Why Black People Can't Save Money!

A few years ago, Bill Cosby set off a firestorm with a speech excoriating his fellow African-Americans for, among other things, buying $500 sneakers instead of educational toys for their children. In a recent book, Come On People, he repeats his argument that black Americans spend too much money on designer clothes and fancy cars, and don't invest sufficiently in their futures. Are all black people "spend-a-holics?" Can they not save money over a period of time? What is the issue when it comes to the black community and saving money?