African American Unemployment Rises 700% More Than White

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

This weekend, I was on the radio with Rev. Jesse Jackson. He'd just completed a march in Detroit, for jobs, peace and justice, only to find that his SUV was stolen upon arrival. But when I asked him if he was OK, his response was quite telling of the leader that he is: He simply said that the car doesn't matter at all when there are so many people suffering across America.
Well, the nation-wide suffering for African Americans has just intensified with the recent unemployment data delivered by the Bureau of Labor Statistics. It's most recent report showed that while white unemployment only went up from 8.6 percent to 8.7 percent, black unemployment went up from 15.6 percent to 16.3 percent. This increase of seven percent is at a rate that is 700 percent of the increase of white Americans.

 

Click to read.

Kodak Pays $21 M for discrimination

• Kodak Set to Pay $21.4 Million in Racial Discrimination Lawsuit

  6:40 PMSep 4

  Source: BV on Money

  I'm not sure if the company's executives would consider this to be a Kodak moment, but it's certainly a moment in racial history. Kodak, the large film company based out of Rochester, New York, just had a racial discrimination suit settled for the ... Read More

• Regina King to the Emmys: Racist as Ever

  6:00 AMSep 4

  Source: Blackvoices Main

  From The Huffington Post: Since the Emmy ceremony, I have been going back and forth about whether or not I should compose this letter. I try hard in my daily life not to engage in uncomfortable situations regarding race. But sometimes it's very ... Read More

• Tom Joyner Helps HBCUs to Start Online Programs

  12:35 AMSep 4

  Source: BV on Money

  Radio show host Tom Joyner has decided to start making investments in the educational arena. Joyner has announced that he will help found a company designed to support Historically Black Colleges and Universities (HBCUs) in their quest to create ... Read More

• Sean Bell's Fiancee May Run for City Council

  8:26 PMSep 3

  Source: BV Black Spin

  Nicole Paultre-Bell, the young woman who lost her unarmed, would-be husband Sean Bell on the day before their nuptials nearly four years ago in an out-of-control hail of police bullets, is mulling over possibly running for the position of Queens City ... Read More

When You Die, Who’s Responsible For Your Debts?

by Dr. Boyce Watkins, Syracuse University 

 

You are going to live forever.  Death is beneath you.  Those who depend on you financially will always be able to rely on your immortality as a guaranteed source of financial security.  I hope you don’t think I’m lying, being sarcastic or sounding flat out silly. Perhaps you do.

Ok yes, I was being silly.  But the reality is that most of us are equally ridiculous when it comes to our perception of death and how our sudden passing could financially ruin those who care about us.   Death doesn’t care how many appointments you have, how many projects you’re working on, or how many plans you have for the future.  It just takes you, and it’s always at the least convenient time.  That’s the nature of the Grim Reaper, who might not be nearly as malicious as the bill collectors seeking to get their money back after you’re gone.  
While comprehensive financial planning is beyond the scope of this article, I can share a few tips on dealing with debt in the event of your death.  This information could help you when dealing with a deceased relative, and it should also be shared with your relatives in case you pass on unexpectedly. 

 

Click to read.

Bad Financial Decisions of Fantasia

by Dr. Boyce Watkins, Syracuse University, Scholarship in Action 

One of the most magnificent voices in all of music is owned by Fantasia Barrino, the singer out of North Carolina. Most of us know that Fantasia attempted suicide recently. Of course the suicide attempt led to instant national media attention, and she was all over the news telling her story. Her management team, understanding the value the incident could have for her brand, pushed out the Vh-1 special before you could say the words "publicity stunt."
Now, I'm not here to say that I know what happened to Fantasia or whether the suicide attempt was genuine. But one thing that remains fundamentally true is that she'd been highly upset over the decline of her career. Also, we know that the television specials and additional PR from the incident have put Fantasia in the limelight in a way that far exceeds what she had access to last month. The final thing we know is that Fantasia is working furiously in the studio to get an album out in order to profit from the re-establishment of her celebrity status. Unfortunately, her team may be looking to replicate the experience of Jennifer Hudson after her difficult experience last year.

Click to read.

Boyce Watkins on ABC News - Love and Money Questions to ask Your Partner

by Dr. Boyce Watkins, Finance Professor - Syracuse University

As a Finance Professor, I find it incredibly ironic that many people get married without talking about money. They talk about every kind of compatibility from emotional, to spiritual, sexual, and professional, but they seldom take the time necessary to ensure that they can tolerate the idea of sharing their financial life with a person who may not be on the same page. This problem is compounded in black relationships, where many women describe economic hurdles as one of the reasons that black women have trouble finding the right mate.

 

Click to read more

Dr. Boyce on Money: Checking Your Financial Security

by Dr Boyce Watkins, Syracuse University, Your Black World

I'd like to ask you a quick question that I ask my students here at Syracuse University. It is also a question I had to honestly ask myself when I thought I was on top of the world after spending 12 years going through college and graduate school to earn a PhD in Finance (which was unbelievably difficult). The question is this: Do you have financial security? If you don't have financial security, do you at least have job security? If you believe your job is secure, then how many jobs do you have?
If you are like most Americans, you probably have just one job. I am not here to tell you that this is wrong. But, I am here to tell you that you might want to rethink what it means to be economically secure.
At worst, economic security is not provided by just having a high income. In fact, in some ways, having a high income can make you less secure, since you are more likely to have higher monthly expenses. To some extent, having a high income from just one job can fool you into believing that you are financially secure, when the truth is that you might be one paycheck away from economic disaster.

Click to read.

 

 

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The Economic Policy Institute – 2/16/10

 

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News: Homeowners Walking Away from Mortgages

updated 12:25 a.m. ET, Wed., Feb. 3, 2010

In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.

“People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”

After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration’s loan modification plan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.

Click to read.

Study Finds Financial Benefits to Marriage

Historically, marriage was the surest route to financial security for women. Nowadays it's men who are increasingly getting the biggest economic boost from tying the knot, according to a new analysis of census data.

The changes, summarized in a Pew Research Center report being released Tuesday, reflect the proliferation of working wives over the past 40 years — a period in which American women outpaced men in both education and earningsgrowth. A larger share of today's men, compared with their 1970 counterparts, are married to women whose education and income exceed their own, and a larger share of women are married to men with less education and income.

"From an economic perspective, these trends have contributed to a gender role reversal in the gains from marriage," wrote the report's authors, Richard Fry and D'Vera Cohn.

 

Click to read.

Financial News: Jobs Come and then Go

By Chris Isidore, senior writerJanuary 8, 2010: 11:31 AM ET

NEW YORK (CNNMoney.com) -- Employers once again slashed a substantial number jobs off their payrolls in December, according to adisappointing report from the government Friday. But there was a small glimmer of hope as well.

The payroll number for November was revised to a net gain of 4,000 jobs. That's the first increase in jobs in nearly two years. The government had previously indicated that 11,000 jobs were lost in November.

Click to read.

Dr. Towanna Freeman: How do you find a way to be happy?

The following is an excerpt from the book, “The Millionaire Mentor” by Towanna Freeman (click her name to buy the book) Happiness is a Choice You Make

If you are not a happy person that is a choice you are making. You have full control over your life and the decisions that you make. There are many factors which people measure happiness. Some people think money is happiness however they may absolutely miserable with what they do on a daily basis to make their money.

You might look at people who have absolutely everything and you strive to be like them. These things may be wealth, possessions, status, or even the position you hold at work. These things don’t create happiness. Happiness is a choice.

There are many people who have wealth and a high status who are completely miserable. They may be lonely, divorced and more. Happiness comes from within. These people may be working jobs they absolutely hate but just have a knack for making money.

Happiness is Subjective

There are things in life that can make you happy that are subjective. They are subjective because happiness comes differently for everyone.

You might find joy and happiness seeking thrills through rides like roller coasters and bungee jumping. This thrill may be more than torture for someone with a fear of heights who would never step foot on a roller coaster or ever be brave enough to jump from a bridge suspended by a bungee cord.

Everyone seeks happiness in their own way. What makes you happy is a natural high that you deserve to seek. There is nothing wrong with the things that you find joy in. You may be told you are crazy but that is because of the subjectivity.

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

 

 

Dr. Boyce Money

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  How a Happy Meal Can Cost You Half a Million Dollars

  Many of us don't spend much time thinking about retirement planning. We figure that it's something ...

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  Sinbad: Comedian Files for Bankruptcy After Going Broke

  It turns out that Sinbad is broke. The comedian declared bankruptcy on December 11th of this year, ...

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  Man Gambles Away $127 Million Dollars - Dr. Boyce Money

  Terrance Watanabe has a serious problem. The 52-year old man went into Harrah's casino, got drunk ...

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  Gatorade Drops Tiger Woods Drink: Dr. Boyce Money

  Gatorade has dropped Tiger Woods, well, at least they dropped his drink. The new Gatorade drink, ...

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  Prosperity Gospel and the Black Church: Legitimate or Not?

  Nearly every African American knows just how important the black church is to our community. We ...

  Read More

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  Inner City Schools: Funding Should be Equal Across the Board

  The following is an excerpt from the book, "Black American Money." I saw some random "expert" on a ...

  Read More

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.

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.

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.

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

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.

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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.

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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.

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:

Click to read.

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