I keep trying to tell people exactly this point: we get everything we need, and most everything we want - we just had to prioritize. Now I'm going to just point them to your post.
I remember, growing up, how we knew my dad has lost his job or things were otherwise tight: my mom switched to generic orange juice. And then as soon as things looked up, she'd go back to the brand she preferred.
When I tell that story to people, they just gape. Orange juice? That's like a dime difference, how is that a luxury? Well, the dimes went to other priorities (like good dental care, and our college funds) so we always knew which things they thought were important, and which they thought were "extras". And name-brand orange juice was an "extra".
My brother and I both have eBay businesses and we advertise this within our auctions so that our customers can save money. We don't jack up the price like some others do so we've had some success with this. :) The only problem is that some of our customers don't think that it's legitimate or expect that we are the ones giving cash back and expect us to lower prices immediately.
I am a frivoulous spender when it comes to certain things as I think all people are. We choose to spend our hard earned money on things that make us feel better or at least put on a front that we are happy because of those things. We as black people have to come to the realization that there are way better things to spend our money on then flashy rides and expensive trinkets. Those items hold no value except for boosting your reputation in the "hood" or to people who truly hold no value in your life. Good article. Hopefully people pay attention to the meaningful parts.
The hardest part in being environmentally conscious is truley understanding what our big businesses are providing to us. I think people forget that oil is not just used to make gas. Every bit of plastic is made from petroleum products, the resin for those containers, the cleaning solution in the plastic container, fertilizers, paints and even medicines. It is all oil. It is kinda ironic to go to the farmers market and see all these people buying organic produce and putting it into plastic bags...
Not everyone is as fortunate as you in being able to breastfeed. Before you make a blanket statment like that, maybe you should be informed about reasons why people can't breast feed.
As far as I can tell we can't take any of these things with us after this life. So, time is the most important. My advice... SPEND your time in ways that make U happy. I hesitate to say "wisely" because that happens so late in life that possessions are usually narrowed down to a good pair of shoes and two different prescription glasses. But, I don't wear name brand stuff unless it's on the SALE rack at Marshall's. BUT, I do drink name brand scotch!
My opinion for these tips on savings = fair, but no where near extreme.
I know that most Americans are crazy about automobiles, and that many people cannot do without. I visited the USA many years ago at the end of the 70's, so I do know something about Americans at home. I have a small 50cc scooter that is already 10 years old, but NO CAR!)Petrol & oil costs me €12.00 pm. Insurance €80.00 per annum .
I live in Holland (Netherlands), and every year it becomes cold and lasts for at least 6 months. I took over a rented flat with only single glass in the windows. My apartment is 65sq.meters. I bought a 50 X 2 meter roll of transparent plastic (€11.00) and covered all my windows leaving a space of about 7cm to trap a layer of heat. During the Winter, I kept all the curtains closed except the room I used at the time. I never opened the curtains fully, except when the sun shone, to allow for free heat to enter! Together with LED halogen and tube lighting I got an energy rebate last year of exactly €399.00.)In the cold months, I wear extra clothing at home to avoid unnecessary heating costs. I have double glazing
I find that the more healthy you eat, the cheaper. I always steam veg & fish including potatoes, this way you profit more from the minerals & vitamins that are always destroyed in boiling!) Frozen fish is fine, not expensive fresh unless on special offer. Lots of lentils, they are cheap. I buy often damaged veg & fruit that's hard for the shop to sell. Instead of eating a bar of chocolate, I melt it with crushed nuts, dried chopped fruit, bran flakes, corn flakes & honey. This will satisfy your sweet tooth and give you something nutritious at the same time as well as inexpensive.)I don't have a garden, but a balcony. It is now full of tomato plants instead of flowers, you can't eat flowers and tomatoes are expensive in Holland.
I have been cutting my own hair for the last 16 years with clippers, no hair dressing costs! I use only BARS of soap, regular shampoo and toothpaste, NO gels, aftershave, or fashion rubbish!)I save money with showering: I cook a kettle of water, add this to a large bucket of cold water and scoop it up and throw it over myself. Here again I save on water, gas & electricity!)
I do not buy books, dictionaries, music, CD's, games, applications for the PC or movies, or rent movies. I have the internet. I use the internet to make long distance calls & texts, as well as for the above mentioned.
I always buy 2nd hand articles when possible.
I have a minimum income, am partly disabled, and my girlfriend lives far away in poverty. I help her and her 2 kids. So these are my reasons for saving. Also very expensive for me to see her at the moment. Through my ways of saving, I was able to be with her last Christmas for 6½ weeks. I'm still looking for other ways to save, so far nothing... Hope this is of some use to someone somewhere...?)
I do actually agree that the quality of the jobs being posted on most bidding sites have gone downhill. 6 years ago, I started my freelance business through the bidding sites. The reason I still recommend them is because ... 6 years later, I still have a number of the clients I connected with through the sites initially.
You'll never compete on price with people working from other countries where the US dollar is worth so much more - but there are still a number of buyers/clients who want what a native-english speaking, US worker can provide and they are willing to pay more for that service. They may be using the freelance bidding sites for the same reason a freelancer is - they're new to the world of freelancing and not sure how to connect with workers and not because they hope to find someone to do the work for a few pennies.
I definitely agree that freelancers need to be putting their effort into other networking opportunities, and establishing themselves as professionals in their industry. Just saying that I don't label the freelance bidding sites as completely worthless, because every now and then you will find a fair priced job, and you just might make connections that lead to bigger and better.
Great post, Debbie, but I was surprised by the lack of social media resources. Maybe you are planning this for another post? For the past few years, I've gotten almost all of my referrals either through word-of-mouth or social media. In fact, despite the constantly waffling opinions, I've found Twitter to be a valuable part of my social media marketing efforts. It's allowed me to connect with folks that might not be so accessible. LinkedIn has also become a primary tool in my freelance marketing efforts as its so easy to connect with professionals that I can collaborate with or assist. I, personally, have found freelance auction sites a complete waste of time, particularly for any type of web design/development folks.
Fabulous post! It's so easy to forget the importance of connecting with another person when you're stressed about money. It helps to feel part of a team - working together.
That said... just be careful with the "make love" part - if you're having money problems, it may not be the best time to add to your family! :-)
Great post, I got a lot out of it. I think marriage is so taken for granted in this day and age, and kudos to you and your husband for making it work. It's a great accomplishment, and one not to be taken for granted. Thanks also for sharing your secrets, and best wishes for the next 24 years, and the 24 after that (and so on and so forth).
Teacher's salary is relative to the cost of living in the area to some degree: a teacher in a small town in the midwest makes less than a teacher in New York or Florida, but the cost of living is lower in the small town. While teachers make less than others with a master's degree, they make more in comparison to a lot of other people who also struggle. Plus frugality in teachers is applauded, while they same teacher in an high profile job would have to spend more on a car, clothes and lunches. I applaud teachers for what they do, but think they should be happy in the recession to have a stable salary and job that many would love! You go into teaching for the intrinsic rewards, not the financial ones.
I agree that spending within the African-American community is reflective of the greater American society. That on a whole we Americans do everything in excess. The recession has flashed a light on people from all walks of life who, despite having high paying jobs, have evidently lived far beyond their means. You only have to look at the rate of home repossessions impacting individuals ranging from the higher and lower ends of the economic classes. Even so, you can't help but be in awe of the astronomical spending amongst African-Americans, in light of the fact that we only make up 5% of the population. It's staggering.
I definitely agree with the author that it's the small purchases which do the most financial damage. A daily Starbucks run cost an average of $25-$40 per week! When I went off of my caffeine & sugar habit, started taking my lunch to work Mon-Thurs (reserved Friday as reward day), and eating dinner at home, I was astounded to find that at the end of the month I had several hundred pounds (I now live in London) in my checking account. I swear I was afraid some bill hadn't gotten paid!! Which was not likely as ALL of my bills are set up on direct debit. The funny thing is I didn't feel as if I'd deprived myself at all. I absolutely didn't miss the expensive dinners out. And to tell the truth, my figure had begun to suffer badly from 2-3 Starbucks visit per day - yes, my weekly bill was astounding.
So, the point taken is quite simple, really. The small purchases add up - tremendously!
It's a fast and easy way to start a consulting business. For a flat percentage of what you invoice, you are provided a back office service. This service limits your liability (yipee!) and minimizes your paperwork (yipee!). For this fixed rate they provide the legal, accounting, reimbursements, collections, and benefits management (medical, dental, 401k), etc.
Other names for this service are: umbrella company, passthru, portable w-2.
Sure healthcare for everyone would be wonderful! As a physician I would love to be able to treat everyone! But the truth is that there are limited resources. The system works for you if you only have minor problems. But if you happen to get a brain tumor or breast cancer you are screwed! Try waiting 6 months to get an MRI of your head when you have a brain tumor that will kill you in 2 months! You know what the Canadians do? They come to the US to pay to have the study done.
Bottomline- if universal healthcare happens, it will be good for minor things. If you have something really bad you had better have the money to get things done for yourself!
The last time I bought a new vehicle I financed it through the dealership at 5.9% interest. I then used a Credit card balance transfer with a 2.9% interest rate. I made the same monthly payments that I was making (which were more than I had to make) and paid off the car in about 24 months instead of 60. I did something like this on an earlier vehicle using a Line of credit from a bank and saved a couple of thousand dollars. You don't have to spend 10 minutes a day watching these things, but you do have to be careful.
I agree! This is just the same when hunting for a job. You need to market yourself. You need to show some of the works that you did from the past. And you have to show all your credentials to find clients.
Great insight. Too many times, African Americans get caught up in status symbols and forget the real test of wealth is what you do in the communities you live in. How do you make sure that the next generation have the tools they need to succeed? I enjoyed your perspective.
I agree with most of the comments. My goal was to look at Conspicuous Consumption first through my own lense and background then cite the data that says that a disporportinately low number of the populous spends a disporportionately large amount. On the whole, I think there is too much of a focus in America in general on materialism and consumption. For instance the recession has been blamed in part on lower consumption and after the terrorist attacks, we were encourage to shop, lest the terrorists win. There are big spenders of all shapes, sizes and colors who blow their money on bull and most of us, black white, red or magenta have made impulsive purchase. The larger culture of consumption for consumption sake is what I'm getting at. There are frugal African Americans and frugal whites, there are also black people with Lexus cars and Flat Screens living in the projects as well as those with Lexuses and Flat Screens living in gated communities in homes they can't afford.
Buying gators, 20,000 diamond chains, rims that cost more than the car is no excuse for not expecting to live and this is the point I'm trying to make. Such purchases are the epitome of immediate gratification and show and tell and most of time they are made for sociological and psychological reasons that have to do with growing up poor or not getting the girl if you're not balling or yes "being remembered," or just "being somebody." Low Self-Esteem and comfort spending are a pandemic in this country across all races but that's another post.
I think at the end of the day, I have to agree with Stephen and this is kind of the summation of this post: "The more we get, the more we want. The more we want, the less we have."
I agree. I would say respect is the absolute most important thing for a couple to have for each other.
And I don't see myself as downsizing my apartment from a 1 bd to a studio as giving up any luxury at all, no matter what people say.
We just don't need the space.
Or spending only $12.50/month on utilities. We're just naturally frugal people and we just don't turn on the light until it's required.
On the flip side, we spend about $600/month total in groceries because we know eating organic stuff is a luxury.
I keep trying to tell people exactly this point: we get everything we need, and most everything we want - we just had to prioritize. Now I'm going to just point them to your post.
I remember, growing up, how we knew my dad has lost his job or things were otherwise tight: my mom switched to generic orange juice. And then as soon as things looked up, she'd go back to the brand she preferred.
When I tell that story to people, they just gape. Orange juice? That's like a dime difference, how is that a luxury? Well, the dimes went to other priorities (like good dental care, and our college funds) so we always knew which things they thought were important, and which they thought were "extras". And name-brand orange juice was an "extra".
Personally, I'm new to Wisebread...and now new to Mint.com
I appreciate the post for letting me see another valuable resource.
Thanks!
Great ideas, especially keeping your children's photo in front of credit cards. Thanks!
My brother and I both have eBay businesses and we advertise this within our auctions so that our customers can save money. We don't jack up the price like some others do so we've had some success with this. :) The only problem is that some of our customers don't think that it's legitimate or expect that we are the ones giving cash back and expect us to lower prices immediately.
Otherwise, great program!
I am a frivoulous spender when it comes to certain things as I think all people are. We choose to spend our hard earned money on things that make us feel better or at least put on a front that we are happy because of those things. We as black people have to come to the realization that there are way better things to spend our money on then flashy rides and expensive trinkets. Those items hold no value except for boosting your reputation in the "hood" or to people who truly hold no value in your life. Good article. Hopefully people pay attention to the meaningful parts.
The hardest part in being environmentally conscious is truley understanding what our big businesses are providing to us. I think people forget that oil is not just used to make gas. Every bit of plastic is made from petroleum products, the resin for those containers, the cleaning solution in the plastic container, fertilizers, paints and even medicines. It is all oil. It is kinda ironic to go to the farmers market and see all these people buying organic produce and putting it into plastic bags...
Not everyone is as fortunate as you in being able to breastfeed. Before you make a blanket statment like that, maybe you should be informed about reasons why people can't breast feed.
As far as I can tell we can't take any of these things with us after this life. So, time is the most important. My advice... SPEND your time in ways that make U happy. I hesitate to say "wisely" because that happens so late in life that possessions are usually narrowed down to a good pair of shoes and two different prescription glasses. But, I don't wear name brand stuff unless it's on the SALE rack at Marshall's. BUT, I do drink name brand scotch!
My opinion for these tips on savings = fair, but no where near extreme.
I know that most Americans are crazy about automobiles, and that many people cannot do without. I visited the USA many years ago at the end of the 70's, so I do know something about Americans at home. I have a small 50cc scooter that is already 10 years old, but NO CAR!)Petrol & oil costs me €12.00 pm. Insurance €80.00 per annum .
I live in Holland (Netherlands), and every year it becomes cold and lasts for at least 6 months. I took over a rented flat with only single glass in the windows. My apartment is 65sq.meters. I bought a 50 X 2 meter roll of transparent plastic (€11.00) and covered all my windows leaving a space of about 7cm to trap a layer of heat. During the Winter, I kept all the curtains closed except the room I used at the time. I never opened the curtains fully, except when the sun shone, to allow for free heat to enter! Together with LED halogen and tube lighting I got an energy rebate last year of exactly €399.00.)In the cold months, I wear extra clothing at home to avoid unnecessary heating costs. I have double glazing
I find that the more healthy you eat, the cheaper. I always steam veg & fish including potatoes, this way you profit more from the minerals & vitamins that are always destroyed in boiling!) Frozen fish is fine, not expensive fresh unless on special offer. Lots of lentils, they are cheap. I buy often damaged veg & fruit that's hard for the shop to sell. Instead of eating a bar of chocolate, I melt it with crushed nuts, dried chopped fruit, bran flakes, corn flakes & honey. This will satisfy your sweet tooth and give you something nutritious at the same time as well as inexpensive.)I don't have a garden, but a balcony. It is now full of tomato plants instead of flowers, you can't eat flowers and tomatoes are expensive in Holland.
I have been cutting my own hair for the last 16 years with clippers, no hair dressing costs! I use only BARS of soap, regular shampoo and toothpaste, NO gels, aftershave, or fashion rubbish!)I save money with showering: I cook a kettle of water, add this to a large bucket of cold water and scoop it up and throw it over myself. Here again I save on water, gas & electricity!)
I do not buy books, dictionaries, music, CD's, games, applications for the PC or movies, or rent movies. I have the internet. I use the internet to make long distance calls & texts, as well as for the above mentioned.
I always buy 2nd hand articles when possible.
I have a minimum income, am partly disabled, and my girlfriend lives far away in poverty. I help her and her 2 kids. So these are my reasons for saving. Also very expensive for me to see her at the moment. Through my ways of saving, I was able to be with her last Christmas for 6½ weeks. I'm still looking for other ways to save, so far nothing... Hope this is of some use to someone somewhere...?)
I do actually agree that the quality of the jobs being posted on most bidding sites have gone downhill. 6 years ago, I started my freelance business through the bidding sites. The reason I still recommend them is because ... 6 years later, I still have a number of the clients I connected with through the sites initially.
You'll never compete on price with people working from other countries where the US dollar is worth so much more - but there are still a number of buyers/clients who want what a native-english speaking, US worker can provide and they are willing to pay more for that service. They may be using the freelance bidding sites for the same reason a freelancer is - they're new to the world of freelancing and not sure how to connect with workers and not because they hope to find someone to do the work for a few pennies.
I definitely agree that freelancers need to be putting their effort into other networking opportunities, and establishing themselves as professionals in their industry. Just saying that I don't label the freelance bidding sites as completely worthless, because every now and then you will find a fair priced job, and you just might make connections that lead to bigger and better.
Great post, Debbie, but I was surprised by the lack of social media resources. Maybe you are planning this for another post? For the past few years, I've gotten almost all of my referrals either through word-of-mouth or social media. In fact, despite the constantly waffling opinions, I've found Twitter to be a valuable part of my social media marketing efforts. It's allowed me to connect with folks that might not be so accessible. LinkedIn has also become a primary tool in my freelance marketing efforts as its so easy to connect with professionals that I can collaborate with or assist. I, personally, have found freelance auction sites a complete waste of time, particularly for any type of web design/development folks.
Fabulous post! It's so easy to forget the importance of connecting with another person when you're stressed about money. It helps to feel part of a team - working together.
That said... just be careful with the "make love" part - if you're having money problems, it may not be the best time to add to your family! :-)
Hey Julie,
Great post, I got a lot out of it. I think marriage is so taken for granted in this day and age, and kudos to you and your husband for making it work. It's a great accomplishment, and one not to be taken for granted. Thanks also for sharing your secrets, and best wishes for the next 24 years, and the 24 after that (and so on and so forth).
Teacher's salary is relative to the cost of living in the area to some degree: a teacher in a small town in the midwest makes less than a teacher in New York or Florida, but the cost of living is lower in the small town. While teachers make less than others with a master's degree, they make more in comparison to a lot of other people who also struggle. Plus frugality in teachers is applauded, while they same teacher in an high profile job would have to spend more on a car, clothes and lunches. I applaud teachers for what they do, but think they should be happy in the recession to have a stable salary and job that many would love! You go into teaching for the intrinsic rewards, not the financial ones.
I agree that spending within the African-American community is reflective of the greater American society. That on a whole we Americans do everything in excess. The recession has flashed a light on people from all walks of life who, despite having high paying jobs, have evidently lived far beyond their means. You only have to look at the rate of home repossessions impacting individuals ranging from the higher and lower ends of the economic classes. Even so, you can't help but be in awe of the astronomical spending amongst African-Americans, in light of the fact that we only make up 5% of the population. It's staggering.
I definitely agree with the author that it's the small purchases which do the most financial damage. A daily Starbucks run cost an average of $25-$40 per week! When I went off of my caffeine & sugar habit, started taking my lunch to work Mon-Thurs (reserved Friday as reward day), and eating dinner at home, I was astounded to find that at the end of the month I had several hundred pounds (I now live in London) in my checking account. I swear I was afraid some bill hadn't gotten paid!! Which was not likely as ALL of my bills are set up on direct debit. The funny thing is I didn't feel as if I'd deprived myself at all. I absolutely didn't miss the expensive dinners out. And to tell the truth, my figure had begun to suffer badly from 2-3 Starbucks visit per day - yes, my weekly bill was astounding.
So, the point taken is quite simple, really. The small purchases add up - tremendously!
It's a fast and easy way to start a consulting business. For a flat percentage of what you invoice, you are provided a back office service. This service limits your liability (yipee!) and minimizes your paperwork (yipee!). For this fixed rate they provide the legal, accounting, reimbursements, collections, and benefits management (medical, dental, 401k), etc.
Other names for this service are: umbrella company, passthru, portable w-2.
Condoms are a great way to help prevent stds like herpes as well. If they are cheap, there is no reason not to buy them!
-------------------
http://www.hhhwcenter.com/
Sure healthcare for everyone would be wonderful! As a physician I would love to be able to treat everyone! But the truth is that there are limited resources. The system works for you if you only have minor problems. But if you happen to get a brain tumor or breast cancer you are screwed! Try waiting 6 months to get an MRI of your head when you have a brain tumor that will kill you in 2 months! You know what the Canadians do? They come to the US to pay to have the study done.
Bottomline- if universal healthcare happens, it will be good for minor things. If you have something really bad you had better have the money to get things done for yourself!
The last time I bought a new vehicle I financed it through the dealership at 5.9% interest. I then used a Credit card balance transfer with a 2.9% interest rate. I made the same monthly payments that I was making (which were more than I had to make) and paid off the car in about 24 months instead of 60. I did something like this on an earlier vehicle using a Line of credit from a bank and saved a couple of thousand dollars. You don't have to spend 10 minutes a day watching these things, but you do have to be careful.
I agree! This is just the same when hunting for a job. You need to market yourself. You need to show some of the works that you did from the past. And you have to show all your credentials to find clients.
Look whos talking, when you combine elements you get compound! GET IT, COMPOUND.......SILLY!!!!
Great insight. Too many times, African Americans get caught up in status symbols and forget the real test of wealth is what you do in the communities you live in. How do you make sure that the next generation have the tools they need to succeed? I enjoyed your perspective.
I agree with most of the comments. My goal was to look at Conspicuous Consumption first through my own lense and background then cite the data that says that a disporportinately low number of the populous spends a disporportionately large amount. On the whole, I think there is too much of a focus in America in general on materialism and consumption. For instance the recession has been blamed in part on lower consumption and after the terrorist attacks, we were encourage to shop, lest the terrorists win. There are big spenders of all shapes, sizes and colors who blow their money on bull and most of us, black white, red or magenta have made impulsive purchase. The larger culture of consumption for consumption sake is what I'm getting at. There are frugal African Americans and frugal whites, there are also black people with Lexus cars and Flat Screens living in the projects as well as those with Lexuses and Flat Screens living in gated communities in homes they can't afford.
Buying gators, 20,000 diamond chains, rims that cost more than the car is no excuse for not expecting to live and this is the point I'm trying to make. Such purchases are the epitome of immediate gratification and show and tell and most of time they are made for sociological and psychological reasons that have to do with growing up poor or not getting the girl if you're not balling or yes "being remembered," or just "being somebody." Low Self-Esteem and comfort spending are a pandemic in this country across all races but that's another post.
I think at the end of the day, I have to agree with Stephen and this is kind of the summation of this post: "The more we get, the more we want. The more we want, the less we have."
Jabulani Leffall
Monetary Gadfly, Common Currency
00000 Broke Blvd. Kitchenette #68 & 1/2
Lowcash, CA 90000-0000