Dr. Boyce Watkins on TheLoop21.com - 12/2/10

•  

  

• Cyber Monday Isn't Shopping, It's Mind Control

  Thu, 12/02/2010 - 01:00

  Black Friday, Valentine's Day and 'Sweetest Day' are all contrived to empty your wallet ...

  Read More

• Four Loko and the Crazy Money-Making Machine

  Mon, 11/29/2010 - 09:46

  The dangers of the caffeinated alcohol in a can are a perfect example of why we need consumer protection ...

  Read More

• Will Your Parents' Golden Years Be Paid By Plastic?

  Thu, 11/25/2010 - 23:14

  More retired Americans are relying on credit cards to live out the end of their life ...

  Read More

• Getting rich and giving back, the Magic Johnson model

  Fri, 11/19/2010 - 17:40

  Johnson has become a glowing model of black entrepreneurial success ...

  Read More

• Michael Vick re-emerges as the greatest quarterback in the NFL

  Fri, 11/19/2010 - 10:48

  Vick is proving himself to be an exceptional player, but he's still seen as a financial risk ...

  Read More

  MORE STORIES

How are Black Women Making It in the Workplace?

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

When a very important member of my management team told me that she was going to take time off to have a child, my brain stopped in its tracks. I wondered how we were going to remain fully productive, how long she would be gone, and how I should respond to such a sensitive situation. I then realized that, like so many American business owners, I was thinking like a man. Once I came to my senses, I let go of my personal concerns and focused solely on supporting her in this important step. I then realized that this interaction happens in workplaces across America, and the results are not always so amicable.

The United States is among the worst of industrialized nations when it comes to comes to making allowances for the professional challenges that women face relative to men. A woman who stops working in order to have children and/or raise a family may find that when she returns to the workforce, her opportunity set has diminished significantly. This doesn't even consider typical gender-based discrimination, sexual harassment and other daunting barriers to advancement.

You may already know that according to the US Department of Labor, women now outnumber men in the workplace (64.2 million to 63.4 million). This takes us a long way from the days when women weren't allowed to vote, or female attorneys couldn't be more than legal secretaries. Given that we have grown so much as a society, our nation has to step into the 21st century when it comes to equalizing the employment landscape.

 

Click to read.

Black Celebrity Gossip Blogger Necole Bitchie Shares Her Celeb Money Insights

Necole Bitchie is a much loved urban media maven who came onto the blogging scene in 2007, and has remained a major player in the field ever since. Her eponymous blog,NecoleBitchie.com is one of the most popular Web destinations for discussing celebrity dish, offering a fresh voice and unique perspective on African American stars. How did Necole Bitchie make such a profound impact in such a short time in a crowded field? She shares the amazing business insights -- and a few celebrity finance secrets -- that have contributed to her stellar success. Here's what Necole told BV on Money:

What is your name and what do you do?
My name is Necole Bitchie and I am the voice behind the celebrity entertainment blogsite NecoleBitchie.com.

What are some of the misperceptions people have about celebrities and their money?

Click to read.

CNN’s Soledad O’Brien Has an Issue with Jesse Jackson

Below is an excerpt from her book “The Next Big Story.”

Even though I am not sure what he is saying, I can tell he is angry. Today he is angry because CNN doesn’t have enough black anchors. It is political season. There are billboards up sporting Paula Zahn and Anderson Cooper. He asks after the black reporters. Why are they not up there? I share his concern and make a mental note to take it back to my bosses. But then he begins to rage that there are no black anchors on the network at all. Does he mean covering the campaign, I wonder to myself? The man has been a guest on my show. He knows me, even if he doesn’t recall how we met. I brought him on at MSNBC, then again at Weekend Today. I interrupt to remind him I’m the anchor of American Morning. He knows that. He looks me in the eye and reaches his fingers over to tap a spot of skin on my right had. He shakes his head. “You don’t count,” he says. I wasn’t sure what that meant. I don’t count — what? I’m not black? I’m not black enough? Or my show doesn’t count?

Click to read more.

Cutting Taxes for the Rich? Yes, that’s Bad for the Economy

 

Watch Dr. Boyce Watkins explain on CNBC that extending the Bush tax cuts for the wealthy is bad for America.   Click here to watch

Black Men See Biggest Dip in Unemployment

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

How one analyzes the black unemployment numbers for the month of October really comes down to whether you see the glass as being half empty or half full. On one hand, most of the indicators of black unemployment went down, but they still remain remarkably high relative to the numbers for white Americans.
According to data released by the Bureau of Labor Statistics, black unemployment dropped by .4 percentage points, from 16.1 percent to 15.7 percent. The number is still nearly double that of white unemployment, which lies at 8.8 percent.
Black male unemployment actually saw the steepest decline among all race/gender groups, dropping from 17.6 percent to 16.3 percent. The number is still 83 percent higher than white male unemployment (which is 8.9 percent).
Black women saw a slight increase in their unemployment rate, which went from 12.6 percent to 12.7 percent. The unemployment numbers for black women are 74 percent higher than those for white females (at 7.3 percent, lower than any other group in America).

Click to read.

Boyce Watkins on CNBC: Why are Republicans Fighting So Hard for the Wealthy Already?

 

Dr. Boyce appears on CNBC to ask why the Republicans are already fighting to extend Bush tax cuts for the wealthy.  To watch the video, please click here.

The Importance of Owning Your Own Business – Dr. Boyce Video

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

In case you didn't know this, one of the things that most people think about every single day is how they are going to make enough money to get by. Life is tough and finding enough money to live can be even tougher. What's worse is that the black community's struggle to build economic institutions and obtain financial security are things that keep us from being truly liberated in a fundamentally and historically racist society. The link between civil rights and economic prosperity was the seminal reason for my book, "Black American Money."
The commitment I made to the black leadership and the audience at the "Measuring the Movement" forum this year (hosted by Al Sharpton and the National Action Network) was to promote the idea of black entrepreneurship. Entrepreneurship is not just a matter of having your own business. It can also be as simple as finding some extra streams of income in order to obtain critical financial security. In this economy, you have no job security if you've only got one job. You have to find (what I would call) "a side hustle."

 

Click to read.

The Latest from The Invested Life – 10/29/10

 

Chicago:

(video) Tom Forde talks about whether a Roth IRA is right for him, and what he’s learned as he’s researched it:

http://bit.ly/aGO9uC

(text) while Matt Sapaula says that financial security is important, but insuring yourself is every bit as vital:

http://bit.ly/bhh8eC

Portland:

(video) Kathleen Lansing explains why her road to retirement is scary, but it makes the small business owner proud to hear about the value of her life’s work:

http://bit.ly/9XdF7n

(text) While Jenn Meacham looks back on the most important financial lesson she learned, at age fourteen:

http://bit.ly/cY3cUS

Los Angeles:

(video) Lisa and Brandon Schindelheim explain how switching roles taught her about finance, and him about he difficulties in being Mr. Mom:

http://bit.ly/bkM7w5

(text) While Candace says that’s it important to educate not only yourself about finances, but your kids as well:

http://bit.ly/aDm6yX

New York:

(text) Jennifer Sherwood explains why shopping in fancy stores might be a rush, but so is saving money:

http://bit.ly/cAQsyV

(text) While Dr. Boyce Watkins says that you don’t need to have big money to build a portfolio:

http://bit.ly/a4e8YR

Colorado:

(text) Michael Jake is glad to hear that his business has grown enough to start hiring, but has his concerns:

http://bit.ly/ajLbzk

Dallas:

(text) On our show, we’ve seen former NFL star Winfred Tubbs thinking about buying a house. In this new blog, he reveals that he’s had to scrap those plans and live in his condo instead until the real estate market improves:

http://bit.ly/bZNNn6

(text) While Ed Butowsky talks up the value of utility stocks:

http://bit.ly/cQiuZW

Miami:

(text) Suzan McDowell reveals her list of the 10 must-by priorities she can’t live without, and what she learned about herself while compiling it:

http://bit.ly/bWYiX7

(text) While Ben Tobias explains that if you don’t know what’s important to you, you’ll never effectively maximize your happiness:

http://bit.ly/9e6k3c

Is Racism an Occupational Hazard for African Americans?

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

Most of us know Hanes Brands as the company that has Michael Jordan peddling underwear. The company is also responsible for other leading brands such as Champion sports apparel and Playtex, among others.

The company is now in the middle of controversy after an African American employee, Yunusa Kenchi, filed suit for discrimination. An embarrassing email has allegedly surfaced in which Kenchi was referenced using the n-word. The employee has taken the case public, and Hanes has yet to respond.

 

Click to read.

Study Says Black Single Moms Getting Hurt Most by the Recession

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

NYU’s Women of Color Policy Network recently released a report citing some disturbing trends in the economic status of single mothers of color. Basically, the report shows that women of color have a median net worth of zero. Yes, you heard that correctly, nearly zippo in the bank account, and maybe a little bit of debt.

The numbers compare with a net worth of $25,000 for single fathers of all races, and a net worth of $6,000 for white single moms. Young single moms are in the worst shape, with more than half of the moms under 40 having zero or negative net worth.

 

Click to read.

CNN’s Almight Debt

http://www.cnn.com/video/#/video/us/2010/09/23/inam.trailer.almighty.debt.cnn

Documentary Clips

CLIP#1
CNN.com URL http://www.cnn.com/video/#/video/bestoftv/2010/10/05/inam.almighty.debt.clip1.cnn
SHORT URL http://on.cnn.com/cHsGQR
CLIP #2
CNN.com URL http://www.cnn.com/video/#/video/bestoftv/2010/10/05/inam.almighty.debt.clip2.cnn
SHORT URL http://on.cnn.com/aAYp0W
CLIP #3
CNN.com URL http://www.cnn.com/video/#/video/bestoftv/2010/10/05/inam.almighty.debt.clip3.cnn
SHORT URL http://on.cnn.com/9RKoRK

CLIP #4
CNN.com URL http://www.cnn.com/video/#/video/bestoftv/2010/10/06/inam.almighty.debt.clip4.cnn
SHORT URL http://on.cnn.com/bDH99C
CLIP #5
CNN.com URL http://www.cnn.com/video/#/video/bestoftv/2010/10/06/inam.almighty.debt.clip5.cnn
SHORT URL http://on.cnn.com/9L9cd5
CLIP #6
CNN.com URL http://www.cnn.com/video/#/video/bestoftv/2010/10/06/inam.almighty.debt.clip6.cnn
SHORT URL http://on.cnn.com/bYEDlA
CLIP #7
CNN.com URL http://www.cnn.com/video/#/video/bestoftv/2010/10/06/inam.almighty.debt.clip7.cnn
SHORT URL http://on.cnn.com/9biKix
CLIP #8
CNN.com URL http://www.cnn.com/video/#/video/bestoftv/2010/10/06/inam.almighty.debt.clip8.cnn
SHORT URL http://on.cnn.com/cAVC4n

Townhall clips

CLIP#1

Should pastors provide financial advice?

http://on.cnn.com/dgDg5h

CLIP #2

Sources of the wealth gap

http://on.cnn.com/c4uUvF

Townhall Photos

http://imftp.turner.com/User/ImageListing.aspx?f=19dp

Why Some Black Men Date White Women

by Dr. Boyce Watkins, Syracuse University 

First, I’ll start this article by saying, “just kidding.” I have immense loyalty to black women, and that’s all I’ve ever dated in my adult life.  But after reading the article “8 Reasons to date a white man,” I just had to respond for the brothers.   We know white men are just as imperfect as the rest of us.  But the idea that the author decided to put white males on a pedestal above black men without considering the challenges of being black in America had me fuming.  So, here are some reasons that those brothers who date white women might have decided to do so:

 

Click to read.

Lack of Funding is a Huge Hurdle for Black Entrepreneurs

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

Danielle Douglas, an entrepreneurship expert and CEO of Inspire Enterprises, conducted a survey of African Americans interested in owning their own businesses. The survey,which can be found here, was qualitative in nature, asking questions about the pitfalls that people run into when trying to become either full-time or part-time entrepreneurs.
Douglas made it clear that the greatest obstacle that African Americans face when trying to start their own business is a lack of access to capital. In an interview with AOL Black Voices, Douglas said this:
"Overwhelmingly, respondents number one frustration is lack of financial resources as it relates to start up capital , access to capital in general, and identifying viable resources to help them attain capital."

 

Click to read.

Why are Corporations Not Hiring the way we need them to?

 

Click here to watch Dr. Boyce Watkins on CNBC

Dr. Boyce Watkins joins MSN’s “The Invested Life”

 

Click to watch Dr. Watkins’ episodes.

Black Scholars Watkins and Metzler on CNBC – 9/15/10

Click to Play

Black Scholars Dr. Boyce Watkins and Dr. Christopher Metzler Discuss "Keeping The Bush Tax Cuts" on CNBC

Black Relationships 101: What’s Up With Black Couples?

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

I have a theory that I've wondered would hold up to empirical scrutiny. My theory is that there are quite a few women who might be willing to settle for part of a good man rather than having 100% of a mediocre man. For example, men like Tiger Woods might have more girlfriends than most of us can count, and some would wonder if any of those women expect him to be committed to just one person. Not to say that I condone one lifestyle over another, but we all know how things go down in the real world.

 

Click to read.

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.

Dr. Boyce Watkins: How to Teach Your Kids About Money

by Dr. Boyce Watkins, Syracuse University 

Given that our children are likely our greatest expense and greatest love, perhaps it might be helpful to discuss how we teach them about money.  If you raise your kids to be financially responsible, they can be assets to you during retirement.  If they are taught about money in the wrong way, they become horrible economic liabilities that leave you riddled with guilt.  So, although I don’t claim to know everything about child rearing, I thought I’d share some guidelines you might want to consider when it comes to teaching your kids about money.

 

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.

Diddy's Son Gets a $350,000 Car - Is that too much?

Click to Play

Some think it's too much that Diddy's son got a $350,000 car for his 16th birthday - do you agree?

Did Gary Coleman's Wife Kill Him?

Click to Play

Did Gary Coleman get murdered by his wife? ;

Do Tiny and Toya Promote Prison Love?

Click to Play

Is it right for the BET Show, Tiny and Toya to overromanticize prison life? ;

LeBron James' Mother and Her Son's Teammate: Overkill?

Click to Play

Is it right for LeBron James to be so distracted by the rumor that his mother is sleeping with his teammate?

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 ABC News: Asking the right questions of your partner

Click to Play

What questions should you ask your partner before you marry them?

Dr. Boyce Watkins Talks About Financial Effects of Divorce on ABC

Click to Play

Dr. Boyce Watkins Talks About Financial Effects of Divorce on ABC

Dr. Boyce Watkins on ABC News: Love, Money and Divorce

Click to Play

Watch Dr Boyce Watkins, Finance Professor at Syracuse University on ABC News discussing money and divorce - how to do it the right way.

Doing The Tiger-Tiki: Black Athletes Who Cheat

Click to Play

Doing The Tiger-Tiki: Black Athletes Who Cheat

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.

 

 

****************************************************

Brought to you by The Great Black Speakers Bureau, the top black speakers bureau in the world and Your Black World where you can get black news and black social commentary from Dr. Boyce Watkins and other leading black scholars.

****************************************************

The Economic Policy Institute – 2/16/10

 

12/07/09
American Indians and the Great Recession—Economic Disparities Growing Larger
Issue Brief

11/12/09
Getting Good Jobs to People of Color
Briefing Paper

07/21/09
Unequal unemployment—Racial disparities in unemployment vary widely by state
Issue Brief

03/09/09
Stuck in Neutral: Economic Gains Stall Out for Asian Americans and Pacific Islanders in 2000s
Briefing Paper

10/31/08
Hispanics and the economy: Economic stagnation for Hispanic American workers, throughout the 2000s
Briefing Paper

09/18/08
Reversal of fortune: Economic gains of 1990s overturned for African Americans from 2000-07
Briefing Paper

01/18/08
What a recession means for black America
Issue Brief

Web-only Content

Date
Title
Type

12/16/09
A bleak future for black children
Analysis & Opinion

12/09/09
High unemployment: A fact of life for American Indians
Economic Snapshots

11/12/09
Reversing the Decline in Good Jobs [event]
Other

11/10/09
Jobs creation effort needs to focus on good jobs
Economic Snapshots

09/18/09
Three lessons about black poverty
Analysis & Opinion

07/08/09
African Americans see weekly wage decline
Economic Snapshots

04/22/09
Among college-educated, African Americans hardest hit by unemployment
Economic Snapshots

09/05/08
Jobs Picture, September 5, 2008 - Special Issue
Economic Indicators

08/04/08
Understanding the black jobs crisis
Viewpoints

06/10/08
Subprime mortgages are nearly double for Hispanics and African Americans

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.