 I’m just going to come out and say it: I think too many men prioritize cars over so many other things that are needed. And, because men generally have a bigger say in how the household budget is divided between different priorities, money goes towards nice cars over other things like private education or that pretty new kitchen or bathroom that the wife wants or even before buying a house. I have had the discussion on cars, houses and spending with so many friends, so many times. I don’t know why I am obsessed with property but I love to know prices in different areas even when I’m not buying.You will often find me pulling out my phone as I pass down a random street to see what prices are like in that area. So, as you do, we went down to visit a friend and I pulled out my phone to check prices in their area. I wasn’t secretive about it. I started asking if they were planning on buying in the area; if they had started saving for the deposit, etc. etc. It was one of my close friends so I’m interested in her family’s financial success. They said they did want to buy but hadn’t saved for the deposit yet or set a plan for saving that deposit. That’s all well and good but a few weeks later the husband was debating which upmarket car to drive. Go figure. Yes, we all like nice things but if we plan and have a proper vision we can build a significant wealth base without having to forego all nice things. Unfortunately this means you might have to live with more standard things in the short term.  What’s the point in leasing a luxury car – BMW, Mercedes, Audi, etc. – if you don’t own your home? In many parts of the world buying now is better than buying later because house prices tend to rise faster than wages. I have another friend who spent his first bonus from work on a brand spanking new Mercedes Benz only to tire of it a year later. Cars go down in value the moment you buy them. They are not a real investment. Yes, I will admit I once bought a new car myself and although I don’t regret it, I doubt I’ll do that again any time soon. I bought it outright (no ongoing payments) and I had my property portfolio already going so I convinced myself I deserved a reward. Would I make the same decision again? In hindsight, probably not but I’m glad I don’t have an outstanding debt to remind me of my not-so-great decision. I could have paid a deposit on another house with that money! Uuuurrrgh Anyhow, the point I am trying to make here is that, if you or your partner are obsessed with cars, this love could keep you in the rat race a whole lot longer than you need to be. If you invest wisely you can have your fast car and an investment portfolio that generates all the money you need to pay for your lifestyle. Plan now. Invest now. Have more options later.  Want to Build a 6-Figure Beauty Business from the comfort of your sofa? Then my course is designed for YOU!
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10 Comments
Duni
10/6/2015 10:37:16 am
Heather, while I generally love your blog and have got a lot of useful info from it. Can I please ask you not to generalise black men? All of the black men that I grew up around, fathers, brothers, partners etc do not prioritise cars over other things and in fact work extremely hard to support their families. Let's not label people....especially when it coming from the same race.
O
10/6/2015 02:08:51 pm
Duni,
Heather KW
12/6/2015 08:36:19 pm
Fair point. I probably added that because the inspiration for this blog was actually one of black friends. I still feel conspicuous wealth is given more credit in the black (and Asian) communities than it is in the white community.
Amg
10/6/2015 03:17:59 pm
I agree wholeheartedly as well. Most of the African American men that I know strive to own property and their own businesses, while some already have these things. I was highly offended by this comment especially being married to a black man who owns his house and is in the process of starting a business.
Heather KW
12/6/2015 08:39:15 pm
Sorry! I've edited that bit out.
Black men cannot be generalized or put into the same category. Every black man comes from a different background and the ones I know own businesses, their own house, and yes they have nice cars to go with it. Why not? Some of them havefamilies that are very well taken care of. It seems that when a black man has property, he gets scrutinized. Im proud of my hardworking brothers. I feel that people who have not experienced the successful brothers are the ones who scrutinize them the most.
Heather KW
12/6/2015 08:44:50 pm
Okay, I will generalise to "men" as I don't have enough data to separate this incidence out into different races.
Nokuthula
13/6/2015 11:50:39 am
When I read the statement about people buying fancy and expensive cars before they own homes I could not agree with you more. In South Africa where I live I think we are guilty of that. I also have friends who would rather drive the latest car but send their kids to a public(government) school. I am a black African and so are most of my friends. What you said happens in my part of the world and its mostly done by my black brothers and sisters. I dont think this is a race issue, its just the way it is in some countries. We can only correct mistakes if we acknowledge them first.
Heather KW
7/7/2015 08:00:21 am
To be honest even the smartest guy I know (my dad) says a fancy car is higher priority that a nice house because "hardly anyone sees his house and people see him in his car daily" - but as people took it as a race comment I couldn't ignore their complaint...I have quite a diverse group of friends and I observed that my African brother and sisters just love cars more...
Amg
7/7/2015 10:18:57 am
I don't mean to offend you because I think your articles and information are great! However, maybe next time you should say something like "among the African men that I know personally" instead. I can't speak for any other countries in the world and how things are because I have not been there and therefore cannot make generalizations. I think it is a sensitive issue, especially for black people in the United States, because we are already so stereotyped and these statements do nothing to help others' perceptions of us. Leave a Reply. |
Heather on WealthI enjoy helping people think through their personal finances and blog about that here. Join my personal finance community at The Money Spot™. Categories
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Heather Katsonga-Woodward, a massive personal finance fanatic.
** All views expressed are my own and not those of any employer, past or present. ** Please get professional advice before re-arranging your personal finances.