Filed under: Personal Finance, Dr. Boyce Money
As we work our way through the holidays, I am finding that life is never short on teachable moments. So, as you're taking down the tree, celebrating Kwanzaa, or doing whatever else floats your boat during these excessively commercialized holidays, I thought I would share a few fun and interesting lessons I've learned over the past week. Some of these items are things I've always known, but being slapped upside the head with holiday stress has reminded me of the obvious.
1) Kids are expensive as "hayell": All the brothers out there who are making babies without keeping count may want to stop and take notice of just how expensive kids can actually be. Not only are kids expensive, they become more costly as they get older. Now that my daughter and god kids are in college, the cost is through the roof. I keep wondering when it's all going to end, and the older I get, the more I learn about the high cost of reproduction. I don't recommend having sex without an 18-year financial plan.
2) Educational toys are a must for infants: When buying gifts for your child, always make sure you buy something educational. African Americans have to continue learning to embrace the value of education and push it like nothing else. This starts when your child is the cradle. We've got to teach our babies something before they start learning from Lil Wayne.
3) Cash is the best gift certificate on earth: Rather than trying to guess what my relatives want for Christmas, I just give some of them cash. Don't get me wrong - I'll take some trips to the store or give gifts of love that don't cost a thing. But I also enjoy just reaching into my pocket and saying "Here ya go." This avoids the challenge of trying to guess what they want for Christmas and also allows me the comfort of knowing that if they don't enjoy their gift, it's their own fault. OK, maybe I'm just lazy, but you have to give me credit for being honest.
4) Each year is a chance to re-invent yourself: As I took a look over my achievements during the past year, I wasn't completely satisfied. Sure I held down some of the things that mattered and I believe I became a better father (which is a consistent goal of mine), but there was something missing. So, I realized that with the start of a new decade, there is a chance to leave the past behind and do a better job at being me. This applies to everyone, so I encourage you to use this year to find the greatness that lies inside of you. After you finish reading this article, you'll be a little closer to death than you were just a few minutes ago. Get started on fulfilling your dreams before time runs out.
5) Start saving for next year: I find that Christmas spending is less painful when I've spent the year planning for it. Well, I haven't actually done that before, but that's the plan for 2011. Spending so much money on such short notice can be painful, especially when your family size is expanding. I haven't had additional kids myself, but with my God children having kids of their own (effectively making me someone's God Grandfather - whoa!), I can hear the cha-chings coming from their little voices already. I better start prepping for next year right now.
Dr. Boyce Watkins is the founder of the Your Black World Coalition and the author of the bookBlack American Money To have Dr. Boyce commentary delivered to your email, please click here.