Financial Death Traps: 10 Easy Ways for a Black Man to Go Broke
by Dr. Boyce Watkins
I’m not here to preach unless someone is interested in making this into a sermon. I’m just here to admit that I am three things: 1) A black man, 2) an educator and 3) a Finance Professor, in that order. I’ve watched a lot of brothers with serious potential throw it all away because they’ve gotten bad advice. So, although I am not perfect and don’t consider myself to be someone who’s “made it,” I will still share advice under the assumption that I’ve achieved some things that might be considered noteworthy.
With that being said, here’s the blueprint for any brother seeking to elevate his game and find a better life. These are 10 easy ways for a black man to go broke:
1) Having too many kids out of wedlock: An excessive number of baby’s mamas is one of the fastest ways to lose all of your money and have it constantly being sucked out of you like a high-powered vacuum cleaner pulling blood out of your neck. The child support courts don’t care if you can’t find a job. They don’t care if you see your child. They don’t care if your kids understand how hard you’re working to provide for them.
They are only concerned about you paying your support on time, even if that means going to jail. I had a child at the age of 18, and I paid a lot of money in child support without having any say in where that money was going, only to turn around and see that there were other things my child needed that I was expected to pay for as well. It wasn’t easy, because after writing that massive check, I then had to explain to my daughter why I didn’t have enough money to pay for her next field trip. If you have a second family in addition to your first, it’s even more of a nightmare. It’s brutal and we all make mistakes. But the key is to not keep making the same mistakes over and over and over again. Be thoughtful about how you plan your family.
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