Wrong on two levels: rapper arrested for withdrawing his own money

[soulster]

http://thegrio.com/2016/01/09/atlant...from-his-bank/

First: the bank manager racially profiled the man because he withdrew a large sum of cash. There is no doubt in my mind that, had he been a White man, this wouldn't have happened.

Second: I don't know exactly where the young man came from, but the smart thing to do would have been to write a check or transfer funds. I know, I know, many people pay for cars in cash, but it's never safe. Also, I know many young Black people don't understand the fine art of finance, but it's better to finance the vehicle. No one is too wealthy to need good credit.

[Jerry Oz]

I read this on Twitter and had the exact same thoughts. God bless the guy, but people who attain a high level of success at a young age often times fail to respect money the way that others, who struggled, do.

Plopping two large on a depreciating asset like a car isn't smart financially. You'd do better and lose less money by leasing it. Secondly, they think that saying they purchased something with cash is better than writing a check. Third, why is this money in the bank instead of invested in something that will have a much better return?

He has all the early warning signs of someone who will be broke by the time he's 40 years old, although I hope I'm wrong about that. With that being said, he's free to do whatever he wants with his money.

And if I wrote my feelings on his being harassed, it would piss me off and I funny feel like going there beyond saying that somebody [[banker, cop) needs to be fired immediately.

[soulster]

I read this on Twitter and had the exact same thoughts. God bless the guy, but people who attain a high level of success at a young age often times fail to respect money the way that others, who struggled, do.

I don't think it's always about not respecting money. Like the vast majority of Americans, they are not taught about how to deal with money. We do not teach money management in schools.

Plopping two large on a depreciating asset like a car isn't smart financially. You'd do better and lose less money by leasing it.

Yes, IF you have the money to lease. For most of us, ownership is the better way to go.

Secondly, they think that saying they purchased something with cash is better than writing a check.

There are lots of people who prefer to buy vehicles with cash. They don't want to deal with financing, or risk anyone taking their car away if they have financial issues down the line. They want to own it right away. Again, people who do this have money to do it with, and many are older White people. I know people like this.

Third, why is this money in the bank instead of invested in something that will have a much better return?

I wholly agree. But, again, most Americans aren't taught this.

He has all the early warning signs of someone who will be broke by the time he's 40 years old, although I hope I'm wrong about that. With that being said, he's free to do whatever he wants with his money.

Most people who do become wealthy go broke within a year after attaining their wealth.