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ya Setshego
Charter member
4259 posts
Tue Feb-19-02 03:09 PM

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"Whatever happened to"


  

          

M2, and the other dude/dudette who used to post about Blacks and financial matters? I know one of them made the comment that those posts never get a "view all" as if no one was reading them. "I" read them though. They were quite informative. I just knew so little about the topics, I could not comment, but rather lurked and listened. Where are those guys? Whereever you are, it's about time that you dropped some more financial advice on us. Sometimes those articles in Black Enterprise don't make sense. It helps to hear/see the same message again somewhere else, because the second entity's way of explaining it might be the way that brings the most clarity.


"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

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Topic Outline
Subject Author Message Date ID
M2's still around
Feb 19th 2002
1
Well,
Feb 19th 2002
2
I'm still here.......
Feb 19th 2002
3
*Siiiiigh of relief*
Feb 19th 2002
4
      Powernomics
Feb 19th 2002
5
      RE: *Siiiiigh of relief*
Feb 19th 2002
9
           QUESTIONS.
Feb 20th 2002
13
           RE: QUESTIONS.
Feb 24th 2002
16
                Loaded QUESTIONS.
Feb 25th 2002
17
                     Knowledge & Context
Feb 25th 2002
21
                          Not sure
Feb 27th 2002
23
           You figure this out
Feb 25th 2002
18
                RE: You figure this out
Feb 25th 2002
22
$2500
Feb 19th 2002
6
RE: $2500
Feb 19th 2002
7
      RE: $2500
Feb 19th 2002
8
           I have some advice
Feb 19th 2002
10
i'm still curious abt pax world funds
Feb 20th 2002
11
2nd
Feb 20th 2002
12
thanx for putting me on
Feb 20th 2002
14
^
Feb 21st 2002
15
The other person
Feb 25th 2002
19
Yeah,
Feb 25th 2002
20

tohunga
Charter member
32612 posts
Tue Feb-19-02 03:13 PM

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1. "M2's still around"
In response to Reply # 0


  

          

and he's still one of the most well-informed and sensible voices to be heard on here. yup.

_________________________
http://www.paulwalsh.co.nz
art.design.comics.blog.etc

  

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ya Setshego
Charter member
4259 posts
Tue Feb-19-02 03:16 PM

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2. "Well,"
In response to Reply # 1


  

          

hopefully he'll read this post, and start a new topic on financial matters from which we can all learn.


"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

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M2
Charter member
10072 posts
Tue Feb-19-02 04:32 PM

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3. "I'm still here......."
In response to Reply # 0


          

.......Glad someone cares.

Ask me a question.....and I'll have answers........

For one, how about Budgeting?






Peace,







M2

The Blog: http://www.analyticalwealth.com/

An assassin’s life is never easy. Still, it beats being an assassin’s target.

Enjoy your money, but live below your means, lest you become a 70-yr old Wal-Mart Greeter.

  

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ya Setshego
Charter member
4259 posts
Tue Feb-19-02 04:48 PM

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4. "*Siiiiigh of relief*"
In response to Reply # 3


  

          

Okay, yeah. Great. Could you just break down the ins and outs of budgeting within a Black context. For example, last night I was listening to Morgan State Radio(WEAA), and an analyst pointed several reasons why it is inordinately difficult for Blacks to save and invest. Some reasons she gave were:

1. Most Blacks don't know how to figure out what their credit rating is, even after obtaining their three credit reports.

2. Lending predators take advantage of Blacks' notorious financial illiteracy, and give them higher interest rates, knowing that the Black person does not realize that his/her credit is not as bad as he/she thinks it is, which means he/she should qualify for a lower interest rate on a home or car loan, for example.

3. Blackfolk help out family members and take care of relatives more often than people of the majority culture, which cuts into the family budget, and decreases the amount of money that would otherwise be available for savings and investments.

4. Blacks tend to make less money than their majority counterparts, thereby decreasing the amount of money one has to work with from the beginning.

SO THE QUESTION IS: In light of all of this, what would you say the ABCs are of budgeting, and how does one figure in savings and investments into this larger scheme?(On Good Morning America, financial advise given was to have six months' of your monthly budget saved up in case you ever lose your job. If you don't make that much money to begin with, how could a Black person save up a six-month stash like that?-That's a second question, that I just HAD to sneak in there )



"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

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Intelligently95
Charter member
3952 posts
Tue Feb-19-02 05:01 PM

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5. "Powernomics"
In response to Reply # 4


          

Peace: has anyone read "Powernomics: The National Plan to Empower Blacks In America" by Dr. Claud Anderson? Is this plan possible? It sounds Euphoric. The book falls right in line w/the questions ya Setshego has outlined for M2 to respond to. Peace

"Fitness Facilitates The Platform That Provides Peak Performance in Life." © Brendan Brazier

  

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M2
Charter member
10072 posts
Tue Feb-19-02 09:38 PM

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9. "RE: *Siiiiigh of relief*"
In response to Reply # 4


          

>Okay, yeah. Great. Could you just
>break down the ins and
>outs of budgeting within a
>Black context. For example, last
>night I was listening to
>Morgan State Radio(WEAA), and an
>analyst pointed several reasons why
>it is inordinately difficult for
>Blacks to save and invest.
>Some reasons she gave were:

First thing, don't think about a "Black Context" merely think about your own personal financial context, race may influence it....but so may your gender, personal appearence, or any other number of factors.

Yes, Blacks have "general" financial issues, but when dealing with YOUR money, those aggregate issues have no relevance. Your racial identity and financial situation....although sometimes related, are not wrapped up in each other.

What you basically have to do is to evaluate your own personal financial situation and make your financial decisions accordingly.

-More on that later.

>1. Most Blacks don't know how
>to figure out what their
>credit rating is, even after
>obtaining their three credit reports.

*Chuckles*

A lot of people who work in various parts of the loan/credit granting industry, don't completely understand their credit reports.

Nor do a lot of white people for that matter.

That being said, the problem is that Whites typically have MORE confidence in their credit rating and Blacks have less, so when the loan granter says they have bad credit and charges them a higher rate, denies them, etc, etc...they take it at face value.

I will say that the advantage Whites have with respect to "understanding" credit, is simply understanding the value of protecting it.

I had a Black friend who got turned down for a car loan, he couldn't get one anywhere and got pissed off about it, complaining about the White kids we went to school with who bought cars post graduation......


.....Until I explained that most of them had co-signers and/or kept up with their student credit cards (often without their parents help) and kept up with their student loans, etc....they understood the value of protecting their credit.

Too often I see Blacks letting Bills go, "Eff Visa" simply because they don't understand the value of protecting their credit.



>2. Lending predators take advantage of
>Blacks' notorious financial illiteracy, and
>give them higher interest rates,
>knowing that the Black person
>does not realize that his/her
>credit is not as bad
>as he/she thinks it is,
>which means he/she should qualify
>for a lower interest rate
>on a home or car
>loan, for example.

That's only part of it.

Most Whites are financially illiterate too, one of their advantages is that they have more faith in their credit worthiness.

But their biggest advantage (By Far) is that the credit grantors have more faith in THEM. Even with automated qualification systems, their is still a human making a decision...the deal you get will be affected by what kind of job you hold, the computer may see 80k/year from a State job and 80k/year from freelance work as the same.....but the human has more faith in the individual with the state job. The loan officers are afraid of giving a loan to an individual that may default and having his superiors call his decision into question.....since Blacks are seen as less credit-worthy by a great many prejudiced white individuals.....Blacks don't get the same deals Whites get.

In fact, a Black person going to a Bank to get a loan, has the same chance of getting a loan as a White person who makes 1/2 their income and doesn't have the same credit worthiness as them.

All that being said, the best way to erradicate loan discrimination is to have more Blacks in Sr. Manager and Executive positions....not hire more Black loan officers...when your boss isn't going to question a decision on the basis of skin color, you're more like to be make fair decisions.


>3. Blackfolk help out family members
>and take care of relatives
>more often than people of
>the majority culture, which cuts
>into the family budget, and
>decreases the amount of money
>that would otherwise be available
>for savings and investments.

I don't quite agree with this, mostly because so many Blacks aren't saving and investing anyway and the reason is often one of poor money management, moreso then lack of money alltogether. Therefore, even if these people weren't helping their families, they wouldn't be investing. AND, one of the reasons TO save and invest is to help provide for family members, so the fact that Blacks are helping family members out is just another reason for them to save and invest.

Taking this further, I have a relative (Infant) who I can see that I may/will need to look out for, (even take guardianship of) so I will make provisions for her, but it means that I DEFINITELY have to save and invest....as opposed to me not investing because of this potential responsibility.


Furthermore, based on my own personal observations I see White Families helping out their extended families just as much if not more then Black families, doesn't stop them from investing....

>4. Blacks tend to make less
>money than their majority counterparts,
>thereby decreasing the amount of
>money one has to work
>with from the beginning.

True, BUT a significant portion of the wealth gap is due to poor money management, NOT income. Income does not define your wealth, how you manage that income does.

Case in point, low income (Low income being anyone making under 40k) whites, only have a slightly lower average net worth then Blacks who make more then 50k/yr.

The income thing is an "excuse" a mindset issue that Blacks need to let go, assuming you have enough $ to meet basic needs like transportation, utilities, food and housing, the surplus can be saved and invested.

>SO THE QUESTION IS: In light
>of all of this, what
>would you say the ABCs
>are of budgeting, and how
>does one figure in savings
>and investments into this larger
>scheme?(On Good Morning America, financial
>advise given was to have
>six months' of your monthly
>budget saved up in case
>you ever lose your job.
>If you don't make that
>much money to begin with,
>how could a Black person
>save up a six-month stash
>like that?-That's a second question,
>that I just HAD to
>sneak in there )

Well when it comes to 6 months expenses, it's all relative and is not about income, provided you can meet your basic needs and have *something* left over.

See Above: Income Vs. Wealth

Let's say you have two people, one makes 40k/year the other makes 140k/year, their monthly expenses are different, no? So the issue is whether they have a surplus to save, NOT how much money they make. The issue is ALSO one of money management, because I know people who make 150k/year and spend damn near everything and those who make 50k/year and have tens of thousands saved.

Okay, Budgeting.

First of all, the key is to live BELOW your means.
First of all, the key is to live BELOW your means.
First of all, the key is to live BELOW your means.
First of all, the key is to live BELOW your means.
First of all, the key is to live BELOW your means.

Step 1. You should record each and every penny you spend for at least a month, your major bills/expenses in particular. I'd go ahead and record the info in a spreadsheet.

I have a spreadsheet that I use to keep track of my expenses, I'll even e-mail it to you if you want.

Step 2. Start looking for ways to "Cut the Fat" from your budget, maybe you get more efficient light bulbs, find a cheaper gas station, or place to get an oil change, clip coupons, find cheaper stores to shop at, etc, etc.

When you actually write down where your money goes, you'll be surprised how easy it is to find ways to save it.


Examples:


I'm addicted to Nantucket Nectars, buying them from BJs saves me $50/month...if I invest it for the next 30 years and average a 12% return I could have 200k (In today's buying power) to throw around during my retirement.

A lot better the buying them from Au Bon Pain, no?

I was spending $109.00/month on my cellphone, I did some research on various plans, cut back on my calls and reduced it to about $75/month, another $34/month to invest.

Step 3. Put some "fat" back into your budget, if you make a rigid budget you're unlikely to stick to it. So set aside some "fun cash" every month, even you don't spend it, you know you have money you can be frivoulous with.

Step 4. Read this: http://www.okayplayer.com/cgi-bin/dcforum/dcboard.cgi?az=show_thread&om=2823&forum=DCForumID1&archive=yes#6

Step 5. Read "The New Rules of Money" by Ric Edelman

More tips to come....I'm getting sleepy.





Peace,







M2





The Blog: http://www.analyticalwealth.com/

An assassin’s life is never easy. Still, it beats being an assassin’s target.

Enjoy your money, but live below your means, lest you become a 70-yr old Wal-Mart Greeter.

  

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ya Setshego
Charter member
4259 posts
Wed Feb-20-02 09:23 AM

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13. "QUESTIONS."
In response to Reply # 9


  

          

>>Okay, yeah. Great. Could you just
>>break down the ins and
>>outs of budgeting within a
>>Black context. For example, last

>>First thing, don't think about a
>"Black Context" merely think about
>your own personal financial context,
>race may influence it....but so
>may your gender, personal appearence,
>or any other number of
>factors.


Well, I've already told you all in previous posts that I am unconventional, with unpermed hair, and my wardrobe is 1/2 African, 1/2 European, approximately. I'm a woman. So. To the financial world, or like when I would walk in to buy a car, or search for a mortgage broker, other than wearing a European suit, how could my appearance, which is Africentric by the virtue of my coiled hair alone, be arranged in an acceptable way to get what I want/deserve/is my right?


>>Yes, Blacks have "general" financial issues,
>but when dealing with YOUR
>money, those aggregate issues have
>no relevance. Your racial identity
>and financial situation....although sometimes related,
>are not wrapped up in
>each other.

Hmmmm. How could the two be separated from one another in such a way that the former no longer continues to hinder the latter?


>>What you basically have to do
>is to evaluate your own
>personal financial situation and make
>your financial decisions accordingly.
>
>-More on that later.


Okay.


>> Blacks have less,
>so when the loan granter
>says they have bad credit
>and charges them a higher
>rate, denies them, etc, etc...they
>take it at face value.

But how can we gain confidence to the point of challenging loan officers, when we are not armed with the knowledge of what to challenge them ON?

>>I will say that the advantage
>Whites have with respect to
>"understanding" credit, is simply understanding
>the value of protecting it.

Okay...


>>Step 4. Read this: http://www.okayplayer.com/cgi-bin/dcforum/dcboard.cgi?az=show_thread&om=2823&forum=DCForumID1&archive=yes#6


Just tell me the title of this thread and I'll search for it in the Archives. The Olympics Update keeps coming up when I try to click on it here.

>
>
>



"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

Printer-friendly copy | Top

                
M2
Charter member
10072 posts
Sun Feb-24-02 11:11 PM

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16. "RE: QUESTIONS."
In response to Reply # 13


          


>Well, I've already told you all
>in previous posts that I
>am unconventional, with unpermed hair,
>and my wardrobe is 1/2
>African, 1/2 European, approximately. I'm
>a woman. So. To the
>financial world, or like when
>I would walk in to
>buy a car, or search
>for a mortgage broker, other
>than wearing a European suit,
>how could my appearance, which
>is Africentric by the virtue
>of my coiled hair alone,
>be arranged in an acceptable
>way to get what I
>want/deserve/is my right?

Not to sound Daft, but what in the world do your clothes/hair style/afrikaness have to do with the amount of money you have in the Bank?

Or your credit rating?

Or your knowledge of financial matters?

Or your ability to manage your money?

You sound like you're trying to talk yourself into thinking that your financial situation is determined by your appearence/identity. It can be influenced or shaped, yes....but in the end, the lionshare of the "influence" is determined by what you do with your money....not your hairstyle.

Getting what you deserve from a Bank is a function of your financial situation (What determines what you deserve) and making sure that you work with people who will interpret that information accurrately.

What you're really discussing, is tactics one could use to avoid discrimination, a separate issue from managing one's finances.

>>>Yes, Blacks have "general" financial issues,
>>but when dealing with YOUR
>>money, those aggregate issues have
>>no relevance. Your racial identity
>>and financial situation....although sometimes related,
>>are not wrapped up in
>>each other.
>
>Hmmmm. How could the two be
>separated from one another in
>such a way that the
>former no longer continues to
>hinder the latter?

A situation is a situation, it's unique to you, it's personal. The financial problems of Black people in Atlanta have nothing to do with me, hell I don't even know any Black people who live in Atlanta.....how can their issues affect me and my decisions?

Doesn't matter what the color of your skin is, a financial decision is made based on your own personal financial situation.....race can have *some* affect, but you don't make "Black Financial Decisions" you make green ones.

Again, see my response to your first question.....AND I feel that is more of a question of tactics to avoid discrimination.

Here is the thing: If you're making a series of financial decisions, the fact that you're a Jewish Millionaire, a Wasp Billionaire or a Black Family making 50k/year....your basic decisions and objectives won't differ that much....your options simply change.....as dictated by your financial situation.

>>> Blacks have less,
>>so when the loan granter
>>says they have bad credit
>>and charges them a higher
>>rate, denies them, etc, etc...they
>>take it at face value.
>
>But how can we gain confidence
>to the point of challenging
>loan officers, when we are
>not armed with the knowledge
>of what to challenge them
>ON?

Okay, but what does this have to do with being Black? It has more to do with knowing the loan system, understanding the value of a good credit rating, knowing how to maintain a good credit rating and simply not believing that you have to accept what the bank gives you.

See, most White people don't know much more then Black people do, they simply challenge the decision.....yes, they get discriminated against less...but they still are more prone to challenge and/or shop around.

Again, avoiding discrimination is a tactical discussion....not a discussion related to financial management.

I don't know about you, but I'm not going to alter my financial planning based on the decision of a racist loan officer....


>>>I will say that the advantage
>>Whites have with respect to
>>"understanding" credit, is simply understanding
>>the value of protecting it.
>
>Okay...
>
>
>>>Step 4. Read this: http://www.okayplayer.com/cgi-bin/dcforum/dcboard.cgi?az=show_thread&om=2823&forum=DCForumID1&archive=yes#6
>
>
>Just tell me the title of
>this thread and I'll search
>for it in the Archives.
>The Olympics Update keeps coming
>up when I try to
>click on it here.

It's called "Black Economics"



Peace,








M2

The Blog: http://www.analyticalwealth.com/

An assassin’s life is never easy. Still, it beats being an assassin’s target.

Enjoy your money, but live below your means, lest you become a 70-yr old Wal-Mart Greeter.

  

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ya Setshego
Charter member
4259 posts
Mon Feb-25-02 06:42 AM

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17. "Loaded QUESTIONS."
In response to Reply # 16


  

          

Well, I guess I had a question about that too, but I didn't know it.

>>Again, avoiding discrimination is a tactical
>discussion....not a discussion related to
>financial management.


I understand the importance of protecting credit by paying credit card bills and student loan payments on time. Oprah did a financial show which revealed inadvertantly(I just noticed it from watching and listening all of the stories)that Blacks might get lower credit limits (these were all college students, so their incomes were based on student loans, so were all probably very similar in amount). The white students had like $20,000 and $30,000 in credit card debt! The Black students had like, $5,000 and $8,000 in credit card debt, and were saying how their credit was in ruins. They could not qualify for apartments, and had to live with their parents when they moved out of the dorm at college. One of the white girls had like $25, 000 in credit card debt, or something ridiculous, and her mother complained to Oprah that the girl turned right around and got ANOTHER credit card with like a $15,000 limit on it, and bought a brand new car with the credit after she graduated. How can this be? And what recourse do Blacks have against such financial injustices?

>>>>I will say that the advantage
>>>Whites have with respect to
>>>"understanding" credit, is simply understanding
>>>the value of protecting it.

I have that Black Economics thread printed out already. I'll search for it in one of my folders and re-read it. Thanks.>


>>It's called "Black Economics"
>
>
>
>Peace,
>
>
>
>
>
>
>
>
>M2


"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

Printer-friendly copy | Top

                        
M2
Charter member
10072 posts
Mon Feb-25-02 03:12 PM

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21. "Knowledge & Context"
In response to Reply # 17


          


>I understand the importance of protecting
>credit by paying credit card
>bills and student loan payments
>on time. Oprah did a
>financial show which revealed inadvertantly(I
>just noticed it from watching
>and listening all of the
>stories)that Blacks might get lower
>credit limits (these were all
>college students, so their incomes
>were based on student loans,
>so were all probably very
>similar in amount). The white
>students had like $20,000 and
>$30,000 in credit card debt!
>The Black students had like,
>$5,000 and $8,000 in
>credit card debt, and were
>saying how their credit was
>in ruins. They could not
>qualify for apartments, and had
>to live with their parents
>when they moved out of
>the dorm at college. One
>of the white girls had
>like $25, 000 in credit
>card debt, or something ridiculous,
>and her mother complained to
>Oprah that the girl turned
>right around and got ANOTHER
>credit card with like a
>$15,000 limit on it, and
>bought a brand new car
>with the credit after she
>graduated. How can this be?
>And what recourse do Blacks
>have against such financial injustices?

I know this sounds like a terrible injustice, but until you know more about the situation, you really can't tell, in fact, it may not be a racial injustice at all.

Two things I want you to think about before I get into this:

#1. When I was in college, I noticed that there seemed to be more poor/lower income Black kids, then poor/lower income White kids (% wise)...what does this mean? Well that poor White Kids are not as likely to go to college, as poor Black kids are.

#2. My friends who were poor/lower income White kids, seemed to avoid credit cards alltogether, or avoid using them if they did get them.

Those are just two things I want you to think about..


Now, when you look at the above situation, you think that the White Girl is getting over because she's White, after all, she had 3x the amount of credit card debt, that the Black kids had. BUT, you really can't determine if it's unfair or not, until you know more about her situation.

#1. Credit card companies don't know what race you are; American Express & Citibank don't know what color I am, they've never seen me and I've never told them.

#2. you can't judge fairness between two people's ability to get credit based on their credit card balances. The reason for this, is that the % of your total available credit, on credit lines/credit cards, is what determines your credit rating, moreso then the actual amount.

Think about it, if you have 4 credit cards and the average credit line is $25,000, so what if I have a $40,000 total balance? I'm only using 40% of my total available credit (The ideal is 50% with regards to your credit) I have plenty go, and if I make my payments on time, I don't appear to be having problems maintaining my credit.

BUT, if you have 4 credit cards,with an average credit line of $1,500 and your total balance is $8,000, your over the limit by $2k, you obviously can't manage your credit (even if you're making your payments ontime) and you're a bad customer.

See the difference?

I suspect that what the case was for the white girl in question.

Other factors:

-Parents often put their kids on their credit cards and this is more likely to happen to White kids then Black ones. Typically, the credit card company will report the activity on that card to a credit reporting agency as if it was your card. The net effect is that your credit is positively impacted.

If Mom has a Platinum card she rarely uses and she puts you on it, in case of an emergency and you run up your other card to the limit, you'll still look because Mom always makes her payments has a 80k limit...so to the credit scoring computer, your credit looks good because the $25,000 you racked up isn't even half of your total available credit.


-White kids put their parents income (which is usually higher) on their credit card apps; they also probably more likely to lie about their income (knowing it gives them a higher limit), work the system to get higher limits (Charge things you don't need and then pay it off), etc.

-The White kids are more likely to come from homes where their parents had credit cards and know how to work the system, SO, the know that even if they carry a Balance, that if they keep paying the minimum, they'll maintain their credit and at some point they company will reward them with a higher balance.

-Payment History: I know a lot of White kids who kept up their payments in college, White a lot of Black kids gave up, because they were simply paying the finance charges and it wasn't freeing up more available credit for them to use. You can't call it an injustice unless you know the payment history. I've racked up some $ on my cards lately, and I'm sure I still have better credit then a lot of people with less debt, simple because I don't miss payments, nor do I use more then 50% of of the credit line of any one card.

S0, when you pay your payments on time for the 4 years you're in college, you're going to be rewarded with higher limits and a better credit rating....this seems to happen to White Students more often then Black ones.

When I was in college, a lot of the Black kids lost their credit cards in a year or two, while a lot of the White kids were rejoicing about their new 10k credit limit just in time for them to buy suits for interviews during our Sr. year.

ALSO, when the White kid gets in trouble, it's more likely that they'll be able to ask Moms to spot em' $100 to make their payments.

Student Loans: Who is more likely to owe more on their student Loans? White Kids or Black kids...unlike revolving debt like credit cards, the amount of debt here does matter.

Anyway, add that all up and it isn't racial injustice, it's merely the product of one's financial situation.

Look at it another way, let's say that you and I have the same income, the same financial obligations, identical amounts of debt and identical credit ratings....

In five years, who do you think is more likely to have saved more, accumulated more wealth and built up their credit more?

Would that result be because of race or appearence?

I doubt it.








Peace,








M2

The Blog: http://www.analyticalwealth.com/

An assassin’s life is never easy. Still, it beats being an assassin’s target.

Enjoy your money, but live below your means, lest you become a 70-yr old Wal-Mart Greeter.

  

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ya Setshego
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4259 posts
Wed Feb-27-02 09:19 PM

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23. "Not sure"
In response to Reply # 21


  

          


>>In five years, who do you
>think is more likely to
>have saved more, accumulated more
>wealth and built up their
>credit more?
>
>Would that result be because of
>race or appearence?
Don't know whatchu look like.

I get your point though. I have a lot of work to do. Speak(write) some more please. State something that is not already in Black Economics. Again, I don't know what to ask. Oh yes I do...what do those numbers at the bottom of screen during the financial report mean? A whole two semesters of finance AND economics, and can you believe I never learned that???

"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

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ya Setshego
Charter member
4259 posts
Mon Feb-25-02 06:52 AM

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18. "You figure this out"
In response to Reply # 9


  

          

by multiplying the 50 by 12, then adding 12% onto that?



>>I'm addicted to Nantucket Nectars, buying
>them from BJs saves me
>$50/month...if I invest it for
>the next 30 years and
>average a 12% return I
>could have 200k (In today's
>buying power) to throw around
>during my retirement.

"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

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M2
Charter member
10072 posts
Mon Feb-25-02 03:27 PM

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22. "RE: You figure this out"
In response to Reply # 18


          

>>>I'm addicted to Nantucket Nectars, buying
>>them from BJs saves me
>>$50/month...if I invest it for
>>the next 30 years and
>>average a 12% return I
>>could have 200k (In today's
>>buying power) to throw around
>>during my retirement.

>by multiplying the 50 by 12,
>then adding 12% onto that?

No, because you have to factor in 30 years of compounded interested.

E.g. I earn 12% on the $500 I save on year, and then 12% on the $1012 I have at the end of the next year, etc.

I'm terrible at explaining math to people, so I found a web site that does it for me:

http://www.arachnoid.com/lutusp/finance_old.html

If you don't want to calculate it yourself, go to:

http://www.usatoday.com/money/calculat/mcfront.htm#savings

They have a diverse range of financial calculators that can figure it out for you.




Peace,




M2

The Blog: http://www.analyticalwealth.com/

An assassin’s life is never easy. Still, it beats being an assassin’s target.

Enjoy your money, but live below your means, lest you become a 70-yr old Wal-Mart Greeter.

  

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Ape Redwood
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6088 posts
Tue Feb-19-02 05:07 PM

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6. "$2500"
In response to Reply # 0


  

          

in my savings account.

Im sick of this slow interest-earning shiznit. I wanna flip this little bit of loot I got and double it. Stocks? Bonds? Mutual funds? I need specific detailed specified details.

---------
AIM: alpexNYC
DUJEOUS?
"Spilt Milk" b/w "All MC's" on the air
---------
"Peace, pussies! Trees, hello!" (c)Tony

---------------------
Thursday, June 17th
Dujeous @ Bowery Ballroom
6 Delancey Street (at Bowery)
w/Addison Groove Project &
Gutbucket
10PM~$13
DUJEOUS debut LP "CITY
LIMITS" INSTOSNOW.
Buy my shit.

  

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standard deviant
Charter member
1206 posts
Tue Feb-19-02 05:46 PM

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7. "RE: $2500"
In response to Reply # 6


          

I hear crack rock is rising...




"I've been very lonely in my isolated tower of indecipherable speech"--Being John Malkovich

"Killing fields need blood to graze the cash cow..."--Mos Def

"No matter how insane and dispicable you act, I can one up you, because I work for the government."--Million Dollar Hotel

"I'm not racist--I LOVE Hip-Hop."--DarkStar

"Ohhhh, I'll never be a Globetrotter. My life--and by extension everyone else's--is meaningless."--Bender

"big blak af is as serious as a heart attack wit prostate cancer! when coronary thrombosis needs an oncologist you know it's fa real!"

  

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jazzboy00
Charter member
159 posts
Tue Feb-19-02 05:59 PM

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8. "RE: $2500"
In response to Reply # 7


          

stocks is where its at, but you need to study the system and understand it for yourself don't trust all the hype you see on T.V.

  

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jefleejohnson
Charter member
18315 posts
Tue Feb-19-02 10:02 PM

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10. "I have some advice"
In response to Reply # 8


  

          

When you apply for a bank loan or credit or whatever wait til they come to you.

What I mean is rent a nice watch and wear some big university ring just lend it from somewhere. Act Casual and look wealthy. Dont approach them they will approach you.

You ask me why would they be receptive for that?

Bank employees are trained to spot that out they need prospective looking clients. They will be fawning all over you if you act super wealthy.

I read in a book by some financial guru this is how the treasurer of United States got alot of profit by going bank to bank without puttin anythin in.
He just dressed the part and took out more in each bank and paid the loan after he made his bank trips by extending the amount to each bank to cover the loan payment to a chain of banks all over.

They all thought he was a wealthy person and they all approached him. And what he did was completly legal.








dates n chitt:

Its the 2002 partial rundown

Jelly Jam-(Ty Tabor from Kings X project) March 19 2002

John Paul Jones-Thunder Thief:Feb 2002

RZA-The World According to RZA Feb/March 2002

Wu Tang Killa Beez-The Sting Feb 28 02

Meshell:Cookie


FOLEY-TIME:Clock of Da Universe (it comes out when it drops gonna stay in my sig til now. just check http://www.smartalecmusic.com for now.
One of the best original designed sites out. He is the CEO you know of Smart Alec Music. Bugs Bunny is the Vice Prez and Marvin The martian is in charge of A&R while Yosemite Sam handles the southwest division of Smart Alec. Daffy Duck and Foghorn Leghorn are leaders of the street team. Its a family thang.

TONEX-O2:Oxygen April 9,2002
a comment from RhemaK a artist who works with Tonex about O2: I have heard five songs from Tonex's 'Oxygen'album that is going to be coming out next year. The lyrics and that beats are going to take you over the edge and out of your car seat. That is what it did to me. The proof is in the pudding. You will see 2002. 'Oxygen is no joke' "

as usual all hip hop albums subject to change.


Au80: the Gold Standard in Hip Hop and R&B.
10-12 PM CST

http://kanm.tamu.edu

Foley-Time:Clock of Da Universe (it comes out when it dro

  

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guerilla_love
Charter member
8273 posts
Wed Feb-20-02 02:53 AM

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11. "i'm still curious abt pax world funds"
In response to Reply # 0


          

==**peace**==

"the skilled binder uses no strings or knots, while to unloose what he has bound would be impossible." Lao Tzu


DomePoem Poets; redefining the third dimension of spoken word

.....

"Who need fossil fuel when the sun ain't goin' nowhere"
- Amiri Baraka

http://www.okayplayer.com/guidelines

BUY MY BOOK- only $6! Inbox me for details

  

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Gyrofrog
Charter member
1529 posts
Wed Feb-20-02 08:26 AM

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12. "2nd"
In response to Reply # 11


          

I figure most securities have nowhere to go but up... I'm ready to unload this one fund (State Street) I've got an IRA in. I put in about $2000 over a 5 or 6 year span, it's now worth about $1800. Of course, it's got another 30 years to grow but so far I'm not impressed... I figure, if it's gonna lose money, at least put it in a PAX fund...

--Joe C
"Gyrofrog"
Have sax, will woodshed
-----
http://www.gyrofrog.com

  

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mareva
Charter member
22494 posts
Wed Feb-20-02 10:02 AM

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14. "thanx for putting me on"
In response to Reply # 11


          


i'm in banking and i didn't know about pax funds. but based on the info on their site, seems like a good way to mesh your financialy and social objectives. the only thing about most "green" and socially-aware funds is that historically they expereince lower growth in their NAV per anum. but in the game of stocks, anything is possible.


blessings and favor.

http://members.blackplanet.com/yeldahs/

"americans like war because we're good at it. we aint good at shit else. we can't make a good car, a good vcr. we can't educate our own children. but we'll bomb the shit out of your country, ESPECIALLY if its full of brown people!" ---George Carlin

"I've been scarred and battered...
My hopes the Wind done scattered...
The Snow has frizzed me, The Sun has baked me...Looks like between them, They done tried to make me...Stop LAUGHING, Stop LOVING, Stop LIVING,...
But I dont care, 'CAUSE I'M STILL HERE!!"
~Langston Hughes, 1947

� � � � � �
www.alienatlien.wordpress.com

i got soul.

and i'm super bad.

  

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ya Setshego
Charter member
4259 posts
Thu Feb-21-02 06:10 AM

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15. "^"
In response to Reply # 0


  

          

"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

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ya Setshego
Charter member
4259 posts
Mon Feb-25-02 12:55 PM

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19. "The other person"
In response to Reply # 0


  

          

from those previous M2 discussions was Lex M I think.




"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

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ya Setshego
Charter member
4259 posts
Mon Feb-25-02 12:57 PM

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20. "Yeah,"
In response to Reply # 19


  

          

that was him/her:

http://www.okayplayer.com/cgi-bin/dcforum/dcboard.cgi?az=show_thread&om=2823&forum=DCForumID1&archive=yes#18


"Next to God we are indebted to Afrikan women, first for
giving us life and secondly for making that life worth
living." -Mary Mc Leod Bethune

"Don't Hate the PLAYA Boy...hate the GAME," Granddad Freeman of the Boondocks(7-11-99)

*Twenty-three percent of women are "autoerotic singles" — they prefer to achieve sexual satisfaction alone(source-bet.com)

*If U have won a Grammy, one of two things are at play: 1. Your shit is TIGHT
2. U are white
-(Me)

"We are not a problem people. We are merely people, who have problems."-Dorothy I. Height(from We Are Not Vanishing)


++++++++++++++++++++++++++++++++++++++++++

Oooo baby I like it raw. Oooo baby I like it RAAAW!(c)ODB- Shimmy Shimmy Ya

  

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