Let's be honest, Peering into the lives of the rich and famous-by way of glossy magazines and glitzy celebrity tv shows-makes us envious of their lifestyle, clothes,bling, and the mansions they live in. We feel pushed to into their lifestyle. What we fail to realize, is that we aren't famous and don't have the money that they have. African -American Women and Debt : Here are 4
common mistakes we make when it comes to money
1: We expect financial security from the wrong source. Many women believe having a job and earning an income will be the ticket to a secure future. But anyone who works for someone else is vulnerable and at the mercy of her employer. JOB often stands for" just over broke"
2: We expect that marriage or relationships will take care of all our financial needs. If your husband or partner doesn't have their financial head on straight. he can be the source of the problem. Not to mention around 52 percent of marriages end in divorce.
3: We take care of other people. Amazingly, 62 percent of African American women say they have no money after paying bills, and most cite financial responsibility for adult children and grand children as the reason.It's not necessary or even appropriate for you to say yes every time just to buy their love and affection. So learn to say no and stop trying to please everybody at your financial expense. Take care of yourself first..
4: We overspend, plain and simple. We need to learn the difference between a need and a want. We need shoes but want manolos, or we need food but want filet mignon.
If I were to ask you now "'By show of hands, how many of you reading this now are expecting a large inheritance?" is your hand raised? Stop living beyond your means,for most of us,there is a finite amount of money that comes in ,and there's an infinite amount that could go out.these figures need to be balanced and prioritized.