One thing that some people in their 20s don’t do is take their personal finances serious as they should. I used to think that my 20s was just for fun and in my 30s I would be more serious about my finances and life in general. But I quickly realized that wasn’t a good idea at all.
To be honest, I'm just tired of seeing all of this refund balling. Refund balling is defined by me as "creating a facade of wealth by exponentially spending in facets of your personal finances that would not be a targeted spending area without the added funds of a refund check." In other words, YOU A FRAUD BIG FELLA!
Acorns is a fairly new app that automatically invests your saved money into the market. It takes your loose or spare change from your bank account/debit card. Spare change from your bank account? How it works: say you spend $15.50 on an item, Acorns links to your bank and rounds the purchase to $16.00. It takes the fifty cents and invests it in the stock market. Acorns calls this a “round up.” Besides the round ups you can also make traditional deposits to the account.
The black family has always found a way to survive trying times, and somehow, some way have joy doing it. Financially, this same truth applies, black people have turned less into more making one dollar stretch into ten. But, there is one thing the majority of black families haven’t figured out yet. How to turn that dollar into millions. Obviously there are thousands who did find a way, but African Americans at large are still struggling to escape poverty and build generational wealth.
You are competent, smart, and sure of yourself in most areas of your life. You picked a major, maybe where your passion lies, or perhaps in a field with a growing workforce. You worked hard and earned a degree. Your family is so proud of you. The first job you obtained is good or maybe just steady and the pay is decent. But at the end of the month, you have that thought once again, where did all my money go? It feels as if you make a payment, exhale, and before you can breathe in again another student loan payment is due.
Money is a taboo subject in my family. We were never rich, we weren't poor either, I would classify us as middle class, if you believe there is such a thing, but that is a different discussion. As a child, as long as you have everything you need, money doesn’t occupy your thoughts. We’ve had one rich person in my family, let’s say rich is having over one million dollars. It was my great uncle Charlie. He was from the fields of Mississippi, moved north, worked hard, and earned a better life for him and his family. He lived in Aurora, a suburb of Cleveland, about 40 minutes from downtown. As a child, it was always a big deal to go to visit Uncle Charlie’s. He had a huge house that he built from the ground up, acres of land, trees, and a pool, it was nothing like my day to day reality in Glenville on the east side of Cleveland. Uncle Charlie died one day. He left all his money to his oldest son. The son promptly turned his back on all his siblings, put his mother in a nursing home and got a woman on the side. He burned through all the cash in a matter of years. My uncle’s lifetime labor to establish generational wealth was undone by one fool in a fraction of the time