Without some form of material assets to fall back on, in the event of an economic stumble or slump, the minority family generally will not take the chances that are often necessary to succeed. Minorities and African-Americans in particular, generally do not borrow significantly beyond perceived necessities against future income, simply because it requires extraordinary faith in an employment system that not so long ago tolerated minorities being the last hired and the first fired. Ironically for that very same reason, when minorities do apply for loans, loan officers, more often than not, turn down their applications. In many cases not only can minorities, not afford to lose, in some instances they can t even afford to win. Unfortunately and perhaps with the unintentional encouragement from representatives and alumni of institutions of higher education, in too many cases, minority families have allowed athletics to become their only college investment plan.
More money is spent on gym shoes than on books and tutoring.
More time is spent attending kids basketball games, football games or tennis matches than attending to their homework. This is not considered by most financial planners as a good investment tool. I, like many minorities of my generation, was the first in my family to attend college. Times were significantly different in many ways during my high school years than they are now. My mother never spoke to me about going to college.