Showing posts with label Living Within Your Means. Show all posts
Showing posts with label Living Within Your Means. Show all posts

Wednesday, January 21, 2009

What We Can All Learn From Malia and Sasha: Living Within Our Means


I'm still overjoyed and sorta numb right now so forgive me. I will post more about my new president and what he, his wife and two adorable daughters means to me on a personal level another time. Right now, I wanna get into practical matters: spending.

As all the world watched the inuaguration yesterday, many of us were waiting with baited breath to see what Michelle, Malia and Sasha would be wearing. Don't front, if you're reading this blog, you were probably one of those people. What? Are you thinking that it seems frivilous to blog about fashion after such a historic day? Well, keep reading.

Malia and Sasha were wearing J.Crew for their father's big day. Yep, J.Crew - that store you can basically find in any mall or on any Main Street, USA. (I must add that their looks might have been "budget" but they were very high on style.) I am even more grateful to Barack and Michelle for what I know is the beginning of a major shift in values throughout this country. Now everything is relative so I understand that for some people, J.Crew might be considered "high-end". But, in context folks - Malia and Sasha had EVERY major designer label throwing dresses at them - it is certainly budget. Trust me, I interned and freelanced at a childrenswear trade magazine and I am well aware of the types of clothes the Obama girls had access to. I'm talking the kind of stuff that can be found in Bergdorf Goodman or Barneys New York. I think a conscious decision was made to have Malia and Sasha wear J.Crew.

People, a very clear message is being sent here: We must start and/or continue to LIVE WITHIN OUR MEANS! While Malia and Sasha didn't have on couture yesterday, I guarantee that they will both have their homework in school today. I am willing to bet (if I was a betting woman) that they will even make up the work that they missed in school yesterday. My mother pointed out to me that although there is hired staff to wait on them hand and foot in the White House, Michelle insists that the girls will still have chores (Michelle wants them to continue to make their own beds.). I've mentioned this here before, but prioritizing when we spend (especially for our children) is so important and I'm estatic that the First Family is leading by example.

When we instill these types of values into our youth, it prevents them from spending their rent or mortgage money on a Gucci purse later in life. Or, blowing 40k on a wedding without having a 6-9 month emergency cushion saved first. As President Obama (I love the ring of that) mentioned in his eloquent speech, the days of spend now, figure it out later are over. That is part of the reason we are in the mortgage crisis we're in now. Sacrifices might need to be made so perhaps Junior can't get those new Jordans this month after all. Instead of sulking about that though, let's make sure Junior can go to college debt-free. And I must add that I am in no way in a perfect financial state myself. I certainly have work to do in order to get where I would like to be financially. But thankfully, I can now look to my new First Lady for guidance in this department. (I wonder if that would have happened with Cindy McCain...)

Yep, change is here. (And I love it!)

Thursday, November 20, 2008

Living Within Our Means: What We Can All Learn From Dame Dash


Damon Dash with his driver next to a luxury Macbach in 2006. These rides typically go for $400,000.


Music mogul Damon Dash has some serious money issues. How serious you ask? Well, according to The New York Daily News, it's pretty daggone serious. Check it:


* Last week, a Manhattan judge ordered the city to seize Dash's Chevrolet Tahoe, since he wasn't making the $714.99 monthly payment on the leased SUV.

* Eastern Savings Bank foreclosed on the $7.3 million mortgage for two trendy Tribeca condos where the monthly $78,504.26 bill went unpaid for months.

* Dash faces an outstanding $2.1 million tab with the New York State Department of Taxation and Finance, a $4,500 bill from the state for not paying workers' comp and a suit that says he stiffed the law firm that handled his child-custody case.

* Dash even got dumped by another firm representing him in a $3.5 million suit against accountant-to-the-stars Barry Klarberg, who is accused of bungling his tax returns, costing him millions.


Dang Gina.

Now I know there are folks right now saying (or thinking) that Dame is getting what he deserves. Apparently he hasn't always been the easiest cat to get along with. I can't do that though. Never actually met the dude and he hasn't done anything to me.

But what I can do is remember Dame tossing around all that expensive champagne a few years back in music videos. And I believe I caught some crazy spending on his BET reality show The Ultimate Hustler a couple years ago (Yes I watched it once or twice - forgive me!). Then there was the New York magazine article that quoted him stating he had 1,300 pairs of sneakers.

Hmmm.

Doesn't take a genius to figure this out folks. Dame spent more than he had. And hopefully he will dig himself out of this hole. We've seen this before though - MC Hammer anyone? Truth is, he's still probably not broke. His wife Rachel does have a clothing line which is seemingly doing well but the fashion biz is more gangsta than the music industry so who knows what kind of deal she has. Still, I think broke is sending your kid to bed hungry or wondering if your rented or borrowed furniture will be waiting for you on the sidewalk after you get evicted, again.

My girl E told me the other day that we are all living better than we have to (materialistically speaking) and now I agree. And some really wise person once said that the more we make, the more we spend. Let's all learn from Dame's mistakes people.

Living beyond our means is so not stylish. At all.