11 life lessons 2014 has taught me

January 18, 2015

Top financial accounts you should have as an adult

January 18, 2015

A discussion that wasn’t talked about at the dinner table

January 18, 2015
          I’ve overheard some interesting conversations this week.  I would like to point out that I wasn’t eavesdropping, but people make it really easy for you to hear every word of their conversation.  One conversation was between 3 young guys talking about jail.  “Yo I tell my young cats all the time jail really isn’t that bad, especially if you go in there during the winter time.  You’re in there for a good 8-9 months you could eat that, that’s nothing.” Another conversation was also between a group of guys I believe they were high school juniors.  “Melvin doesn’t have any standards, he would hit anything with a booty” they all laughed another one chimed in. “I swear that’s all I really think about is school, basketball and booty.”  The last conversation I heard was more of an argument than a conversation.  Two guys arguing about who was the better basketball player, Lebron James or Michael Jordan.  I felt as if I was suddenly watching NBA sports center.  I was amazed at how much basketball stats they were both able to remember and recite. A conversation that I didn’t happen to walk into was one about investing.
          Last week I was able to sit down and have a conversation with The Museum. They asked me why do I think that young urban people aren’t investing? Feel free to watch the interview below.
I was also asked the same question from Six Inches Higher (Read full interview here). In your opinion, why you think a lot young minorities struggle with investing? I think young minorities struggle with investing because it’s not something we were taught. For myself growing up I always heard bad things about investing. Like you’ll lose all your money if you invest, and of course no one wants to lose money. It’s easier putting your money into material items like clothes, shoes and jewelry because you can see them. You have to be able to train your brain on what the real definition of luxury is. Luxury is having money in your bank account. Luxury is being able to pass on wealth to the next generation. Luxury is being able to not worry about money. Luxury is being able to sleep at night because all your bills are paid on time. Luxury is knowing you can afford those designer brands if you choose but by deciding not to, you are able to use the  savings to build your net worth and reaching your goals.
            Now that I’ve had time to really think about why young minorities struggle with investing my answer is a little different.  I still believe that investing isn’t something many of us were taught in our homes.  Not a discussion that was talked about at the dinner table, or at school, or after school for that matter.  The investing conversation wasn’t there.  And for our grandparents  generation blacks weren’t weren’t even allowed to drink from the same water fountains as whites, let alone invest our money. The investing percentage for blacks is so low because we had a late start. It can be hard for people to trust something that initially wasn’t set up for them to progress.  For people who grow up in homes where investing and finances are something that is discussed in their daily conversations it’s a lot easier for them to jump right into the stock market. Some of these families have stocks that have been passed down from generations. So they’re already born with a head start.
           Investing also takes extra money.  It’s hard to tell someone that they should invest when they don’t even know how they will pay their rent this month or they’re a single parent with one income trying to provide for their 2-3 children.  There are a million other things on people’s to-do list besides investing, I get it.  Everyone has a different situation so I understand that my book isn’t for everyone. Your budget may not physically allow you to have extra money to invest. When you start earning more money just be sure to keep investing in the back on your mind. Today’s generation has extra money and is more willing to take more risks. For people who want to learn then my book is here as a resource for you to encourage and give you a vision for the future. bookcoverpromo_newWe need to stop being afraid to talk about money. We need to open up the money conversation.
         I understand that there may be other things you need to handle before you can put money aside to start investing.  I also understand that sometimes you may need an accountability partner. So I’ve decided that I’m going to help 1 person organize their finances for 3 months FO FREE!  We will figure out your money goals and I will work with you to reach those goals within 3 months.  Here’s the catch you must be willing for me to document the process of your transformation. I want to prove to you that what I’m saying in my book is truthful.  If this is something that you would be interested in please subscribe to my blog.  I will email you a survey and once I receive all of the replies, I will decide who the best candidate will be in February.
With all my love,
Candice Marie

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