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Mikyle anonymous

March 29, 2006

English 1102-02

Mrs. anonymous


Wikipedia's accurate definition of finance is "The activity of finance is the application of a set of techniques that individuals and organizations (entities) use to manage their financial affairs, particularly the differences between income and expenditure and the risks of their investments" I discuss the importance of keeping track and updating financial reports as well as simple bank statements. These are just some of the essentials that I believe we all as a people should acknowledge.

There are several detrimental problems concerning our finance as a people and the side that I will be arguing throughout the duration of this paper is that we as African Americans do not recognize the importance of finance. So some of the topics I will be discussing will be very broad. For example taxes, at home income, banking, financing expenses, stocks & bonds, insurance and mutually financing a home with a family.

The most important source of government revenue is taxes. A large part of governmental expenditures has gone for various military and defense needs. Other important areas of governmental expenditure are health, education, and interest on the national debt; and public works. My first statement suggestively would be to increase the focus on the suffering of the American people. We are in debt as a world today because of the lethargic approach the government takes in assisting Americans, especially Afro Americans. Firms and companies are always allowing citizens to receive credit cards but are never really noticing how they will be paid off. This is a dilemma we face as well; a large part of being in financial debt is our mistake.

One of the secrets of a successful financial scheme is a well ran financial division. The existence of money and other financial assets assist the share of economic resources where they can more profitably be used. If we really want to understand our finance and how it works, it is necessary for us to understand how the use of financial assets leads to the better use of real assets. Do we as a people really understand how to levitate our finance? A Prominent tribulation involving finance and the Black culture is establishing the know how of operating and dealing with financial situations. Understanding how the financial division works and how it is related to the real sector is why anyone would study finance.

Many important personal decisions are financial. Paying for a home or an automobile are two very large examples, but even day to day decisions such as planning a budget, opening a checking account, or making investments call for a knowledge of finance. This is a issue that I believe should be discussed in any natural home, let alone the home of minorities.

Most of the time racially we take finance frivolously and this has become a vast distress on growing and raising children in our society. Learning finance and relating to the history of it should be something that we try to incorporate in our teaching as Black parents. There should be a strong emphasis set on the ability to receive credit cards from national companies to our Black children, instead of nonchalantly letting them keep the cards in their possession to set themselves up for failure.

Debt is also a financial situation that our race damagingly faces. Debt is a predicament that about 70% of our world faces. As of now our national debt is at its ultimate high which is set at $8,370,492,310,639.60. This is a detrimental problem that this world faces everyday the clock turns. If we are in debt as a nation why wouldn't the government lean to assist us as African Americans, or other minorities for that matter? This is the topic that I strongly disagree with. Matters that deal with our personal income as a race, I feel are very crucial because there are times when we are belittled as a people depending on the color of our skin. This alone should be enough to motivate minorities.

Sometimes I find myself wondering how we think as a people. Are we persistent when we strive for the best or do we settle for less? This could very well be a challenging problem in dealing with finance in our society. By this is I mean financially people actually enter a mental breakdown and then just ultimately give up. Creditors in my opinion should be exclusively lenient to low income personnel.

Looking at our world today, having a job you should be the slightest bit financially secure. Most job opportunities in finance are in financial management; every company needs a financial manager, even a one-person operation.

Getting out of debt in our nation is an immense tribulation that everyone seems to face. It's really a matter of how and when you take care of the situation. If you're like most Americans, you have debt. If you're like many Americans, you try not to think about just how much debt you have and what it's really costing you. If you did think about it, you might not sleep well.

Ignorance never is bliss, in order to get out from under the burden of debt, you need to face the uncomfortable truth; "it may take you 30 years to pay off that credit card balance", this is a statistic. (pg. 23 Fortune Magazine)

This is questionable to most Americans. You may have balances totaling less than $5000. Surely this will be paid off in no more than a couple of years. The credit card company wouldn't let you take so long to repay them, would it? This is the first matter that I would argue. Americans, especially African Americans do not take the time out to think if their bank or credit company is going to be lenient about you credit. It would in fact take 30 years to pay off your balance; you would be the ideal customer.

It's important to understand that the credit card companies don't allow you to pay back your debt in small amounts out of the kindness of their hearts. A credit



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