By S. Tia Brown on Jun 22nd 2010 3:37PM
Filed under: Personal Finance, Savings
Back in March many people were shocked when a study revealed the median net worth of single black women was... a whopping $5! That means that if half the black women polled bought a happy meal at McDonald's, they'd blow their life savings.
There are scores of reasons why black women are in this financial situation. Predatory lending. Unequal pay. Social Injustice. Sexism. Racism. It's not fair. It's not right. It's our plight. So the question remains, what do we do in the mean time? We can continue to gripe our about problems and wait for the slow process of progress, or we can make some changes ourselves. I firmly suggest the latter. Here are seven things single black women can do to increase their net wealth today:
http://xml.channel.aol.com/xmlpublisher/fetch.v2.xml?option=expand_relative_urls&dataUrlNodes=uiConfig,feedConfig,entry&id=900802&pid=900801&uts=1277236428
http://cdn.channel.aol.com/cs_feed_v1_6/csfeedwrapper.swf
Smart Money Tips
$5.00 Easily Spent:
A five spot can easily buy a value meal from any one of your favorite fast food joints or a hoity toity coffee from a barista named Genevieve. But think about what that fast, fried, sodium and/or sugar-laden junk is actually doing to your health.
Getty Images
AFP
BlackVoices.com
Smart Money Tips
$5.00 Easily Spent:
A five spot can easily buy a value meal from any one of your favorite fast food joints or a hoity toity coffee from a barista named Genevieve. But think about what that fast, fried, sodium and/or sugar-laden junk is actually doing to your health.
Smart Money Tips
$5.00 Spent Wisely:
Why not take the five bucks to the grocery store? You can easily prepare a tuna casserole; fritatta with leftovers; Mexican/Caribbean dinner containing rice, beans/peas, plantains & salad; rotelle or any fun-shaped pasta with frozen veggies (add olive oil, seasoning & a little cheese) to make your family a nutritious meal. Quality family time is worth far more than a #2, don't you think?
Smart Money Tips
$10.00 Admits One:
A dimesky (a name someone gives it when he wants to borrow -- somehow lessening the ask) will get you in to see the newest flick 'At a Theater Near You.' But it will only get you ONE ticket. Anyone going with you is on their own.
Smart Money Tips
$10.00 Stretched to the Limit:
If you wait a bit, the 'newest flick' can usually be seen on DVD within a month or two. It may/may not be available for $10.00 but if you head to the bargain bin at a Walmart, Target and other similar stores, you may just snag two or three really good DVDs for the price of ONE $10 movie ticket!
Smart Money Tips
$20.00 Bucks to Betterment:
Who doesn't like to ride in style? Doesn't your car just seem to handle better when it's squeaky clean with a vacuuming, high-gloss wax, tire treatment and under chassis cleaning? Suuuuure it does. But do you want to spend $20 on that?!
Smart Money Tips
$20.00 Better Spent Elsewhere:
If Palmolive dish detergent is 'tough on grease, yet gentle on hands' that means it should be perfect for cleaning one's car. Your car deserve a little more pampering? Head to the auto parts store and buy a few supplies. But the big plus here is you can take your son, daughter or significant other along with you to the coin car wash. Better yet, if you're set up for it at home with a hose, bucket and sponge, all can enjoy some real fun along with the promised benefits of cardio activity.
Smart Money Tips
$50.00 to Feel Good:
Let's analyze pampering. 'Fiddy' might get you a 30 minute massage or the manicure/pedicure works from the nail salon. Everyone who works hard deserves to spoil themselves from time to time. But if this really isn't your bag and you'd prefer weighing other options...
Smart Money Tips
$50.00 You Can Keep:
Buy your own products, most of which you may already have in your closet -- you junkie! Invite friends over for a pampering party OR -- why not plan a special evening for you and your mate to pamper each other? You can even throw in a bottle of wine. The Pinot Grigio Santa Margherita is less than $20.00 and "c'est magnifique"! Disclaimer: Cost of a babysitter not included.
Smart Money Tips
$100.00 Wasted:
One hundred, or in rap lingo, a Benjamin, used to mean something back in the day. But in terms of transportation today, you may be able to fill your SUV's gas tank with it. Emphasis on MAY. Depending on where you live, this may be a necessary evil. However let's weigh the options...
Smart Money Tips
$100.00 Put to Work:
You can buy a tank of gas for your SUV and possibly eke out 200 miles on that investment OR you can purchase the bike that you've been promising yourself and hit the road, Jack. (Great cardio.) Walking and/or public transportation works as an alternative as well.
Smart Money Tips
- ♦ Get interested in your financial well-being. In sum, educate yourself. Whether you borrow or buy a book on financial literacy, such as Lynnette Khalfani-Cox's 'Zero Debt: The Ultimate Guide to Financial Freedom,' attend a seminar or conduct your own research on the Internet, take the time to understand your finances – no matter how limited they may be.
- ♦ Take inventory. Make the time to add up all your debts (credit cards, mortgage/rent, monthly bills, etc.) and assets (life insurance policies and items that are fully owned). Itemizing them will give you a full picture of your financial circumstance.
- ♦ Create a plan. Once you know where you are, it's easy to figure out where you want to be. Set realistic goals for saving and debt reduction. Automatic payment and savings plans are great options for those who lack the discipline to stick to a schedule.
- ♦ Be committed. Paying off bills may require skimping or downsizing. Do you need a smaller car? Can you nix bottled water? Are you willing to stop buying expensive sneakers or name-brand clothing and simply opt for quality? Are you willing to car pool? Get a part-time gig? Look into increasing or changing your skill set? All of these modifications will free up pennies, then dollars, for you and your family.
- ♦ Debt? Don't Do It. Yes there are certain things that require debt, such as mortgages and car notes. But many things don't. Resist the urge to shop on with credit cards – use cash instead. This small habit will ensure that you operate within your budget.
- ♦ Fight temptation. We live in a time of instant gratification, so people expect to be able to drive nice cars or live in a big house without having the money for it. If that reality isn't attainable, many fill that void with other indulgences, such at dining out or shopping. Whether you're hitting up Bloomingdale's and Benihana's or Wal-Mart and the local Chinese restaurant, it is important to make good choices. Can you afford this meal or dress? Is the money better spent on a bill or should it be saved? Stop and think before you buy.
- ♦ Call 'em out. Don't be afraid to report lenders who offer you high-interest loans. Call the Better Business Bureau and your local news station to put the company on blast! And, of course, do not take out these predatory loans.
A trained life coach,
S. Tia Brown has spent the last 10 years following her passion for journalism as an editor, writer and TV correspondent. Brown has worked for CNN, E!, MSNBC, the New York Daily News, Essence and Black Enterprise. Most recently she served as senior editor for In Touch Weekly magazine. Check out her advice column Do Better, Be Better at
www.tiabrown.com.
PHOTOS: Pre-Grammy Gala Becomes Whitney Memorial
Simon Cowell: Whitney Would've Been The Ultimate 'X Factor'…
Comments: (12)
Add a comment
By: Shellfish789 on 6/22/2010 4:50PM
you simple can't be real....this is another story to try to demean Black women...and it's ashame how these so called survery are conducted...First Black women spend a lot on their hair and a lot of Black women are buying their house.........boho boho boho for Black women..is what they want us to think....BW are moving forward and that is why we see all this negative surveys going on...they got us without mate, but have high STD...if we don't have mates how can we have high STD ....Duh...then they say we don't keep our shapes and don't exercise...but you have other races trying to GET WHAT WE HAVE...you see we are so busy raising our family, working and doing the right thing we don't have all day to "prim" ourselves up...we are not lazy........we are not looking for a "Free-Ride like the other races of girls......we are not looking to grab on a man for money ...like the rest of the other races are doing........getting abused in the meantime for little luxury...and we are keeping our clothes on....Black women do not seel their self short....other races are taking their clothes off to sell sex...the more clothes they take off the LESS talent they have....and lastly......we have morals and self pride!......so stop with the constant belittling surveys!!!
Reply to this Comment | Report This
By: Tracee on 6/22/2010 5:24PM
This article further perpetuates the stigma that black women are worthless. I am outraged as a African American that BlackVoices would publish such nonsense.
Black women graduate at higher rates than our counterparts. We provide for families on our own. We own hair salons, real estate firms, childcare centers, and etc, how in the world are we just worth $5.00. Who did the research?? Embarrassing.
Reply to this Comment | Report This
By: M on 6/22/2010 9:34PM
Is that what she's worth on the open market, or do you have to join some kinda club to get that price? Cause if it's on the open market, I think I have five...wait....two, three, fou....four, nope, i only got four....the story of my life...a day late and a dollar short.
Reply to this Comment | Report This
By: GINGER on 6/23/2010 12:45AM
JUST A FEW WEEKS AGO, 50% OF ALL BLACK WOMEN HAD AIDS, WHICH THE CDC PRACTICALLY RETRACTED. NOW THIS: BLACK WOMEN CAN ONLY AFFORD A FOOTLONG AT SUBWAY. I REALLY QUESTION THIS STUDY. WHO DID THEY ASK, BLACK, INCARCERATED OR HOMELESS WOMEN? I MEAN REALLY, YOU'D HAVE TO IN LEVELS OF POVERTY NEVER SEEN, HEARD OF, OR MEASURED SINCE THE WRITTEN WORD WAS FORMED TO HAVE A NET WORTH OF $5.
THIS IS JUST ANOTHER ATTEMPT TO DISPARAGE BLACK WOMEN. BUT LIKE EVERYTHING ELSE, WE'LL SHAKE THIS OFF TOO AND BE BEAUTIFUL AND GRACEFUL, WHILE THE HATERS WONDER WHY THEY CAN'T BREAK US.
THAT'S JUST MY TWO CENTS...OH DANG, NOW I ONLY HAVE 4.98 CENTS LEFT.
Reply to this Comment | Report This
By: rasil on 6/23/2010 7:00AM
I do not know your source of mis-information but this article is simply not true. Black women generally earn more and are typically employed than Black men. This is again another gross mis-representation of Blacks. Most Black women that I know are financially secure, own homes, cars,are highly educated and doing well. I prepared financially many years ago and so have most of my contemporaries. This data is simply false. Just another means of denigrating us as a people. There are more Whites, and poor ones at that.
Reply to this Comment | Report This
By: ADRIAN HARRIS OF SOUTH GEORGIA GO!!! GRAMBLING STATE UNIVERSITY!!! WORLD CLASS FEELING I READ IT GO!!!!! on 6/23/2010 12:09PM
HAIL!!! MASCULINE SALUTATIONS LIGHT MAKER!!! HAIL!!! TO THEE!!! SEPIA PEOPLE; ON BOTTLED WATER; A MEN'S HEALTH ARITCLE(MY HEALTH MAGAZINE) FOUND THAT CHEMICAL FROM THE PLASTICS OF THE BOTTLE WAS IN THE WATER, WHICH WAS ADVERTISED TO BE PURE. SO I'D DITCH(THROW AWAY) THE BOTTLED WATER AND STICK TO THE TAP. FUTHERMORE, THEY FORUND OUT THAT HTESE COMPANIES JUST FILL UP THEIR BOTTLES WITH TAP WATER AND JUST SELL IT TO YOU. THE TAP SAFIER TOO. LASTLY, I'M A BIOLOGIST AND A LITTLE TIME BACK I BOUGHT MY OWN MICROSCOPE(GOD BLESS AMERICA AND GET THE WHITE MAN PUT). I PICKED UP ME SOME CONDOMS(LATEX) FROM THE HEALTH DEPARTMENT, TOOK'EM HOME, PLACED THEM UNDER MY MICROSCOPE TO TAKE A LOOK. " I SAW TWO 'PORES' IN ONE OF MY CONDOMS. A [PORE IS A SMALL HOLE IN A SURFACE OF SOMETHING]. IN SHORT THEIR IS A HOLE IN ONE OF MY CONDOMS. [AIDS: BE CAREFUL]. I HAVEN'T LOOKED AT THE OTHERS YET. I HAVE E-MAILED MY UNIVERSITY IN LOUISIANA(GRAMBLING STATE INIVERSITY) TO SEE WHAT THE BIOLOGIST THINK THERE. ABSTANE IS MY BEST ADVICE. NO-SEX FOR ME RIGHT NOW. BE CAREFUL. I HOPE I'M WRONG. BYE!!! PEACE!!!
Reply to this Comment | Report This
By: Thisiswhyubroke! on 6/23/2010 3:32PM
Sorry but in regards to the third to last bulletpoint there is NOTHING that requires debt. EVER. If black women want to really figure out why they are broke, they will take a cold hard look at how they approach that category.
www.ThisIsWhyUBroke.com
http://thisiswhyubroke.wordpress.com
Reply to this Comment | Report This
By: Fanceltic on 6/24/2010 11:28AM
You continue to use the term median incorrectly, refering to it as the average. The correct term for average is mean. The median refers to the midpoint of a series of values, in this case the networth of the black women who participated in the survey. If the median networth of black women is $5, then half of the respondents reported a networth of less than $5 and half reported their networth as greater than $5. This number does not shed any light on the range of values that were actually reported. A true mean, calculated by summing all the reported values then dividing them by the number of black women who participated in the survey, would provide a more useful number for discussion purposes.
Reply to this Comment | Report This
By: Kisha on 6/24/2010 2:10PM
I have to say I question the validity of this survey. While there are plenty of us single black women that may be going through hard times financially, $5 just cannot be a fact if the survey included a large number of women from various places, educational backgrounds, ages, etc.
I know plenty of women who are single and doing well. I also know plenty of women who probably help to make this article true. There are plenty of responsible women out there who are probably worth about $20...I know because I am one.
I am a college-educated, single, bi-racial woman with two children (and, of course, their father doesn't participate in their lives). One of my children is autistic, and as a result of the LEGAL discrimination of special-needs children in daycare centers, I had to quit my job to care for him full time. I don't have much, but what little I get through a monthly check, I try to make the best of it. There are lots and lots of women out there like me who do all they can with what little they have.
There are also situations where a woman doesn't have anything because she is constantly spending money on weaves, wigs, nails, heels, and club admission so she can find a man to ride. This is not just a certain race of woman...this ho is represented in all races of the rainbow.
I don't care for this article at all.
And one note for my girl, Ginger...you can catch an STD and be single. I hope I didn't misunderstand your response.
Take care and keep ya heads up. We can only be stopped if we stop ourselves.
Reply to this Comment | Report This
By: Kisha on 6/24/2010 2:11PM
Sorry Ginger, I meant that last comment for Shellfish. Ginger made me laugh when she dropped her two cents and said she only had $4.98 left. LOL!! That was funny
Reply to this Comment | Report This