Monday, December 21, 2009

Dr. Boyce Money – The Latest – 12/21/09

 

 

Dr. Boyce Money

Thursday, December 3, 2009

Tiger Woods Divorce might cost him a lot of Money

Tiger Woods and his financially costly divorce - what's he going to have to pay?

Sunday, November 29, 2009

Why Are Black People Not Getting Married?

Are the men or the women to blame for the reason that black people are not getting married?

Dr. Boyce: How Does Prosperity Gospel Work Anyway?

by Dr. Boyce Watkins, Syracuse University 

Nearly every African American knows just how important the black church is to our community. We also know about "prosperity gospel," the act of preaching about God within the context of wealth building. I admit that this form of faith is a bit odd to me. I am a Finance Professor and I become confused when my pastor talks about money more than I do. The saddest truth is that it's hard to tell the difference between a pastor and a pimp: Most pastors aren't pimps, but any pimp could be a pastor. The same skill set is required in both professions.


My father is a preacher, but he almost never preaches about money. I've never heard him asking for money on the pulpit, or mentioning that giving money to him is one of the keys to gaining access to heaven. But I don't presume that my father is right about all things, and given that I write about money on a regular basis, I have gained an appreciation for what financial resources can do to enhance your life. Also, one must be aware of the pragmatic realities of running a church: You have the building fund, bills to pay every month and any community service initiatives that the church chooses to pursue. The proper use of money can certainly enhance your ability to do God's work.

 

Click to read.

Friday, November 20, 2009

Keeping the Cost of Your Funeral Low

by Dr. Boyce Watkins, Syracuse University 

Funerals are never fun. They are emotionally draining and you are forced to endure the shock of knowing that your loved one will never be back in your life. In addition to the emotional devastation, you have to deal with the financial burdens of paying for someone to be buried. We all know that funerals are not free or cheap, and the last place you want to be cheap is when it comes to burying the person you love.
But there are ways you can keep the cost down. They say you can't take the money with you, but someone who doesn't plan for their death may be taking their relatives' money with them to the grave. Here are some ways that you can bury on a budget: giving relatives dignity without creating financial hardship.


There is a funeral cost calculator on FuneralswithLove.com that helps you to figure out how much your funeral might cost and whether or not you're going to be able to pay for it. Effectively, the cost estimator first determines your total resources from prepaid expenses, personal savings/investments, and death benefits. Once you know what is available to you, you have to determine how much you want to spend. Some of us want to go out in style and some of us figure that since we're dead, our relatives should be the ones having all the fun.

click to read.

Friday, November 6, 2009

How Your Family Can Manage the High Cost of Health Care

Get health care tips from Dr. Elaina George - how is your family going to afford it?

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."

Click to read.

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.

Click to read.

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."

 

Click to read.

Visit Your Black World for Black News!

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.

Click to read more.

Visit Your Black World for Black News!

Sunday, October 4, 2009

Get Sponsored!—Identifying the One Person Who Can Change Your Career Overnight

by Fenorris Pearson 

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.

Click to read more.

Tuesday, September 29, 2009

Black Scholar Comments on pending sale of Ebony Magazine

Dr. Deborah Stroman

 

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

Can Ebony Magazine survive in the digital age?

 

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:

Click to read.

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

Your Black World 

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.

Click to read more.

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. 

read more click here

Friday, August 21, 2009

Dr Boyce Money – the latest on AOL – 8/21/09

KELIS WANTS ALL DA MONEY

kelis and nas

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

vanessabrides

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.

read more click here

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.

Click to read.

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.

Click to read.

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.

Click to read more.

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."

Click to read.

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!

Click to read.

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.

Click to read.