Choose Wealth, Not Style

Ostentatious living is not the path to building lasting wealth. Last time I checked you can’t use a diamond medallion for a down payment on a home. I have yet to find any institution of higher learning that accepts a pair of retro Air Jordans for tuition. And just try to deposit a set of $5,000 rims as investment capital. Bottom line: Trying to design a future through voracious consumerism or absentee investing is sheer madness.

Instead of purchasing such quickly depreciating assets, learn this four-letter word: Save. Through focused, long-term investing you’ll benefit from the power of compounding and as a result, your money will grow exponentially. But you must stick with it. Those who pull their money in and out of the stock market due to volatility tend to produce real capital losses while others who sit on the sidelines realize zero capital gains. Just look at the activity of the Dow Jones industrial average over the past few years: On March 6, 2009, the index fell to 6, 547, at the time a 12-year low; exactly three years later, the index closed around 13,000, a four-year high. To further make the case for intelligent investing, on that same day in 2009, you could have purchased a single share of Apple stock at $86; three years later that same share of Apple was trading at $542—a 530% return.

My message is clear: Delay immediate gratification so that you can maximize your future. Use your greatest competitive advantage to gain wealth: time.

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  • Women Are Gamechangers

    It sounds simple yet many people do not put this into practice. I was able to get myself out of debt in one year but then went to grad school. NOw I’m working on a plan to get that paid off. I drive a paid for car and no credit cards. This is a lesson many people need to understand how to put into practice.

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  • phau thuat phaco

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  • zeke

    I still believe the key is a happy medium. Both curb spending and finding a way to bring more income in. Counting pennies will drive you crazy. Stashing some away is great. Yes, fund your retirement & childs education. Taking on a side venture to bring in significant extra income is what I think is needed to help close that gap between b&w wealth.

  • SentAsha

    Peace and Greetings,

    When speaking about the wealth discrepancies and the state of wealth we have to look at the spiritual, psychological and sociological root of budgeting and spending habits of our brothers and sisters. If NBCs (negroes, blacks and coloreds) knew true history and their heritage on a domestic and international level they would consciously build their own estates and reduce spending on frivolous things.
    The question is who is sincerely educating the people about who they really are?

    Also we have to look at the historical root of the establishment of wealth for many Europeans. To date there are many European families that are heirs to estates that were provided by their ancestors via royal charters and land grants, that were granted to them via monarchs in England, Scotland, Spain, etc… Also lets look at bounty land. From the Revolution War all the way up to the Civil War land was provided to the soldiers. Some Europeans are very open about the 50+ acres that has been in the family for centuries. Yes, this was in the past however it forms the root of wealth that has been build upon.

    I think that it is time out for the continuous comparison/contrast to Europeans when it comes to building wealth because from historical records legal and congressional there is not an equal start on the wealth game. It is best to focus on what our people should do.

    One step toward the education process is to inform the people that white and black are not nations of people and they are not races. No “white” person has white skin and no “black” person has black skin. White and Black are classifications, as in “class” “caste system”. For more clarity see Bouvier’s Legal Dictionary 1857 definition for free white person.

    Also see the 1829 Webster Dictionary,
    AMERICAN, n. A native of America; originally applied to the aboriginals, or copper-colored races, found here by the Europeans; but now applied to the descendants of Europeans born in America.

    Great commentary, however, we as a collective have to address the roots along with highlighting the fruits.