💯👍 Thank you sir for covering this topic.
This is a huge problem in Nigeria. I have worked for several wealthy people. They are not flashy. Usually the big things they own are their homes, stocks, etc. Interestingly enough, a home is considered an investment. So owning a big home is not being flashy.
Black people however, would rather buy name-brand attire, expensive car (and expensive insurance), throw expensive parties, etc. Black people do not understand what “going dutch” means. If you invite people to lunch, you pay for everybody. Smart people split the bill.
Black people buy things that depreciate in value, such as cars, clothes, etc.
Smart people generally buy things that appreciate in value, such as stocks, bonds, real estate, etc.
Living large when you’re actually broke, is deeply ingrained in the Nigerian culture. I try to engage in re-education whenever the topic comes up. But it’s a losing battle. When you start imploring them to live a modest lifestyle now for the sake of the future, they tell you “God that provided now, will provide in future”.
Here is the funny part…
Black people are mostly consumers. We produce very little.
So when we spend big, we are actually making rich people even richer. #BlackMoney