5 Hood-Rich Wealth Myths Debunked

by Minority Fortune

Saving Ourselves by Saving Our Dollars

The habits keep on repeating themselves, so we thought we’d intervene and drop some knowledge. “Hood riches” is not a new concept. It’s been around for some time. I suppose we’ll have to look into the in-depth causes at a later time because of its prevalence in urban culture. Right now we want to target the largest misconceptions that we have about wealth in our communities and how it drastically differs from those who actually have wealth.

gradefmodel1. I must brag to show off my wealth: The minute we have a few dollars to spare, we feel it’s our birthright to let the whole city know. It’s time to “cop some jewelry, clothing, etc”, splurge at a local food joint, and buy up the bar at the club. What does this do for our pockets? Nothing except for empty them. Sadly, we feel a sense of importance when we do this. Too bad this counts for nothing when we check our bank accounts the next day.

2. Not learning the lesson of other “hood-rich” ballers in the neighborhood: Did MC Hammer go broke for nothing? Did the Black Mafia Family (BMF) go to jail for nothing? The lessons of responsible, legal wealth management seem to fall on deaf ears. Rap lyrics may be rife with wealth bragging, but check their cash flow. A sustaining lifestyle is important too. Pretty sure that rappers Chingy, Bad Boy artists, Lil Flip, Sisqo, and others are having a hard time backing up their rhymes now that they’re past their prime popularity. However, Donald Trump is still living well. Time to learn the lesson.

3. Living for Today. Screw the future. As a matter of fact, the “hood rich” generally screw their whole futures up by only living in the present. It’s a great meditative practice to live in the present, but it’s a horrible wealth-building tactic. Our mouths continue to drop at individuals who claim they have no money to save, invest, travel abroad, go to college, etc. Yet, these same individuals have extras added to their cars, designer clothes, eat well, rock expensive hair styles, sidekicks, and the list goes on.

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4. Crappy Cashflow: So simple. When you spend more money than you make, it’s going to bite you in the butt sooner or later. You’ll pay in the worst way if you don’t take ownership with a bad credit score or revoked assets. It’s time to learn the lesson of increasing your passive income or spending responsibly. We recommend a combo of both.

5. Material goods are a Must: Another “hood-rich” myth is that material wealth is ideal. Investments come in the form of purchasing material goods. pimpedcarLiabilities are cool. Decades later, all their material wealth depreciates down to a big fat zero. You’ll commonly witness offenders purchase a fleet of cars, a closet full of shoes, and a million dollar mansion only to have it all revoked or irrelevant less than ten years later. We’re patiently waiting for an artist (maybe Young Frugal?) to come out, promote responsible spending, and do a video “making it rain” in a broker’s office.

Despite these backward wealth myths, Minority Fortune holds high hope for the “hardly-wealthy”. If you are a victim of these myths, it is NEVER too late. Join us on the journey to wealth.

*Images courtesy of hiptics, Myspace Sho Fire, & Mike Fullerton.

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