Get health care tips from Dr. Elaina George - how is your family going to afford it?
Friday, November 6, 2009
Tuesday, October 27, 2009
Mother, Wife and Businesswomen: How do you Balance?
In this episode of Financial Lovemaking, Dr. Boyce and Tia talk with Towanna Freeman, an author, speaker, wife and mother on how to balance love, life, and success.
Thursday, October 22, 2009
Black Entrepreneurship: Towanna Freeman Talks about Being an Entrepreneur
by Dr. Boyce Watkins, AOL Black Voices
An entrepreneur doesn't think like everyone else. She is willing to take chances, disciplined enough to focus on a dream and passionate enough to pursue that dream. Towanna Freeman is in that category. AOL Black Voices had the chance to catch up with Towanna, to get some advice on striking out on your own, as well as managing a marriage, children and career, all at the same time.
1) What is your name and what do you do?
Have you noticed how so many people seem to be living an unbalanced life or living beneath their full potential? Well, I assist people, particularly women, who are ready to take life changing action to get that sense of balance back along with that greater feeling of fulfillment and happiness. I am also the principal consultant of Towanna Freeman & Associates, a management consulting firm with the primary emphasis on leadership coaching and employee performance improvement; the founder of the Young Women's Empowerment Network a nonprofit organization that produces empowerment workshops, conferences, and other special events for teen girls; and the author of "Purposeful Action, 7 Steps to Fulfillment."
Wednesday, October 21, 2009
Financial Lovemaking: Shooting Your Daughter's boyfriend
We all want to protect our kids, but does it make sense that Wade Edwards shot his daughter's boyfriend?
Tuesday, October 13, 2009
Dr. Julianne Malveaux Breaks Down Unemployment
The bureau of labor statistics issues a report, The employment situation, on the first Friday of every month (www.bls.gov). For the past several months, the report has contained no surprises. We know the jobless situation is getting worse, and we only wait for their statistical confirmation of our pain.
This month the unemployment rate rose to 9.8 percent. More than 200,00 jobs were shed, but more than that, more and more people are shrugging the labor market off, feeling that they can't find work. The 9.8 percent for everyone translates into 9 percent for whites, 12.7 percent for Latinos, and 15.4 percent for African Americans. But the reported data are only part of the fact. According to BLS, the real overall unemployment rate is more like 17 percent. Using the same algorithm, the rate for African Americans is more like 27 percent.
Translation. One in six Americans is jobless. More than one in four African Americans cannot find work. Everyone else in the universe has been bailed out, especially the bankers and mercenaries of our world. What about the people, the ones who need their job to buy food, to pay for school supplies, to sustain families? These are the folk who have been ignored by the so-called economic recovery, the folks who have been shrugged off by the notion that the economy is in recovery.
Visit Your Black World
Sunday, October 11, 2009
Black Financial News: Insurance Costs Overwhelming Many Americans
"The high cost of each premium and the high deductible a person or family must pay per year is my biggest complaint against health insurers."
"For example, I pay around $300 a month for my wife and me for basic coverage, and pay a deductible of $750 each every year, not to mention a co-pay of $15 to $20 at the window."
"My yearly income is around $32,000 a year. Very little is left for goodies. Meanwhile, a doctor takes in $80 to $120 a visit that lasts 15 to 20 minutes. Imagine how much he makes a day, a week, a month, a year. Plenty of goodies here."
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Tuesday, October 6, 2009
Devin Robinson Says We should Boycott Haircare Products for One Week
Atlanta, GA October 5, 2009 - Professor Devin Robinson, an economics professor at Oglethorpe University in Atlanta, GA and best-selling author of Taking it Back: How to Become a Successful Black Beauty Supply Store Owner, will lead a one week long boycott against Non- Black Owned Beauty Supply stores.
Robinson stated, "Blacks make up 96% of the consumers of these stores, yet represent less than 5% of the retail ownership." As a previous owner of 3 locations, Robinson understands the industry inside out and offers comprehensive solutions for Blacks to recapture this industry. "The problem is with the distributors. Distributors are mainly Non-Blacks and they handpick who they will distribute products to. This oftentimes leaves aspiring black owners disenfranchised", said Robinson.
Visit Your Black World for Black News!
Sunday, October 4, 2009
Get Sponsored!—Identifying the One Person Who Can Change Your Career Overnight
Even when I was a Vice President at Dell Computers, one of the most cutting edge companies on the planet, our problems remained the same. The variables changed, but the bottom line always came down to figuring out how to sell to one customer at a time. Reaching this critical objective becomes more complex as technology changes and the world becomes more advanced. As complacent as we’ve gotten with new technology and global opportunities, this much has become clear: what got you here won’t get you there. In fact, what positioned you here, might not even keep you here…
…At least, not without a sponsor.
These days competition isn’t just stiff, it’s rigid. You need every advantage you’ve got, particularly if you’re a recent grad, female or minority. Think hard work, an MBA and a well-rounded resume will get you to the top? Think again; that might be what got you here, but to get there – the proverbial corner office or CEO’s chair – you’ll need more than just a spotless resume and a 4.0 GPA; you’ll need a sponsor.
Tuesday, September 29, 2009
Black Scholar Comments on pending sale of Ebony Magazine
Business knows one only color – green. Whether one has a history of success or newfound fame, businesses must continue to make a profit. Unfortunately, the announcement recently made by Johnson Publishing Company, Inc. the world's largest African-American-owned and-operated publishing company, reflects the simple fact that long-term financial projections reveal that there is more month left than money. A painful pill to swallow for many in the black community due to the legacy of this family and its mission; however, there are important 21st century business lessons to highlight from this sad prospect. First, know and stay in tune with your audience. The graying demographic that historically supported Ebony can’t be relied upon for financial stability in recessionary times. New money is found in collaborative and results-based (not old school relationship) marketing. Sadly, time is really, really money in today’s new economy. Second, embrace technology or get left behind. Experts have clearly articulated the dying of print media over the past decade. Those who chose to sleep in and ignore the warnings are now locking the doors and turning in keys. Americans want and deserve information fast and accurate. The Internet provides that medium. And lastly, in times of struggle God always provides an opportunity. The leaders at Johnson Publishing have a tremendous asset in their people. They are creative and passionate about their community and they should be given the chance to provide direction. This moment is not the time for consultants and clairvoyants with crystal balls to steer the way. Truly listen to the heart and soul of the company – the journalists and staff – and make the necessary decisions to be a viable institution for another 63 years. Hey! No pressure but the Black community, avid readers or not, depends on it.
Dr. Deborah Stroman is a Professor at The University of North Carolina Chapel Hill and an expert on Leadership. To contact Dr. Stroman for speaking engagements or media requests, please click here.
Monday, September 28, 2009
Black Financial News: Ebony Magazine is About to Be Sold
by Dr. Boyce Watkins, MSNBC’s TheGrio.com, Your Black World
The black journalism students here at Syracuse often come to me to find out how the industry works. They sometimes instinctively wonder if their professors' stories about being in a CBS newsroom in 1982 are going to help them survive in a world run by Twitter, Myspace and Facebook. The answer is a resounding "probably not."
While respecting the journalism professors teaching their classes, I simply use examples like Ebony Magazine to help them realize that black media is changing, and sites like theGrio.com, BlackVoices.com, and TheRoot.com, are examples of how black media has evolved. In fact, a journalist who doesn't understand technology and business models is in danger of starting his/her career as a dinosaur.
When it comes to recent reports about Ebony Magazine being offered for sale, I admit that I was saddened, but not surprised. The Ebony Fashion Fair has become one of the most celebrated events in black America, and the magazine has been nothing less than a tremendous source of national pride since its creation in 1945. But in the age of the web, oversized bureaucracies can be crushed under the weight of their own arrogance. Bloated payrolls, pompous corporate functions and a sense of entitlement make them easy prey for quick, hungry and rapidly evolving competition.
In spite of the tremendous love we have for Ebony/Jet, the truth must be confronted when realizing that it is what radio was to TV or what the train was to the airplane. Like radios and trains, there is still a place for print media, but that role is no longer dominant. The current economic climate only accelerated the inevitable, since advertisers were eventually going to stop spending $50,000 for magazine ads when they can buy the same number of eyeballs for $5,000 or less.
I present the following 5 questions I'd like to ask out loud about both Ebony Magazine and the state of African American media:
Visit Your Black World for the latest in Black News
Thursday, September 24, 2009
Ever Thought Hard about Property Insurance? Well, you need to think again
Most of us know very little about the ins and outs of property insurance. Christopher Chestnut is not in that category. As a prominent attorney out of Florida, Mr. Chestnut has taken on multi-million dollar cases and handled some of the most complex lawsuits imaginable. As one of the leading young black attorneys in America, Chestnut has been recognized by President Obama for his outstanding accomplishments.
I spoke to Chris this week about Property Insurance and what it can do to make your life a little simpler. Here is what he had to say:
1) If you rent, make sure you have renter's insurance. Also, make sure your landlord has homeowner's insurance, since renter's insurance only includes the contents that are INSIDE the house
2) Check your landlord's insurance regarding injuries on your rented property. Most people are unaware of the fact that the homeowner is liable in the event that someone is injured on their property. Even if the children across the street climb the fence to get into your yard, you are liable if one of them gets hurt. Find out how your landlord's homeowner's insurance would cover you if someone has an accident.
THE QUEEN DOES IT ALL
Keep a Child Alive's 2009 Black Ball, an annual benefit to raise funds dedicated to providing life-saving treatment and support to children and families affected by HIV/AIDS, will take place on Oct. 15 in New York.
Keep a Child Alive Co-Founder, Alicia Keys, will serve as host and musical director of the Black Ball with fellow Global Ambassadors Iman and Padma Lakshmi as co-hosts. Last year’s Black Ball honoree Queen Latifah will serve as emcee.
Technorati Tags: queen latifah,black celebrity gossip
Friday, August 21, 2009
Dr Boyce Money – the latest on AOL – 8/21/09
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BV on Money: Is the Economy Really Recovering?
The economic downturn has hurt us all. Black unemployment has been nearly 70% higher than that for ...
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Financial Lovemaking: 2 More Links Between Sex and Money
As part of my series on comparisons between sex and money, we will continue with parts 3 and 4 ...
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Financial Lovemaking: What Sex and Money Have in Common
Some people think that money and sex have nothing in common. Actually, they have everything in ...
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Michael Vick, Money and the NFL: The Business Side of The Situation
Michael Vick is back on the field, (I wrote about this last week) but his problems are far from ...
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Black 'Lil Monkey' Dolls: A Very Bad Financial Move
I received a call from CNN today about a major corporate mistake. We talk about such marketing ...
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Financial Lovemaking 101: How The Wrong Marriage Can Destroy You
Many times, when I talk about portfolios, wealth and investing, I am talking about LOVE. Money is ...
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Dr Boyce Money: Wells Fargo's Bad Relationship With the Black Community
Wells Fargo was recently hit with another discrimination suit in the state of Illinois. This is ...
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Love Gone Bad: Scorned Women Krazy Glue Man's Genitals
OK, if you cheer when you read this story, then you need some serious help. If you squirm when you ...
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Dr. Boyce Money: Soulja Boy's Bad Financial Advice
In his video called 'Rich N*gga Sh*t' (I can't even write the title, because I don't want to ...
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Financial Lovemaking: Tiny, Toya, Weezy and TIP
OK, was I confused when I found out that Tiny and Toya (TI's "baby mama" and Lil Wayne's ex-wife, ...
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Dr Boyce Money: Is the NCAA Racist or Just Getting Rich?
In a letter written to NCAA president Myles Brand, Chairman Bill Thomas of the House Ways and Means ...
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Financial Lovemaking: Should You Marry a Professional Athlete?
Many of us remember the nearly $822,500 gambling debt and subsequent arrest of former NBA star ...
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Dr Boyce Money: What Do Black Female Entrepreneurs Go Through?
It's not easy to be an entrepreneur, but the rewards are high. Owning your own business can be one ...
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Dr Boyce Money: Why Consumer Confidence Actually Matters
Beyonce has a song about how she loves men with "big egos." This might imply that she likes men ...
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Dr Boyce: How Companies Make Money off Prisoners
Dr. Byron Price is a black scholar with a mission. His book, 'Merchandizing Prisoners' opens the ...
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Dr. Boyce Money: NCAA Finally Gets Sued
I've written extensively about the NCAA and what I perceive to be its consistent effort to exploit ...
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Dr Boyce and Free Talk Financial Advice on Power 105
In this conversation, Free from Power 105.1 in New York speaks with me about African Americans, ...
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Dr. Boyce and Michel Martin on NPR Discuss the Minimum Wage
In this interview, I speak with Michel Martin, host of "Tell Me More with Michel Martin," an NPR ...
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Dr Boyce Money: What Can Michael Vick Do Now?
Previously, I did a piece on Michael Vick and discussed ways in which Michael can get his ...
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Dr Boyce Money: Steve McNair's Missing Will
My heart was broken when I read about the murder of NFL great, Steve McNair. My heart went out to ...
KELIS WANTS ALL DA MONEY
just learned that R&B singer Kelis is claiming that she’s having a hard time making ends meet.
Remember how last month a judge ordered Nas to pay Kelis 55 thousand dollars a month in child and spousal support? Well apparently that’s not enough.
Because in a new court filing, We learned that Kelis is asking to have her support INCREASED … to 72,000 a month ... plus another 18,000 a month in child support!!!
here's the list of things that Kelis is asking for:
--child support totaling $17,225 a month
-- spousal support totaling $72,728
-- retroactive child support totaling $29,522
-- retroactive spousal support totaling $281,571
Thursday, August 20, 2009
DADDY’S GIRL IS MAKING HER OWN MONEY
Dressed in a chic American Apparel jumpsuit, Christian Dior pumps and an endless array of gold jewels, Vanessa Simmons' face glistens like the charms wrapped around her neck. Although the mini mogul celebrated her 26th birthday at the plush Su Casa in New York City, it's evident that she has more to celebrate than getting another year older.
The second season of 'Daddy's Girls'
will reveal the same glowing Vanessa as viewers get a first glimpse inside her and sister Angela's delicious empire known as Pastry, only to witness the evolution of their brain child as it expands to Macy's.
Viewers will also get the opportunity to watch the Simmons' sisters as they moRev. Runve into their new plush Hollywood home. But what viewers may find most intoxicating is "reserved" Vanessa's budding romance now made public.
In a candid interview, Vanessa revealed to BV Newswire details about her romance, the challenges of being a young entrepreneur, friendships lost and the inner strength she's found as a woman.
Is our Economy Turning Around?
by Dr. Boyce Watkins, Syracuse University
The economic downturn has hurt us all. Black unemployment has been nearly 70% higher than that for white Americans, and the blow is even greater for people of color, since there is less black wealth to fall back on during tough financial times. We must remember, however, that the global recession has literally led to starvation around the world, as there were many citizens who could barely buy food even during the good times.
The IMF's chief economist, Olivier Blanchard, says the global recession had "left deep scars, which will affect both supply and demand for many years to come." Blanchard also makes the additional point that economic models used to understand past recessions cannot be used to understand this one. When attempting to understand the cyclical nature of African American wealth, the models are even sketchier than they are for the rest of the world.
If you want to understand what happened to our economy, imagine you have a friend who appears to have the flu. The standard flu recovery time is going to be just a few days, so you expect to see them back at it within a week. They then go to the doctor, and it turns out that they have a sinus infection, extending the recovery period at least another week. But instead of coming back to work in 1 - 2 weeks, they are sick for an entire month. Well, this warrants another trip to the doctor, where you find out that the person actually has HIV. This changes the entire treatment strategy, since the short-term problems were nothing more than symptomatic triggers of serious long-term health issues. What's worse is that with or without serious intervention, the patient may never be completely healthy again.
News and Money: 4 Lies that Can get you fired
Lisa F. shares his pain, but from a managerial perspective. “I know when a woman lies about being sick, just by looking at her hands and toes.” For the senior level new media executive, the giveaway is newly polished nails. “You cannot imagine how many women come in after a sick day with a fresh manicure or pedicure,” she observes.
Every day individuals fib, lie and embellish their way through the work day, not realizing that there are repercussions. The consequences may not always be as severe as termination, but it can be a reduction in bonus, a permanent mark on your record or a poor score on your yearly review, not to mention the damage done to your reputation among fellow colleagues. What follows are 4 frequent fibs that every single should avoid in the workplace.
Pulling the Healthy Sick Card
If you call in sick when you’re feeling perfectly fine you better be smart about it. Taking off one too many hangover Fridays, or regularly turning the day before calendared holiday 3 day weekends into your personal 4 day long weekends, will no doubt cause suspicious minds. So come clean to your supervisor and ask that these be reported as vacation days, or try to schedule your healthy sick days on less conspicuous days during the week.
Wednesday, August 19, 2009
Dr Boyce: Love, Money and Merging Your Assets
Some people think that money and sex have nothing in common. Actually, they have everything in common. The act of merging your assets with another person's can be an exhilirating process leading to the high of a lifetime, or it can be a devastating and emotionally crippling experience.
In a series of articles, I plan to lay out some examples that explain what sex and money have in common. Follow along, so that you can avoid the mistakes that are made by milions of people every single year.
Sex and Money Comparison Number 1: You could actually get the job done by yourself if you wanted to
No one says that you have to merge your money or your body with another person's. There is a word we use to describe when someone takes care of his/her own physical needs, and I am not going to say it here. If you are not sure what the word is, then ask your mother, your boyfriend or your priest.
Just as you can take care of your physical needs yourself, the same is true of your financial needs. There's an old saying "I can be broke all by myself." Thus, the choice to merge finances with another human being is not a choice we have to make. Merging assets with another person is also not a decision that should be taken lightly. It's a decision you make only if you see potential benefits from the interaction.
Friday, August 14, 2009
Wells Fargo Accused of Predatory Lending….Again
Wells Fargo was recently hit with another discrimination suit in the state of Illinois.This is the second high profile lawsuit alleging that the company has engaged in predatory lending in black and Latino neighborhoods. The suit was filed by Illinois Attorney General Lisa Madigan and presents evidence that black and Latino customers were being guided toward higher cost loans even when they qualified for lower cost loans.
Obviously, these lawsuits are not good PR for a company that is one of the primary sponsors for Tavis Smiley's yearly State of the Black Union event.
"I'm talking of the worst of the worst bad loans that were sold in the run-up to the collapse of the housing market," the attorney general said in a press conference about the suit.
The attorney general should be commended for taking on this lawsuit. Just a few months ago, Wells Fargo was accused of engaging in similar practices in black neighborhoods in the city of Baltimore. Christopher Chestnut, a prominent attorney in the state of Florida who pursues racial bias cases, stated that, "The factual allegations plead in both Illinois and Maryland courts indicate a trend of predatory inequity in lending by Wells Fargo. The alleged behavior is alarming, depressing and unnecessary."
Saturday, August 8, 2009
Black Love: What Tiny and Toya Teach the Rest of America
by Dr. Boyce Watkins, Syracuse University
OK, was I confused when I found out that Tiny and Toya (TI's "baby mama" and Lil Wayne's ex-wife, respectively) were being given a reality show on BET? Yeah, I was a little surprised. If only I could find a way to become a high profile baby mama -- that seems to be the way to go. With my being a man, I guess that might be difficult to accomplish. All jokes aside, I watched this show with tremendous curiosity, as I think we can all learn from observing the thought patterns of those who live behind the scenes of our favorite celebs. Part of me feels sorry for both of these women, who seem to be desperately fighting their way out of the massive shadows being cast by the powerful men in their lives. Even the daughters of TI and Lil Weezy are trying to get their own reality show. Maybe they too are feeling the weight of their daddies' collective fame. Why don't we just give a reality show to the family dog? Now that would be hot!
Sunday, August 2, 2009
Dr Boyce explains the meaning of “consumer confidence”
Beyonce has a song about how she loves men with "big egos." This might imply that she likes men with confidence. Confidence matters a great deal in terms of male/female attraction, but believe it or not, it actually impacts our economy. Every month, the University of Michigan measures consumer confidence, to determine if Americans are willing to spend money and how they feel about their current and future economic security.
But you might ask, "Why would I care about confidence, since it's only psychological and imaginary?" Good question. Actually, confidence is a psychological phenomenon which leads to very real impacts on our choices and behavior. A confident man who asks out every girl he meets will probably have more mating opportunities than a good looking guy who doesn't open his mouth. A confident consumer is someone who feels good about his/her economic situation and therefore decides to spend money, which is always good for the economy. Confident companies make investments and hire new employees, but insecure companies put projects on hold and don't hire anyone. Confident banks make loans, but nervous banks hold onto their capital, thus slowing down economic growth for the nation.
Thursday, July 30, 2009
The Cause and Importance of the Deficit
When George Bush took office at the beginning of 2001, the federal government was running a substantial budget surplus and projected rising surpluses "as far as the eye could see." Now, the United States is facing massive current deficits -- as a share of the economy, the largest since World War II -- and an increasingly dire and unsustainable outlook over the next 10 years and beyond.
How did we get into this fiscal mess? To quote a character in Ernest Hemingway's classic novel, "The Sun Also Rises," when asked by another how he lost his wealth, "Two ways. Gradually and then suddenly."
The gradual part was a series of policy actions adopted during the Bush administration. In 2001, the Congressional Budget Office projected that the 2008 budget would show a surplus equal to 4.5% of gross domestic product. The actual 2008 budget ran a deficit of 3.2% of GDP. Almost all of the reversal was the result of policy changes -- tax cuts and spending increases.
Then, in 2009, the bottom fell out.
Saturday, July 25, 2009
Kelis Gets Paid Big-Time
Now last week I told you all about Nas not paying the $5,000 a month in child support to Kelis and that she was complaining that he only gave her a gift certificate for a few thousand dollars. Well now the baby is here and the entire situation has changed. Kelis has been awarded $55,000 a month in child support from Nas and in addition to this he must pay for the baby’s nurse, prenatal expenses, medical insurance and $35,000 to Kelis’ lawyer. DAMN who would of ever thought that Nas had bank like that??? I see him filing for bankruptcy some time in the near future.
Posted by LadyBaby at 6:05 PM 0 comments 
Labels: baby mama drama, black celebrity gossip, couples, Kelis, Nas
Wednesday, July 22, 2009
Free and Dr. Boyce Watkins Show You How to Make Financial Love
Dr. Boyce Watkins of Syracuse University speaks with Free on Power 105.1 about Financial Lovemaking. Click here to listen to the interview!
Sunday, July 12, 2009
Delores Jones: Does Bill Cosby Have as Much Personal Responsibility as we Think?
Recently, I listened to yet another radio debate about the manner in which Bill Cosby talked about the plight of some black people at least 5 years ago. Economically speaking, I too would be considered one of the working poor in the African American community mentioned, however, some of the words used to describe the behavior associated with this class of people did not fit me or others that I personally know. In fact, I am a highly, educated single mother with a master’s degree in social work. I also hold a bachelor’s of broadcast journalism from the University of Missouri School of Journalism in Columbia, arguably one of the finest J-Schools in the nation. I’ve been employed, unemployed, underemployed, upset, bewildered, disappointed, depressed and even disgusted.
Interestingly, none of the books I’ve read about “lower economic people” who are believed to be “failing the civil rights movement by not holding up their end of this deal,” invited me or others to the table to discuss individual situations or the people I encounter as a social worker who are simply trying to make this thing called life work the best way he or she knows how. Just because a school is open does not mean what is being taught is adequate. Just because there is a hosptial near by doesn’t mean I am welcome there or can afford to be seen there. In fact, recently I learned that I need a major operation but I don’t have insurance to cover the projected $20,000 cost. Did I mention, I work full-time?
To obtain Delores Jones for a speaking engagement, please contact us with the following information:
1800-934-7110
information@yourblackpublicity.com
Tuesday, June 30, 2009
Michael’s Kids and Their Financial Plan
"Stuntin like my daddy" was the first song on the album, "Like Father, Like Son," issued by Lil Wayne and Birdman in 2006. "Stuntin" is a hip hop term synonymous with "flossing," blinging," and "balling." It means that you've engaged in excessive spending to ensure that you have the finest of everything and are even willing to live at the edge of your means in order to present appropriate status symbols to the world. Anyone who follows hip hop knows that you should never take financial advice from a rapper. In light of the recent passing of their father, I sincerely hope that the children of Michael Jackson didn't hear the Lil Wayne song, since their daddy's financial "stuntin" before his death has left the children with a conflicted economic legacy.
On one hand, we shouldn't feel sorry for Michael Jackson's kids, at least not financially. Their father's amazing talent gives them a brand that is literally worth well over a billion dollars in future royalties and licensing fees. Michael Jackson may have died physically. But financially, he is still a viable and overwhelmingly powerful corporate entity.
Sunday, May 24, 2009
Do You Have Enough Life Insurance Coverage?
For more financial advice, visit www.DrBoyceMoney.com.
It may shock you to read this, but you are going to die. Young people don't seem to believe they are ever going to leave the earth and even old folks aren't ready to accept it. Many of us become sole providers for our families under the assumption that we are going to be around forever. Well, there comes a time when we must realize that if we get into our car and head out to work one morning, we may never come back.
What happens to those we leave behind? They are left to clean up the messes that we've left, and you probably know at least one person who has gone to a funeral and watched their daddy's dirty laundry pour itself out all over the front row. The funeral is a day of reckoning, from both a personal and financial standpoint. The point of death is when the Grim Reaper makes us reap what we have sewn throughout our lives.
How do you determine whether or not you have enough life insurance? Let me break it down for you.
Continue reading Do Your Children Have a Plan for your Death? You Might Want to Think Again
Thursday, May 7, 2009
Genma Holmes: The Power of Entrepreneurship
by Genma Holmes
When I am asked advice about to grow a business, I always reference my experiences at the Black Enterprise Entrepreneur Conference (BEEC). As I plan my business strategies at the beginning of the year, BEEC is always at the top of the must do list. Even when times have been lean, I have managed to find a way to attend the ONLY entrepreneurial conference that helps make me money.
For the last few years, I have been able to get my fellow brothers in the pest control industry to the conference as well. Each passing year, we have become more determined to work together on larger contracts and grow our companies together. What I have learned the most by attending the conferences is the power of collaborating and working together for the greater good. Being in an industry where there are few women in leadership roles and even fewer minorities as key influencers, it is even more evident to me the power of connecting with others who are visionaries and rain makers.
Friday, May 1, 2009
Can Wealthy Guys Cheat More than Regular Guys?
Are wealthy men allowed to cheat and get away with it? Dr. Boyce and Tia analyze this in the latest episode of Financial Lovemaking. Dr Boyce explains the winner’s curse and how some women may think they are getting the prize, when they’ve really gotten a disappointment.
Click the image to listen!
Wednesday, April 22, 2009
Does Mel Gibson’s Wife Deserve Half a Billion?
In this episode of Financial Lovemaking, Dr. Boyce and S. Tia Brown discuss Mel Gibson’s Half billion dollar divorce. Click the image to watch!
Thursday, April 16, 2009
Black Money: Ryan Mack, CEO
Dear Mr. Simmons:
My name is Ryan Mack and I have followed your career for most of my life. I have been a long-time admirer of your work, a tremendous fan, and believe that millions are inspired by the paths that you have created in the field of Hip-Hop. More importantly, as an advocate for financial literacy myself, I believe that the work that you have been doing through the Hip-Hop Summit Action Network as it relates to financial literacy has been second to none. However, I must admit to being somewhat disappointed with your recent pre-paid debit card venture - the "Rushcard."
The pre-paid debit card industry has always been an industry that is built upon a lack of knowledge within the community. It is an industry based upon the legal phrase which demonstrates that "false imprisonment is an intentional tort." In other words, if I put someone in a room and do not lock the door but tell them that the door is locked, they will remain in the room because they believe the door is locked. As a result of my action, I have committed a punishable crime. I view pre-paid debit cards in the same light. Those who know the strategies to empower the community have a moral obligation to those, who may not be as knowledgeable, to fully inform them. There are other more efficient means to empower those in our communities than pre-paid debit cards and other financially destructive establishments such as check cashing facilities. The typical bank offers free debit cards that if used properly do not have any fees affiliated with them and can be used for the same purpose as the pre-paid debit cards.
If we compare the fees affiliated with the Rushcard compared to the typical bank offered debit card, we can clearly see the advantage of the cards offered by the banking institutions.
Rushcard vs. Typical Bank Card
Activation Fee: Rushcard = $19.95 Typical Bank Card = Free
Convenience Fee: Rushcard = $1.00 Typical Bank Card = Free
ATM Cash Withdrawal: Rushcard = $1.95 Typical Bank Card = Free (At Branch)
ATM Balance Inquiry: Rushcard = $.50 Typical Bank Card = Free
Bill Payment: Rushcard = $1.00 Typical Bank Card = Free
Inactivity: Rushcard = $2.95 Typical Bank Card = Free
Refund of Rushcard/Bank Card via Check: Rushcard = $5.00 Typical Bank Card = Free
Wednesday, April 15, 2009
Is He Missing the Point? Fed Chairman Bernanke Says Blacks Lack Financial Literacy
American minorities need to "strengthen their financial literacy," Fed Chairman Ben Bernanke told students and faculty at Atlanta's historically black Morehouse College in Atlanta today.
On a day when President Obama delivered an Economic Crisis 101 lecture to students and faculty at Georgetown University, Bernanke was doing the same thing in Atlanta.
During an expansive Q-and-A session with Morehouse students after his speech, Bernanke was asked about the household wealth gap between whites and blacks in America.
"It’s absolutely right the difference between minority and white wealth is very significant, and part of that is related to income levels where whites have a higher average income," Bernanke said. "But even if you control for income level, you find minorities have gathered less wealth."
Is the Rushcard a Helpful Service or Predatory Lending?
Dr. Boyce Watkins, one of the world’s leading Financial experts and Black Social commentators, spoke with BBC World news about the RushCard, which has been heavily adopted in Black communities.
Watkins wrote this commentary about the Rushcard and you can click the image below to listen in on the interview. Dr. Boyce Watkins is a Finance Professor at Syracuse University and Financial Writer for America Online. He asks whether or not Russell Simmons is a pimp or if he is helping the Black community.
Tia Brown Breaks Down Respect in the Workplace
This week I look at issues of respect from both co-workers and your nearest and dearest.
I am 28-years-old and work in an office full of 45-56 year-old women. My issue is how to talk to them when they say things I do not like without being disrespectful. - Young & Angry In The Office
Dear Young & Angry In The Office,
I’m a firm believer of showing deference to elders, however the office isn’t the place to act out societal roles— you’re there to do your job. I firmly believe that the only way to get respect is to demand it. Some people have that certain thing about them that ensures people, whether they’re older or younger, never test them. Other people have to go get it. So how do you command respect? First, you always make sure that you’re on top of your game, for the work environment that means being efficient, punctual and dependable. Second, you have to speak up for yourself and address every infraction in a stern, tactful, professional way. That may mean giving a soliloquy about respect (such as, “we’re all on equal footing here, I give respect and I expect it,”) or taking people aside an individual when they say something that you deem is inappropriate. Only you can determine which approach will work best. Overall you want to make sure that you leave personal roles at home, these ladies are not your aunties, and they’re your co-workers –who likely take issue with working with someone 20 years their junior – so treat them as such.
My fiancé and I are planning a big, lavish, wedding and we have restricted our families to only inviting a certain number of people, so as not to exceed my parent’s budget. My fiancé’s family is insisting on inviting many more people than they are allotted and it has caused the price of the reception to soar. Do you think that I should demand that his family pay for some of the reception, or at least the head count of the additional people that they are inviting, or does that break some etiquette rules? – Breaking the Bank for the Big Day
Dear Breaking the Bank for the Big Day,
Etiquette was out of the door once your future in-laws stepped on your toes and didn’t respect your parents’ budget. Since they —like many others—love to plan with other people’s money I would like to tell you to just make them pay for their extra guests, but that could potentially cause long-term strife with your hubby-to-be. Consequently, you need to speak with him first and make sure you’re on the same page about the finances and the numbers. If both families were given an equal amount of guests then it is up to him to make sure that he stands firm by your side when you speak with his family. During the conversation make sure to reiterate that the day is you and your fiancé’s, but you understand why it is to the family, but your parents – who are paying – have given you a budget and it is disrespectful to expect them to pay any excess. Let them know the precise number of people that they are allowed to invite and that any extra guests must be pre-paid for by specific date if they are to be seated. You can also opt to include your parents in on the meeting. I doubt that your future in-laws will speak recklessly or be callous about spending your parents’ money in their faces. With that said…standing firm is only possible if you are financially independent of your in laws. You don’t want to play hardball with someone who’s helping to pay your rent/mortgage or watching your kids for free. So make sure that you’re in a position where you can’t be penalized for standing up for yourself – and your parents – or you may end up paying a bigger price later.
Tuesday, April 14, 2009
Your Black Money: Why Financial Predators Usually Have Black Prey
Why Financial Predators Usually Have Black Prey
By Dr. Boyce Watkins
www.DrBoyceMoney.com
I talked to my good friend Ryan Mack, CEO of Optimum Capital Management, the other day. Ryan wrote an interesting piece about The Rushcard, a new prepaid debit card offered in a partnership between Russell Simmons and Unifund, a company that typically makes its money from bad debt collection. I read the piece curiously, as I have been learning how the Rushcard works, why it exists and who might benefit from the service. On the flip side, there is the larger concern that someone might be taking advantage of those who have the least access to capital, largely African Americans in poor communities.
The Rushcard is a prepaid banking card with no credit check that allows consumers to deposit their paychecks onto the card, as well as make purchases and withdrawals as if the card were a regular Visa. Russell (a self-proclaimed “philanthropist”, a title likely used to pre-empt any accusations of fraud or exploitation) also argues that the card helps marginalized Americans to seek out the American dream.
I didn’t know that the American dream was to hold a piece of plastic. Credit cards have created an infinite number of American nightmares as they tend to breed excessive consumption. But one can certainly argue that this card deals with one serious problem in the Black community: a lack of access to capital and banking services. Many people in urban America can’t get bank accounts. Many more have bad credit, can’t get rental cars or find themselves leaning toward check cashing services to liquidate their paychecks. Russell, “the philanthropist” has apparently taken it upon himself to solve this problem.
I can say, as a Finance Professor, that the Rushcard would likely not make money if it were not filling a critical need. The problem, however, is that those who “help” individuals in need may end up abusing their power. One can argue that a pimp is “helping” a young homeless girl by giving her a place to live. A loan shark can say that he is “helping” a family get the money they need by lending the funds at exorbitant interest rates. A man who sells water for $10 a sip is “helping” a man in the desert get what he needs to survive. So, there is a thin line between “helping” someone vs. exploiting a given need or weakness.
I became quite concerned when I saw the long list of complaints from those using the Rushcard. Those who wrote the comments I saw on a blog about the Rushcard seemed to have serious problems with the customer care behind the card. In his article, Ryan does an interesting comparison between the fees of the Rushcard vs. those of a typical Bank card:
Rushcard vs. Typical Bank Card
Activation Fee: Rushcard = $19.95 Typical Bank Card = Free
Convenience Fee: Rushcard = $1.00 Typical Bank Card = Free
ATM Cash Withdrawal: Rushcard = $1.95 Typical Bank Card = Free (At Branch)
ATM Balance Inquiry: Rushcard = $.50 Typical Bank Card = Free
Bill Payment: Rushcard = $1.00 Typical Bank Card = Free
Inactivity: Rushcard = $2.95 Typical Bank Card = Free
Refund of Rushcard/Bank Card via Check: Rushcard = $5.00 Typical Bank Card = Free
So, if these numbers are any indication, it appears that the Rushcard is not a very good investment. Most reviews that I’ve seen recommend against using the card, since it appears that users are paying a premium for the Baby Phat design on the front. What’s more disturbing about the Rushcard is that Russell does not seem to be nearly as determined to fulfill his role as a “philanthropist” when it comes to helping African Americans overcome the underlying cause of the very problems he claims to be fixing. As Ryan explained it, “It’s like telling someone with a cavity that they should chew with the other side of their mouth.” The Rushcard offers few options to help people repair their credit, and I have personally found most of Russell’s financial literacy initiatives to be quite limited in impact.
While we cannot blame Russell Simmons and others for profiting from the lack of financial literacy and access to capital in the Black community, there are things we can do to encourage Russell to do the right thing. First, the Obama administration can and should implement programs to help those with poor credit obtain bank accounts. Every American should have access to a bank account, and services such as direct deposit should not be a luxury. Secondly, the Banking industry should stop passing over profitable investment opportunities in the Black community. Perhaps if Russell had more competition, his fees might go down. Third, there is no greater cure for money problems than good old fashioned financial literacy. Most victims of financial exploitation are not even aware that the exploitation is taking place. Financial literacy should be taught in every public high school in America, since it might actually be the one class that students actually use.
Russell Simmons is not necessarily a philanthropist, but he is not the devil. He is merely a symbol of a larger problem. The problem requires long-term solutions, and a high cost piece of plastic is certainly not one of them.
Dr. Boyce Watkins is a Finance Professor at Syracuse University. He makes regular appearances in national media, including CNN, BET, ESPN, and CBS. For more information, please visit www.BoyceWatkins.com.
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