Urban Thought | 2 Observations Is it just me or people in the Urban community not educated enough to invest their money wisely?
It may be a sad fact that we get a little bit of money and we don’t know how to act. Someone I know recently received a settlement check for $120,000. Now that is a descent amount of money. More money than what they would have made in three years.
So what does this person go out and do? Let me just run down each item:
- Buy A Car
- Go to Atlantic City
- Loans money to her boyfriend
- Goes on a vacation
- Quits her job
Does anyone see what is wrong with the items listed?
At no point did she buy anything of value. She purchased a car which depreciated the moment she drove it off the lot. She lost money in Atlantic City (not sure why she thought she would double her money in the first place). The money she gave her boyfriend is gone, along with the boyfriend. She goes on vacation (with the boyfriend, but this is prior to him leaving her). She quit her job (a city job - you don’t let go of those). Did she forget it was $120,000 and not $1 Million?
A word to those who don’t know any better: Invest your money first so you will have something left. After that, have fun.
| 2.5 |
I don’t think its lack of education among the urban communities. I think it’s more of not managing their emotions. People who spend money on things of no value do it because of the gratification they get. Whether it’s buying a car to show their importance in society, or going on vacation to feel relaxed, or giving money away to her boyfriend thinking it was the secret to lock the relationship. People do crazy things. But you’re right. Why quit a job for $120,000. Like you said it’s not a million dollar. Very good post.
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