rotten bananas

Article here. Ran into it over at Get Rich Slowly.

Bun B held up his silver chain to show off the 4-inch-square, diamond-encrusted “B” hanging at the end. It flashed in the spotlight.

“If you’re gonna buy a chain for $30,000, be sure it’s not the only $30,000 you have.”

This is probably where I would have walked out.

But that’s just me. I do think this is a great idea though, especially if people will listen. I personally would have a problem taking financial (or any other type of) advice from someone with gold teeth and chains that get in the way of their feet, but I would love to see this just for comedy’s sake.

“I took my homeboys to the club, buyin’ bottles, got the rims — you know what I mean,” said Slim Thug, 26, a Houston rapper whose prized possessions include a $460,000 Rolls-Royce Phantom. “Then I couldn’t be paying the rent! Homeboys can’t help you now.”

That’s comedy gold. It boggles my mind that anyone can take this seriously. While I do support teaching young people about personal finance, in any way necessary, I have to admit that I’m also embarrassed that my generation requires it to be broken down in such a ridiculous manner.

The group’s early goals were to register young minorities to vote and to fight stiff drug-possession laws. But the organization has since evolved into a movement to teach young minorities how to manage their financial lives. This is the third year for its Hip-Hop Summit, which goes to six more cities.

No comment.

“We talk about FICO scores and owning a house — owning a crib — and stacking your paper (i.e., counting your money),” CEO Chavis said. “We make financial terminology cool.”

I guess you could say that. If this will encourage people to stop wasting their money on all things chrome and ridiculous, it will be more than worth it. I’m just not sure this is the right group of people to be teaching it. But I guess what’s important is that people learn to stop ignoring the future and using credit like it’s free money. Maybe if this takes off, rappers will stop focusing on drugs, sex, booze and rims and start rapping about IRA’s, money market accounts, bonds and mutual funds.

I’m excited to see what transpires from this, but regardless of how well Bun B speaks about his experiences and lessons about money management, I still can’t help but imagine that his largest savings account is a mayonnaise jar under the passenger’s seat of his Escalade.

Stay tuned for an expansion on the topic of teaching personal finance in the next couple of days.