The article below was taken from the Washington Post written by Michelle Singletary

THE COLOR OF MONEY
Michelle Singletary,

'Hood Rich, Isn't Rich at All

I've been thinking a lot about "Still Fly' by the hip-hop duo
Big Tymers. It's a song I I first heard during a forum on
financial literacy at Howard University.

Here's the opening:
Gator boots with the pimped-out Gucci suits
Ain't got no job, but I stay sharp
Can't pay my rent, 'cause all my money's spent
But that's okay, 'cause I'm Still Fly
Got a quarter-tank of gas--in my new EClass
But that's all right, 'cause I'm gon'ride Got everythang--in my momma name But I'm hood rich ....

I'll admit that I've lost touch with the language of the younger African American generation.
I hadn't heard the expression "hood rich" before.
But it isn't hard to figure out what it means. Hood rich, which is also the title of
Big Tyrmers' 2002 album, means that even if you're struggling financially you can still maintain
a certain image by driving an expensive car, wearing more jewelry than was found in King Tut's
tomb and dressing in the latest designer styles. "Hood rich is an extension of the Big Tymer



THE COLOR OF MONEY

No Future in Looking 'Fly' On Borrowed Dime



philosophy," Brian "Baby" Williams, one half of the Big Tymers, said in a release. "Hood rich is making it happen, although you're from a bad situation. We just set up 'Hood Rich' as a vehicle for introducing a whole new era of big tyming and setting new trends.'
I know "Still Fly' is just music and every adult from the time of Moses has complained about the lyrics of songs favored by the younger generation. But I think it's sad that this song's lyrics and the lifestyle portrayed by the artists in their video are being emulated by a lot of broke
folks--in the hood and in the suburbs.
Being hood rich is the kind of "big tyming" everybody should stay away from if they don't have big-time money. This is especially true, studies suggest, for African Americans and Hispanics.

Many members of these ethnic groups can't afford to spend what precious dollars they have trying to dress to impress. Many can't afford to buy (or worse, lease) cars that will drive them straight to the poorhouse they don't own.
Please, don't misinterpret me. I'm not suggesting that minorities are any more materialistic or financially illiterate than the rest of the American public. Studies show that with the same amount of income, blacks and Hispanics spend and save at just about the same rate as anybody else.
But studies also show that, compared with whites, a significant number of African Americans and Hispanics lag in some important economic areas, such as income and homeownership. In fact, the latest Minority Retirement Confidence Survey found that African American and Hispanic workers are less confident about their retirement prospects and financial preparations than workers overall, primarily because they earn less.
Blacks had median weekly earnings in 2002 of $499 and Hispanics $424, according to the Bureau of Labor Statistics. The median weekly income for non Hispanic whites was $627. African Americans and Hispanic Americans lag behind workers overall when it comes to their savings, particularly for retirement, concluded the study, conducted by the Employee Benefit Research Institute, the American Savings Education Council and Mathew Greenwald & Associates.
Only 59 percent of African American workers and one-half of Hispanics report that they or their spouses have saved for retirement, compared with 71 percent of workers overall.
The study further found that while 58 percent of African Americans and 49 percent of Hispanicsreport they are offered a retirement savings plan by their employer, such as a 401(k), the percentage is far less than the 73 percent of workers overall who have a retirement plan.
This may reflect the fact that 401(k) and other retirement plans tend to exclude part-time or short-term workers, which means many minority workers, according to the report.
A major source of wealth for most families is home equity. But according to the latest census figures, only 47.7 percent of blacks and 46.7 percent of Hispanics own their own home.
By contrast, 75 percent of non-Hispanic whites own their home.
The retirement confidence report should be yet another reminder that all things are still not equal. Many African Americans and Hispanics have to be better stewards of their money because
they have less to work with.

So, instead of driving a Mercedes E-Class or some other expensive vehicle, consider buying a less-costly class of car (preferably used). You can look mighty fine in a Ford Focus.
If you are struggling financially, you can't afford to be "fly." There's little room in your budget for gator boots and Gucci suits. There's nothing wrong with looking homely if it means
you can afford to buy a home. Hitting it "big tyme" is when you've got everything in your name and you have some real appreciating assets.
 

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