The color of money
I stumbled across the Black Expat last week and while looking through some of the travel resources they have I found a template for a long term travel budget. The first thing I thought was “would’ve been nice to have found this BEFORE I created my own from scratch” and then my next thought was “it’s fantastic that they are placing importance on budgeting – especially among blacks”. My last thought was that this budget isn’t just for long term travel, it can be used even if you live in the same place your entire life.
I will be the first to admit that budgeting was never talked about in my household growing up. I remember as an adult when I asked my mother how she handled money and her answer was “I just made ends meet”. She never saw the utility of budgeting because there were so many non-negotiable items (rent, food, tuition, etc.). In her opinion, budgeting was for people who had extra money to put away.
In one of my first finance courses in college, I learned the opposite. I then became a fan of Suze Orman and really got the idea of managing my money as opposed to letting the chips fall where they may. In my efforts to stay financially independent, I find that my peers, especially those in the Haitian community, view me as a miser. What I try to convey is that I’m not piling up my money in hopes of becoming rich, I’m saving money to avoid becoming poor (or in financial trouble).
Basically, I’m convinced that one of the reasons immigrant populations struggle out of poverty is because they are never taught the importance of managing money. There appears to be a misconception that financial management is something rich people do and that’s just wrong. I am already trying to break the cycle with my children who are growing up in the generation of “I want now”. In order to avoid letting money become too important in your life, you have to use it like alcohol: responsibly.
What do you think about immigrants and money? Was/is financial management discussed in your household?
Tags: BlackExpat.com, Budgeting, Cultural Expectations, Financial Management amongst blacks, Financial Management amonst immigrants, Haitian Culture, Immigrant Families, Moving Abroad
My mom definitely taught me about money management. (My dad just lets Mom handle all the finances, so he had nothing to add. haha) She also introduced me to the world of Suze Orman; love her! Then again, my mom is the most nonconformist immigrant I’ve ever known. She never does what you expect!
That is rare amongst first generation immigrants; especially if they grew up in poverty. I know that there are generations of Americans who don’t know how to manage money, as well, but I think if immigrants are going to assimilate – why not pick up on the good habits.
love suze
i’ve noticed that the swiss tend to use cash for everything. they pay bills at the post office with cash. it’s common to save for high priced items and pay with cash. no in store financing. i love it.
Yeah, in the end it’s much better for managing your money. Basically, if you don’t have it, you don’t spend it.