The old adage “the apple doesn’t fall too far from the free” rings true in all areas of parenting, including money management. If a child see’s their parent make fiscally irresponsible choices, no doubt the child will follow suit.
Comedian-turned-financial-author Sabrina Lamb grew up with a frugal father and mother who, Lamb admits, didn’t want to keep up with the Joneses but wanted to be the Joneses. After accumulating her own credit card debit trying to play the part, Lamb attended a workshop where she learned valuable money lessons.
Unfortunately in the African-American community poor money management runs rampant with bad financial habits being passed from generation to generation. Lamb, who founded WorldofMoney.org – a non profit organization designed to empower youth and teach them to make better financial decision — wanted to offer parents some help in raising financially savvy children, so she penned the book “Do I Look Like An ATM?: A Parent’s Guide To Raising Financially Responsible African American Children” (Chicago Review Press). In the 207 page book, which was nominated for Outstanding Instructional Literary Work at this year’s NAACP Image Awards, she also offers up tough love to parents who are damaging their children’ financial future.
Take a look at some of the different factors the author says negatively impact families, financially.
The Non-Saving Parents
According to Lamb, African-American parents are less likely to save for a rainy day than other parents making the same amount of money.
No Role Models
The author says African-Americans don’t have enough financially intellectual role models to show them what real wealth is. Money is often displayed by “making it rain” in a club and people of color who have acquired real wealth are often looked at as “sell outs.”
Lamb is convinced part of the reason so many African-American parents pass down poor financial habits to their children is because they lack the belief they can anything to change the situation or that they aren’t deserving of anything better.
Watch the 45th Annual NAACP Awards LIVE, exclusively on TV One, in a in a two hour special Saturday, February 22 at 9:00 p.m. ET (PT tape-delayed). Before the main event, see the nominees and even more stars grace the red carpet in a one-hour pre-show at 8:00 p.m. ET (PT tape-delayed).