The 3-13, Men Money And Marriage

African Americans, The Consumption Class

Listen Later

Visit the website and leave a review

www.podpage.com/the-3-13-men-money-and-marriage

Instagram page the313menmoneyandmarriage

Summary

In this episode of the 313 Men Money and Marriage podcast, host Andrew Johnson discusses the concept of the African American consumption class, exploring the spending habits, historical context, and the impact of self-concept on financial behavior. He emphasizes the need for financial literacy and education, particularly for the younger generation, and highlights the importance of marriage in achieving financial stability. The conversation delves into the challenges posed by systemic racism and economic disparities, while also offering strategies for improving financial health and breaking the cycle of overconsumption.

Takeaways

  • African Americans spend significantly on luxury items despite lower average incomes.
  • Systemic racism influences consumption patterns and financial behavior.
  • Self-concept plays a crucial role in financial decision-making.
  • Overcompensation through material items can lead to financial instability.
  • Financial literacy is essential for breaking generational cycles of poverty.
  • Marriage is linked to higher income and better financial health.
  • Teaching children about money management is vital for future success.
  • Reading and continuous learning contribute to financial growth.
  • The average car payment is a significant burden on consumers.
  • Understanding the value of saving early can lead to greater wealth accumulation.
    • Breaking the Cycle of Overconsumption
    • Teaching the Next Generation about Money
      • "We are six times more likely to buy a Mercedes Benz."
      • "This is a situation where we just simply have our priorities misplaced."
      • "Racism is a system to keep one group down."

        • Chapters

        00:00 Introduction to the Consumption Class

        03:04 Statistics on African American Spending

        06:07 Historical Context of Consumption Patterns

        08:55 Self-Concept and Financial Behavior

        12:12 The Impact of Consumption on Relationships

        15:12 Strategies for Financial Improvement

        17:59 Generational Financial Education

        21:00 The Importance of Marriage and Financial Stability

        24:10 Conclusion and Future Directions

        ...more
        View all episodesView all episodes
        Download on the App Store
        The 3-13, Men Money And MarriageBy Andrew Johnson
        • 4.8
        • 4.8
        • 4.8
        • 4.8
        • 4.8

        4.8

        26 ratings