Investments

[RowdyRed]

Originally posted by Imperial11



I have seen sooo many of my friends/associates go out and buy Range Rovers and vehicles of the like immediately after graduation from college.

You hit that one on the head - if I see one more friend park a $30K or more vehicle outside of an apartment or their parents' house I'm going to die.

To add to some of the other comments, I think we as a people think of investing too narrowly - start with a home, get rid of the credit cards and move from there! If most black people took what they spent on lottery tickets and socked it away in anything, they could see a decent return over time!

[Happydaysf91]

That's the one I've been using...thanx soror!

[Poplife]

Originally posted by ENDROAD
We wonder why it is so hard for our children to make it on their own and assume that because a child is white he/she has an advantage. NO! The advantage is they are provided with a boost from their parents or grandparents who have something to offer them when they start out.

Good point. My entire paternal side of the family has a theory that wealth will take the pace of race within 15 years. Instead of the "we're middle-class and white so we're better than upper-class blacks" theory, it will be "we're rich and they're only middle class so we're better". I laughed when they told me that a few years back, but I now I can see validity in it. I guess I have to fatten up that nest egg.

Hey, Endroad. Have you ever read Robert Kiyosaki's best sellers?

"Rich Kid, Smart Kid: Giving Your Child a Financial Head Start"

and "Rich Dad, Poor Dad" (can't remember the tag)


Anyways, they are really good books. He brings up a lot of modern and realistic ideas about finance.

[Urbane]

I know I’m getting off topic but I just have to say this. WE think it’s okay to ignore bills. I’ve had people tell me it’s okay to pay their electric bills (cause it's not on your credit report) late or right before it’s cut off. I learned from my mortgage lender that we could’ve used utility bills to prove our payment habits if we didn’t have enough of a credit history.

Another thing… Ernest and Young has a great tax guide that details all the latest tax policies… what you can and can’t write off. Not only can you get a deduction for donating old clothes but you can write off mileage to and from community service projects. You can deduct lodging and meals from hospital stays, glasses/contact lenses, and even birth control pills. If I remember correctly, if you do a lot of work (for your company) from your home computer you may be able to right off the depreciation. It’s not just saving/investing your money… it’s holding onto some of it too. Since it’s the beginning of the year, I would strongly suggest purchasing this book so you can take advantage of some of these breaks if not this year then next year… start saving those receipts, etc.

[kiml122]

Originally posted by Urbane
I know I’m getting off topic but I just have to say this. WE think it’s okay to ignore bills. I’ve had people tell me it’s okay to pay their electric bills (cause it's not on your credit report) late or right before it’s cut off. I learned from my mortgage lender that we could’ve used utility bills to prove our payment habits if we didn’t have enough of a credit history.

Well just to let some of you know I work for one of the largest utility companies in the USA, and guess what... we report to the credit bureau...so late payers beware!!