so i never wanted to live poor.

I was always the type people called "tight". I never wanted to be broke so i never spent what i didnt have. Once i took accounting in high school and learned how assets and liabilities work (that extends to people too!) ive just been really good with numbers.

I got even more keen when i got serious with my now wife, because she was HORRIBLE with money, im talking overdraft multiple times in a month.

One of us had to do it! Pressure either builds you or breaks you.

 

[Ol Jay's]

smh, it's 2015 y'all really need to take race outta discussion on alot of topics