Dear friends,
Historically, African Americans have a poor sense of how to spend our money. Only the wealthy in this country are taught about wealth. The rest of the citizens (many European Americans included) have little or no idea of even what wealth is let alone how to either acquire or keep it. Unfortunately, with this, African Americans have been the worst. And even worse than that is the fact that just as we are beginning to gain some sense of the possibilities of saving, investing, acquiring property, and so forth, the train has just about left the station.
It used to be that if a person invested in an IRA from the time they were 19 until they were 25, they could see that grow into enough to retire on even if they never invested another cent. Now, with interest rates so low in banks and investments so "iffy", you have to keep investing, certainly, much longer, to make it worthwhile.
Additionally, the question then arises, how do African Americans tend to spend money anyway, when they are 19-25 years old much less younger than that? It is then, perhaps, more meaningful to develop as a standard that all youth are expected to have a college fund started by the time they enter Middle School. It may start out small, but it is the continual growth that makes a difference.
Imagine for example in 6 years, from 7th-12th grade, a students saves $5 per week-the first year, $10 /wk-the second year, $15/wk-the third year, and so forth. Even without interest, that student will have a substantial chunk of money with which to enter college.
The real benefit is developing a mentality that puts planning for the future and the assumption that We are all college bound, in the forefront. People who realize that they have a future may be less likely to squander it with petty and larcenous thinking like drug-dealing.
While we are on the subject, the worst thing about the drug-dealing mentality is that drug-dealing has no future and people who are involved in it have no vision of the future. No one can say with any degree of either logic or sanity, "I am going to deal drugs for a few years to earn money for college and then, after college, get a good job and raise a family." Even the strippers - who, often, claim to be putting themselves through college, by dancing up and down a pole - make more sense than that. (That is, at least, their profession is legal and has a fair amount of history to it.)
Now, what happens to the money, if the student does not go to college? Let it be available to the student when he or she is ready. It may go towards tuition in a trade school. It may be usable as downpayment on property. It should not be available as cash or to buy a car or pay rent. The point is that it is about moving the person forward.
G. Djata Bumpus
0 comments:
Post a Comment