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.

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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.

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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.

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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."

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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!

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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.

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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.

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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

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!

Delores Jones: Does Bill Cosby Have as Much Personal Responsibility as we Think?

by Delores Jones

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?

 

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To obtain Delores Jones for a speaking engagement, please contact us with the following information:

1800-934-7110

information@yourblackpublicity.com

Michael’s Kids and Their Financial Plan

by Dr Boyce Watkins

"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.

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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

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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.

 

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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!

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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!

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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

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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."

 

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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.

Technorati Tags: black money,black wealth,african american money,african american wealth,the rushcard,russell simmons,black news headlines,african american news,black scholars,african american scholars

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.

Technorati Tags: s. tia brown,black advice,black columnists,black women,african american women

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.

Technorati Tags: black money,black wealth,black financial experts

Black Scholar Speaks on Predatory Lending

by Charles Lewis Nier III

Responding to a controversy regarding incendiary remarks that surfaced in the media from his former pastor, Reverend Jeremiah A. Wright Jr., United States Senator and Democratic presidential candidate Barack Obama came to the City of Philadelphia to deliver a major address on the issue of race in the United States. In a remarkable and widely-praised speech delivered on March 18, 2008, Senator Obama grounded his examination of the "complexities of race" on an analysis of the historical legacy of discrimination faced by African Americans. After invoking the words of William Faulkner for the proposition that "'The past isn't' dead and buried. In fact, it isn't even past,"' he proceeded to explain that "... many of the disparities that exist in the African American community today can be directly traced to inequalities passed on from earlier generation that suffered under the brutal legacy of slavery and Jim Crow." He proceeded to elaborate on some of the specific historical reasons behind racial inequalities, explaining:

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Black Celeb News: Beyonce and Jay-Z made $80Mill Apiece last year

It’s no secret that most celebs can’t complain when it comes to their salaries — but how much do they actually make? According to Parade, quite a range in 2008 — from $1 to billions.

Jennifer Aniston reportedly earned $27 million on the strength of films such as “Marley & Me,” and funnyman Will Ferrell made $31 million. Actor/director Tyler Perry, the force behind the “Madea” movies, brought home $125 million, while “Grey’s Anatomy” star Patrick Dempsey made a McDreamy $3.5 million.

In the music world, Beyonce scored $80 million thanks to her latest album, “I Am… Sasha Fierce” and a budding film career, and husband Jay-Z did even better with $82 million. Country cutie Taylor Swift — the top-selling musician of 2008 — made $5.5 million. Resurgent pop princess Britney Spears wasn’t far behind, making $2.25 million.

 

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Black Mothers and Money: How Much Does It cost to Have a Baby Anyway?

By: Sarah Horner
April 8, 2009
An article from MSNBC.com entitled, "Budgeting for Baby: What does it really cost?" outlines exactly how much having and raising a child will cost you.
"If you've never been a budgeter, now's the time for a financial reckoning. Experts recommend that parents-to-be and new parents dedicate themselves to whittling down their credit-card debt (ideally — and here's some tough love — to zero), while at the same time, building an emergencies-only savings account of six to nine months' worth of expenses. Do whatever it takes to meet this goal: Spend on a cash-only basis and write down every expense — or use a free online spending tracker like Quicken.Intuit.com or Wesabe.com — so you have a visceral idea of where your money goes. And be prepared to sacrifice. "If you want to prioritize the expense of a child, well, you may not need as many minutes on your cell phone and you may not need as many meals in a restaurant," says Chatzky. "And by the way, you're not going to be going to restaurants much once you have a child, anyway!""
To read the entire article, Click here

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Celebrities Sinbad and Dionne Warwick Find Trouble with the Tax Man

California's budget deficit would shrink by nearly $5 million if singer Dionne Warwick and comedian Sinbad Adkins would pay their taxes.

They are among the state's biggest tax scofflaws, according to a report issued Thursday by the Franchise Tax Board.

Sinbad owes $2.5 million in personal income tax while Warwick owes $2.2 million, putting them in the top 10 of the state's 250 worst tax debtors.

 

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Genma Holmes Speaks on the Urgency of NOW

by Genma Holmes, YourBlackWorld.com

Last month, $2.7 million in federal stimulus money was awarded to the Nashville Career Advancement Center. Partnering with Meharry Medical College and the Oasis Center, 600 jobs created for teens needed to be filled through the grant. A sign up sheet was passed around at the Oasis Center board meeting asking for volunteers. This sounded like such a unique event that I could not help but put my name down.

I imagined all the possibilities and the huge difference this venture would make in the lives of so many teens. An idle mind is the playground for the devil; I can hear my grandfather muttering. Daddy kept folks busy by wearing us out down with work. This was his quick fix for the long hot days of summer and it kept us out of trouble.

With Daddy's words in my head, I volunteered not knowing what to expect. Information about the job fair was sent to schools and the media, but we had no way of knowing how many teens would attend. We are going to be ready for the unexpected I was told by our fierce leader, Hal Cato. I sensed from his tone, he had the weight of the world on his shoulders. The forecast was uncertain for the weekend and a first time job fair for teens had no room for the unknown.
Upon my arrival at Youth Opportunity Center @ 8:15am, I found the command center tent packed with teens. They came early and I sent up a prayer for the volunteers to get here soon. The job fair was scheduled from 10:00-3:00. By 9:00am, young people were everywhere. They were hungry for jobs. I looked outside and my heart skipped a beat and swelled with joy. As far as the eyes could see, folks were in line to snap up the ultimate teen prize, a summer job. It looked like an American Idol audition with kids from ages 14-19 wrapped around the building. How many jobs do we have, I questioned myself and everyone around me? After taking a second and third look outside, I wondered if we were "Jack" and the fast growing lines were going to become gigantic beanstalks.
Some of the vendors that participated at the unprecedented event were: Publix's, the Frist Center, BCN, Goodwill, Youth United, Metro Health Department, Hands on Nashville. Applications from Foot Locker, the Gap, Hobby Lobby, Aeropostle, Subway, Hibbet Sports, Sports Authority, Arby's, Shoe Carnival and a host of others were available for the teens to fill out and turn in. We even had a room filled with computers for writing resumes and several volunteers to assist. No details to finding a summer job were overlooked.

 

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Your Black Politics: Most of Obama’s Team Consists of Millionaires

When President Barack Obama moved into the White House earlier this year, he took several of his fellow Chicago millionaires with him.
Newly released disclosure reports show virtually all of the top Chicagoans serving in the West Wing had assets valued at a million dollars or more at the end of 2008.
In several cases, the reports provide the first detailed look at the finances of some of the president's top aides and friends from Chicago who have risen with him. They also show the salary haircut many have taken to be in the White House, at least until they return to the private sector.
Some of the wealth can be attributed to the fact that the top staff members surrounding Obama — such as Chicagoans Rahm Emanuel, David Axelrod and Valerie Jarrett — are from a big city where salaries tend to be higher. Many of the comparable senior staffers with the previous two presidents came from Austin, Texas, and Little Rock, Ark., where salaries for top professionals tend to be the lower than in Chicago.

 

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Black Money News: More Help for the Unemployed On Its Way

For millions of jobless people dependent on unemployment benefits, the wait for help may be getting shorter.

After computer system crashes and overwhelmed phone lines at state unemployment offices inundated with record claims, federal funds are starting to ease the jam, says Richard Hobbie of the National Association of State Workforce Agencies. The $500 million from the economic stimulus package President Obama signed Feb. 17 began flowing into state coffers in mid-March.

The aid is separate from the package's $7 billion for enhanced employment benefits, which some Republican governors, including those of South Carolina, Louisiana, Texas, Alaska and Mississippi, have rejected because they say it would lead to higher business taxes when the federal funds end. The administrative funds are meant to improve claims processing and help the jobless find work.

"Now it's a matter of getting the money and spending it on the right things," Hobbie says. He predicts those filing for unemployment benefits "will see more reliable and faster service and more help at finding a new job."

 

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Genma Holmes: Michelle Obama Gets Attacked by Jealous Designers

The fashion world is in a quite tizzy over Michelle Obama's decision to not wear well known designers duds. Bearing claws and fangs, designers are ripping her selections worn last week to shreds with their commentary. "How dare the First Lady of the United States wear American designers’ clothes and American brands made right here in the United States," they are crying loudly. Who does she think she is buying brands that regular folks can pronounce and giving younger designers credibility that would have taken decades to achieve? These questions were being asked online, on talk shows and cable news by designers. Mrs. O has lost her mind , according to the fashion industry experts, because she wears sensible, stylish, chic and affordable clothes that everyday American women have fallen in love with in spite of the media’s criticism.
Designer show rooms are bare and showing signs of an economy in despair. The recession has not only hit Wall Street and Main Street, but 57th Street as well. The fashion district is hurting and designers are taking their frustrations out on Mrs. O and the political pundits are reporting their pain.
But much to the pundits surprise and dismay, Mrs. O has become an enduring figure in last the few months. She has admiring fans crashing J Crew's website daily and giving the world a taste of Nashville by wearing rhinestones before noon. And her shameless display of her fit arms have many pundits joining the NRA in protest. I keep asking why has her fashion style created so much discord among designers and political pundits. When political pundits take up the case for fashion designers and turn their critical lens on Mrs. O's apparel nightly, you know it is a slow news day.

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LadyBaby Celebrity Scoop: Latifah’s Stylist is a Bit Peeved

Seems that Queen Latifah's make-up artist and stylist are not to happy with her right now because they sure are suing her ass. Cosmetologist Roxanna Floyd and stylist Susan Moses are claiming that Latifah owes them $1 million for their work on her CoverGirl ad campaign and her “Curvations” line of intimate apparel. I wonder if she used the money she owed them for her birthday party that she had yesterday???
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Posted By LadyBaby to Your Black Gossip at 3/31/2009 03:58:00 PM

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Genma Holmes: Roland Martin’s Interview with Ben Jealous

Roland Martin, political correspondent for CNN and The Tom Joyner Morning Show, interviewed NAACP's CEO Ben Jealous about the law suit against Wells Fargo and several other banks for institutionalized racism. Mr. Jealous addressed the records that banks must make public about their lending ratios. Jealous stated that many of the blacks applicants were put in subprime loans that actually qualified for conventional loans. Jealous also stated that African American were target specifically for this type of discriminatory practices.

I read the lawsuit several times prior to my posting several weeks ago but I thought it would be interesting to pull out several key points of the lawsuit to further expand on my original post.
The suit states:

5. Wells Faro Bank, N.A. and Wells Fargo Home Mortgage, Inc target the African American community by capitalizing on their relative lack of experience in dealing with banking institutions and mortgage loans. Upon information and belief, Wells Fargo Bank, N.A. and Wells Fargo Home Mortgage, Inc. are aware of the African American Community's susceptibility to predatory lending practices, but nonetheless engage in policies and procedures that they know will result in African Americans being steered toward less favorable loans.
6. Indeed, in 2006, the Center for Responsible Lending, a non-profit research organization, found that even when income and credit risk were accounted for, African American were still 31% to 34% more likely to receive higher rate subprime loans, and that the disparities between them and Caucasians with the same risk factors were "large and statistically significant."

These particular points intrigued me more so than others in light of recent charge to hold folks Accountable by Tavis Smiley. Again this is not a personal attack of Tavis, only a charge to him to do his research and get back to the community that he often admonishes to educate ourselves on the issues, to know all the facts, and to dig deeper in our pursuit of being empowered.
Section 11. states The NAACP brings this class action lawsuit seeking declaratory and injuctive relief based upon the Fair Housing Act, Equal Credit Opportunity Act, and the Civil Rights Act.

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Genma Holmes: Tavis Smiley Must Be Held Accountable Also

by Genma Holmes

While I was reading the lawsuit filed by the NAACP for predatory lending practices, my eyes kept returning to Wells Fargo. My something-smells-funny nose kept sniffing until I looked across my desk and saw the program guide from the recent State of the Black Union (SOTBU). In large font was the Wells Fargo logo, titlesponsor of the event. I wondered if the NAACP had any dialogue with Tavis Smiley prior to the lawsuit being filed. The bank that is being sued for institutionalized racism sponsors a think tank for black folks. (You cannot make this stuff up.)
Wells Fargo has sponsored the SOTBU for several years. SOTBU was the brainchild of Tavis Smiley and birthed from his weekly commentary on the Tom Joyer Morning Show. Tavis Smiley quit the TJMS in April of last year and moved on to other projects that needed more of his attention. One of those projects is to hold President Obama accountable for his political record and campaign promises made on the campaign trail as outlined in his recent book.
From his book:
“During the run-up to the 2008 presidential election, while I was still the resident political commentator on the Tom Joyner Morning Show, I caused quite a stir among the listeners, who are largely African-American, by insisting that we hold then Senator Barack Obama accountable for both his political record and his campaign promises. I wasn’t singling him out, but rather applying the same standard to him that we should apply to all.
I feel now, as I did then, that it is our responsibility as engages citizens to expect now-President Barack Obama to live up to the promises that made him an appealing candidate… As Martin Luther King, Jr.’s Letter from Birmingham Jail reminds us, ‘Human progress never rolls in on wheels of inevitability; it comes from the tireless efforts of men willing to be coworkers with God, and without this hard work, time itself becomes an ally of the forces of social stagnation.’
So, let us take Dr. King’s lead… and go forth and make real the promise of our democracy.” -- Excerpted from the Foreword (pages xii-xiii)
The SOTBU website states "Some of the most influential thinkers, entertainers, and political leaders of our time gather each year to discuss the State of the Black Union during Black History Month. Presented annually in February by Tavis Smiley Presents, the symposium was created to educate, enlighten and empower America by bringing people together and engaging them in thoughtful dialogue, leading the way to constructive action."
The man who has written a book titled Accountable, has accepted sponsorship for years from a bank that is being accused of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates. Class-action lawsuits were filed against Wells Fargo and HSBC in federal court in Los Angeles. Los Angeles was also the host city for the State of the Black Union.
My words may anger some but this is equivalent to a child molester opening up a neighborhood daycare center. It is this type of irony in the black community by leaders and organizations that keeps folks from getting ahead. "Leaders" play nice and accept money from the very organizations that causes the most harm and perpetuate media stereotypes. This happens in many communities but it is perverse in the communities of color.
Does this means Tavis is going to turn his journalistic intuition on Wells Fargo and hold them accountable? I hope so. These are serious charges being leveled at a time when banks that are behaving badly are receiving TARP bailouts. Is he going to compile the number of loans that were given to blacks vs. whites and research the information and give it to the board of directors of Wells Fargo? Will he ask for their resignations? Now that is taking action. Will he helped them be a better bank by helping them exam how they conduct business with people of color? Will he turn down their sponsorship next year and take their logo off his website with a link to their mortgage department? That would be worthy of an NAACP Image Award! Is this not what several of the panelist ask often when others accept sponsorship or advertisement from organizations that do not tow the line when allegations or perceived racist misconduct occur? All the time.
Tavis has always asked his listeners and viewers to be watchful and test everything and everyone. How did Wells Fargo allege predatory practices get around Tavis who would not allow then Senator Obama to campaign without a thorough scrutiny of the issues and his character? President Obama who has been on the national political scene less than ten years is being exam microscopically by Tavis. While SOTBU, Tavis and the same panelists year after year have held meetings with very loud megaphones on radio and television turned blind eyes to the practices of Wells Fargo and others. Practices that have gone on much longer than President Obama has been in the White House according to the time line stated in the NAACP lawsuit.
Many of the speakers at Tavis' 2009 SOTBU event were the same faces sitting in the audience for the 2009 NAACP Image Awards. The award show was televised on the Fox Network, which was the subject of a boycott. (You cannot make this up.) Some body's PR people are not talking to the other folks' legal department and the legal department is surely not talking to the marketing representatives. In the fragile world of sponsorship and raising dollars for mega events to show accountability, this sounds like a church split or at the very least biting the hands that sponsor/televise your events. This is enough to leave one confused and bewildered.

 

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Black Financial Scholar Dr Boyce Watkins Talks Obama Policy on NPR

Dr Boyce Watkins, Finance Professor at Syracuse University, discusses foreign policy, The Obama Administration and the Economy.  Click the image to listen!

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Michel Martin of NPR Speaks on Black Wealth

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Prof Boyce Watkins Appears in Essence Magazine w Tyler Perry

Dr Boyce Watkins, Finance Professor at Syracuse University, appears in the March issue of Essence Magazine to discuss money and investing in light of the 2009 Financial Crisis.

Dr. Watkins is one of the world’s leading experts in Finance and was the only African American in the world to earn a PhD in Finance during the year 2002.  For more information, please visit www.BoyceWatkins.com.

Dr Watkins has been in Essence Magazine many times in the past, particularly due to his popular book, “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.”

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Woman Sues AT&T After $5,000 Bill

A woman who received a $5,077 bill from AT&T for data charges on her Netbook is suing the wireless carrier and RadioShack for fraud, reports Jacqui Cheng at Ars Technica.

The lawsuit alleges that the two companies conspired to promote a netbook plus data deal that deliberately misled customers and tricked them into paying thousands of dollars per month for service.

Here’s Parks’ story:

Parks purchased a netbook from RadioShack in December of 2008 after the electronics retailer began advertising a heavily subsidized netbook deal: for $99.99 and a two-year AT&T contract, customers could buy a netbook with AT&T’s DataConnect plan, allowing them to get online from anywhere. The DataConnect service costs roughly $60 per month before the usual taxes and fees.

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