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that's what helped me start my own business. the money i was spending to impress people with nice cars, clothes, trips, etc. was the money that i learned to save to invest in myself. that change didn't happen over night. it took some time for me to really be honest with myself. it's hard when you're a young guy (regardless of race) in the dc area, women around here want the wealthy, connected, flashy guy. instead of faking it until i made it, i decided to bite the bullet and save, save, save.
I saw TV segment about a young man who was now in his early 30's who decided at about age 20 that he'd be a millionaire by 30. He lived in NYC, with several roommates, went to bakeries for their day-old bread, went to happy hours and other events for free food, wore his clothes threadbare, ate ramen noodles, hot dogs, spaghetti, and peanut butter and jelly for a decade -- but he did it. And he didn't work on Wall Street. He was a millionaire by 30 -- and not working. Many of us COULD do that. The issue is WOULD we do it. He saw it as a game, with his goal ALWAYS in mind. Deny one's self conveniences -- severely -- for 10 years -- and be financially secure with the freedom and options that provides...or......work like the rest of us I wish I could do it. I've thought about trying it. But.....I just don't know.....
I'd like to know his reasons why he wanted to be a millionaire? Status? Greed? Some greedy people, Scrooge, can live like paupers so that they can "feel" secure by amassing large amounts of money. Why didn't he live those ten years like that in order to feed those less fortunate? In addition, I could say I'm financially secure even though I'm not a millionaire. Granted, most of us need to evaluate what is more important in regards to the purchases we make. But I think we try to find that happy medium where we save a little and enjoy life a little.
2,3,&4) Come on let's be real. Again we as Black people have a tendency to bite off more than we can chew when it comes to debt and perpetuating a false image of wealth we don't really have. It's annoying and frustrating to talk about but worth a discussion none the less. I remember when I was in High SChool a lot of kids (with the permission of their parents) would miss/skip a day in school to buy the new Jordan's before the store was sold out. Again lets be real and not pretend these issues are not a problem. True everyone indulges in wants but we have a tendency to take it to the extreme.
You can't include all black people when we talk about our tendency to buy expensive things. I'm sure we can all name people we know who live modestly. My wife can afford Anne Taylor and Gucci, but being raised properly, she looks for bargains at Marshalls and Ross. Every time she brings home some new clothes, I ask her how much they cost, 90% the total amount of everything in the bag cost less than $20. I don't know how she does it, but she's a bargain hunter and she has no reason to be.She even finds clothes for me at a great discount. I have friends who I think should "live a little better" but they are perfectly content with spending nothing and doing nothing. Sure they could buy nice clothes at the expense of their four children. But they didn't. They are "regular" people. Some people just don't care what others think about what they wear or what they drive.
I think a critical issue in the housing crisis is this simple fact; the way the housing finance system works today is incompatible with the realities of today. And this is not limited to black people, or people in PG county, this cuts across the entire fabric of the nation. Let me explain.
The problem is that the mortgage system works on the premise that you can afford to take on a 30 year committment because you are LIKELY to be able to work a high paying job for at least 30 years in order to make the payments. Back in the 1950s and 60s this indeed was the case, most people were able to work for one employer for up to 30 years, outsourcing was unknown, and employers even provided a pension after retirement.
Fast forward to 2011 and this is no longer the case. No one I know thinks that they will be able to stay at the same company for 10 years, never mind 30, and with the nature of the world today, many people I know have experienced severe changes in income due to the recessions we've had. People are having to change industries, relocate to cheaper climes, work two and three jobs just to pay the bills. Which is the big reason why the mortgage crash is here, and can be expected to be here going forward. There is no job security thus the idea of taking on a 30 year loan is becoming unrealistic.
I do think that eventually the US will be like most countries around the world where there is no such thing as a mortgage. You have to pay cash up front to buy a home in most countries. That is where we are headed.
Talk about a lifestyle change....He SAID he was able to make it through by keeping his goal in mind. I just don't think I'd ENJOY life living like that, millionaire goal or not.
Exactly!!! Why "waste" ten of your young years doing all of that to enjoy it later in life? That's why I don't understand people who put so much money towards retirement when you're missing your best years now. Sure, save for retirement, but use your young years to enjoy what life has to offer. I always say I'd much rather travel and end enjoy life NOW instead of when I'm 60 and have to take pills and have aches and pains all day. Who needs that? When I'm 60 I want to say I lived a full life. Like I said, there needs to be a balance. Some people spend it all now and have nothing later, others save it all now and tend to enjoy life towards the end. I think a good balance is best. Granted 30 years is not THAT old, but I wonder what he did after 30.
I'd like to know his reasons why he wanted to be a millionaire? Status? Greed? Some greedy people, Scrooge, can live like paupers so that they can "feel" secure by amassing large amounts of money. Why didn't he live those ten years like that in order to feed those less fortunate? In addition, I could say I'm financially secure even though I'm not a millionaire. Granted, most of us need to evaluate what is more important in regards to the purchases we make. But I think we try to find that happy medium where we save a little and enjoy life a little.
Obviously we dont' know the man to have an idea of his intentions, but personally I think he has done the right thing. To be able to live without needing a bi weekly paycheck from an employer, now THAT is the definition of wealthy. You say that you are financially secure, but that security is more precarious than you realize. If you get laid off, or your job gets outsourced, then unless you find another job with comparable income then you will be in serious strife. hence you (and I for that matter) are really just indebted to the 'Man' to go oldschool on you. This guy in the story has finally rid himself of that obligation. Wish I had been able to do that.
I hear people down playing living beyond our means in the African American community, but how can we just completely ignore that when culturally that is what we are predisposed to.
Where are you getting this statistic from? If anything, it's an American culture issue, not for any one racial group. I can find just as many white people who live beyond their means. Have you ever seen Suze Orman's show? There were a whole lot of white people in financial trouble because they spent beyond their means and were ignorant on how to manage their finances. So when you say it's part of African American culture and we're predisposed, I'd like to know your sources.
Obviously we dont' know the man to have an idea of his intentions, but personally I think he has done the right thing. To be able to live without needing a bi weekly paycheck from an employer, now THAT is the definition of wealthy. You say that you are financially secure, but that security is more precarious than you realize. If you get laid off, or your job gets outsourced, then unless you find another job with comparable income then you will be in serious strife. hence you (and I for that matter) are really just indebted to the 'Man' to go oldschool on you. This guy in the story has finally rid himself of that obligation. Wish I had been able to do that.
I disagree. For one, where is his wealth kept? People lost trillions in the stock market. What if this man became ill and he had to spend all his fortune on medical bills? it's a dangerous thing to envy the wealthy because we know they can loose it all faster than they accumulated it. He's a millionaire. Good for him. If that makes him feel better, so be it. But don't say that's the "right" thing to do. It's the right thing according to YOU. Not everyone desires to be wealthy. My wife and I talk about winning the lottery all the time. And every time we think about it, We come to the conclusion that it would be more trouble than it's worth. Because we have family and friends who are struggling and would have to make hard decisions knowing that we have enough wealth to help them. Personally, I think amassing so much wealth in order to be "secure" is a selfish thing when there are so many starving people right in our own backyards. You can't get wealthy helping the poor. That's why the proverb says it's harder for a rich man to enter into heaven.
I make an honest living whether it is from "the man" or by some other means. Not all of us make enough money to live comfortably for 50 years off of ten years worth of labor. Try telling that to a family whith a household income of 50,000 that by working for ten years and feeding your children Raman Noodles that they could stop working after ten years. That gentleman's goal is VERY impractical and VERY selfish. If you want to be like him, more power to you.
All of us are one heart attack, stroke, illness, Black Monday, identify theft, theft, fire, etc. away from having our wealth stripped from us. None of us are 100% secure just because we have a little cash in the bank. Tell that to the Madoff victims.
I do think that eventually the US will be like most countries around the world where there is no such thing as a mortgage. You have to pay cash up front to buy a home in most countries. That is where we are headed.
We'll never head that way. The banks make TOO much money in real estate through fees and interest. If that was taken away, we'd be paying 8% on our deposits just to hold checking accounts. Our credit card rates would all be at the cap. They'd charge us $20 just to withdraw $20 from the ATM. The American banking system was built on real estate. That's a big revenue hole to fill if banks had to find other ways of making money. You're talking billions, if not trillions in interest payments from not only residential homes, but business properties, etc. as well. Not gonna happen.
I disagree. For one, where is his wealth kept? People lost trillions in the stock market. What if this man became ill and he had to spend all his fortune on medical bills? it's a dangerous thing to envy the wealthy because we know they can loose it all faster than they accumulated it. He's a millionaire. Good for him. If that makes him feel better, so be it. But don't say that's the "right" thing to do. It's the right thing according to YOU. Not everyone desires to be wealthy. My wife and I talk about winning the lottery all the time. And every time we think about it, We come to the conclusion that it would be more trouble than it's worth. Because we have family and friends who are struggling and would have to make hard decisions knowing that we have enough wealth to help them. Personally, I think amassing so much wealth in order to be "secure" is a selfish thing when there are so many starving people right in our own backyards. You can't get wealthy helping the poor. That's why the proverb says it's harder for a rich man to enter into heaven.
I make an honest living whether it is from "the man" or by some other means. Not all of us make enough money to live comfortably for 50 years off of ten years worth of labor. Try telling that to a family whith a household income of 50,000 that by working for ten years and feeding your children Raman Noodles that they could stop working after ten years. That gentleman's goal is VERY impractical and VERY selfish. If you want to be like him, more power to you.
All of us are one heart attack, stroke, illness, Black Monday, identify theft, theft, fire, etc. away from having our wealth stripped from us. None of us are 100% secure just because we have a little cash in the bank. Tell that to the Madoff victims.
Well I guess you and I will have to agree to disagree. Slaving away working 60 and 70 hour weeks for an employer who would gladly outsource your job to India at the drop of a hat doesnt sound like a great way to go through life, honest living that it might be. If you had that happen to you I bet you would change your tune. Spending your productive years making someone else rich just doesnt strike me as wonderful. I would rather kill myself for a decade, then kick back and enjoy myself, family and friends for the next 50 years instead. Just me though.
If I had thought of what this guy did when I was 20, I would have done it. Sadly, I'm now 32, married with kids so that is pretty much out for me. You mention feeding the kids ramen every day...while you are right about the unrealistic nature of that idea, would it be a bad thing to do something similar but more moderate? in todays world where kids constantly crave $300 jeans, $400 shoes, could it be a bad thing for them to learn how the other half lives a little? I think not. My 14 year old niece got a $300 phone the other day after badgering her parents for a year, I personally thought that was stupid, but hey it ain't my kid.
Funny you mention the Madoff victims...but they DIDNT put their money in the bank did they? They bought into Madoff's pie in the sky scheme and gave their money to him to invest right? maybe if they had just banked that cash they wouldn't have lost it.
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I wish I could do it. I've thought about trying it. But.....I just don't know.....
