Study Finds that Black Women Give Too Much ( I'm Shocked...Not!)-Seeking WAOD Personal Finance Contributor
Tuesday, October 21, 2008 at 9:02AM The Blogmother “Black women's sense of obligation to community and family is both extraordinary and commendable,” Rhonda Mims, president of the ING Foundation, told the website Diversityinc.com.
“When you are pulled in so many directions financially, something or someone has to pay the price. For black women, it appears their financial well-being suffers.”
The ING study supported this view, showing that many black women also suffer financially because they are not taught properly about finances. Women often went impulse shopping and some continued to buy expensive brands despite the credit crunch.As much as 68 percent of black women said they bought what they want in a good or bad economy.The study said 40 percent of black women polled shop to cheer themselves up and many did this on credit.Many also did not budget, save regularly, set up retirement accounts or invest in mutual or other funds. Voice Online
Seeking Personal Finance Contributor
Well I don't want WAOD readers living off of cat food in their old age because they didn't weren't "taught properly about finances."
Are you judgmental? Are you frugal to a fault? Do you like chastening others for their mistakes while maintaining the heart of a teacher? Well, you could be the very first What About Our Pocketbooks? Contributor.
Yes, in these times of economic instability and uncertainty, record numbers of family, friends and complete strangers I am forced to interact with are chattering about their 401Ks and whatnot. If you think you know the cure for what is ailing people during these confusing and chaotic times (for them anyway), hit up the contact form int he sidebar.
You don't have to be an "expert" or have a degree, because no matter what you say, WAOD readers will disagree with you. You just have to be brave enough to put your thoughts about personal finance out there for all the world to see and critique...oh yeah, you might help a person or two or a thousand.
Some quick references: No Credit Needed, Festival of Frugality, Housing Panic, Itulip, Blueprint For Financial Prosperity. So if you are sanctimonious with some modicum of financial savvy, and the self esteem to endure the torment of the comments section, your could be our very first personal finance contributor and have your views in front of the thousands who drop by our tiny little oasis each week. Contact Us. The gig pays absolutely nothing, but you will get to promote yourself and associated links in your byline.
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Reader Comments (4)
I saw this article a couple of days ago. When I read it I also thought, "Duh".
I also won't comment on the black women giving to the church stuff. I will just say this: For myself, when I give to the church, it reminds me that all the stuff I have (and I have a lot) is really not mine to begin with. I get the privilege to manage some really cool stuff. To whom much is given, much is required.
Those thoughts keep things in perspective.
With that said...
As a black woman who is single and has a daughter, I made a vow to myself three years ago not to die broke and in debt like my mother did in 2000. I do not want to leave a only a monetary inheritance, but also a legacy of common sense and solid, well thought out choices.
There is nothing wrong with having nice things. We just have to make a choice about which nice things we really want and what sacrifices we are willing to make to get those things.
The number one lesson I want my daughter to get...
"Baby girl, material things in this life will not give you a sense of purpose in this life, and no matter how many things you accumulate, they will not prevent heartache, disappointment, and sorrow from coming into your life. True satisfaction comes from being content in whatever situation you find yourself in."
My mom who works PT sends money to her sister in Jamaica all the time. Now her sister has maybe 6 or 7 grown kids. 1 of her kids is in the US and he doesn't send ANYTHING. At this point, my mom won't be sending anything anymore. She can't afford it.
I know it may be a touchy issue, but I really believe you should not have an ongoing giving program (including tithing or supporting family members) if you are in serious credit card debt OR do not have at least 3 months of living expenses in cash in reserve in case of an emergency.
I believe in sharing and giving to church, but keep in mind: back in Bible days, people were put in prison if they did not pay their debts. Or, their children were sold to pay their debts. I am all for supporting church, but there is a need to be responsible.
Please note: when I refer to family members, I am referring to other adults in your family who do not live in your household or are not entitled (legally) to your support.