Black Man Black Woman

Category: finances

  • Dr Boyce Money: Learning Entrepreneurship from Madam CJ Walker

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    The other day, I caught up with Fenorris Pearson, CEO of Global Consumer Innovations. Fenorris is not only a highly successful entrepreneur, he was also one of the youngest Vice Presidents at Dell Computer and a highly successful speaker in the African American community.

    When asked about the keys to success, he points to a quote by Madam CJ Walker, the first female millionaire in American history.

    Here is what Walker had to say:

    “I am a woman who came from the cotton fields of the South. From there I was promoted to the washtub. From there I was promoted to the cook kitchen. And from there I promoted myself into the business of manufacturing hair goods and preparations….I have built my own factory on my own ground.”

    National Negro Business League Convention, July 1912

    What’s the lesson from Madam Walker’s quote?The lesson from Walker’s experience is that when she thought like a laborer, she earned the wages of a laborer. When she began to think like an owner, that is when she opened the door for true wealth.

    Mr. Pearson spoke this week at the Congressional Black Caucus Event alongside the Honorable Barbara Lee, a Democratic Congresswoman from California. In the seminar, Fenorris uses his experience as an entrepreneur and corporate titan to make the following points:

    1) 95% of all new businesses eventually fail. In order to have a different set of outcomes, you must engage in a different set of activities. In order to ensure that you are not part of the other 95%, you should be fully committed, willing to take a few calculated risks, and do an extraordinary amount of planning in order to make your business succeed. You should also expect the unexpected – you never know what it’s like to run a company until you’ve done it.

    2) Most of these business fail for the following reasons: Lack of access to capital, poor management, expanding too quickly or starting the business for all the wrong reasons. Pearson argues that many of these problems can be avoided if a company engages in proper planning and organizational strategies. One of the things I’ve noticed is that you can’t run a large company the way you once ran a smaller one. Many black entrepreneurs run into challenges as their companies grow, because they have not gotten used to the idea of delegation. Once your business reaches a certain size, you should find ways to share the more trivial tasks with others so you can focus on the more important objectives. A billionaire once said to me, “Running a company is not a matter of what you do, it is what you get others to do that actually matters.”

    3) There are ways to avoid this kind of failure. With his company, Global Consumer Innovations, Inc., Pearson teaches business owners how to avoid the common causes of small business failure. He argues that by using specific steps toward proper product innovation and market delivery, a firm can find itself in a strong position in its chosen market.

    When starting a business, the bottom line is this: The truest path toward wealth creation and social power within the black community is not through politics. The path to power is economic prosperity, combined with a conscientious desire to improve the plight of those around you. True activism is not achieved through charity and personal freedom is not achieved by hoping for it. By thinking like an owner and having a willingness to take intelligent risk, you can achieve your wildest economic dreams.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University, a prominent black speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Investing in the Future

    Educating young minds for some 30 years is no small feat. But it was a love for children that inspired Larry and Brenda Breland to become schoolteachers. While educators don’t always get paid their true worth, these native Mississippians managed to retire from the public school system in 2002 with $180,000 combined from their state retirement plans. The couple also owns several rental properties valued at nearly $1 million, which provides about $3,000 in monthly rental income.

  • Stick With Your Core Values in Good Times and Bad

    Although some economists claim the recession is over, it certainly doesn’t feel like it for most entrepreneurs. Despite signs of a rebound, a number of businesses must fight to keep the lights on.

  • Regulators Issue Cease and Desist Order to Chicago Bank

    Chicago-based Highland Community Bank received a cease and desist order earlier this month from federal and state regulators that charges the company with engaging in unsafe and unsound banking practices. The order also suspends the bank’s authority to pay cash dividends or increase assets without regulator permission.

  • Financial Lovemaking: Who Keeps the Ring if the Engagement is Called Off?

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    This video below answers an important question that many of us may end up confronting at some point in our lives: If you are engaged to be married and the engagement doesn’t work out, do you have to give the ring back? The answer is “yes” and “no,” depending on the state in which you live.

    There are other questions about nuptials that make you say “hmmmm?”
    1) If you give a gift to someone who has gotten married, do they get to keep the gift if they either cancel the wedding or get divorced shortly thereafter?

    2) Is it tacky to specify that your gift is conditional, meaning that you’re going to take it back if the wedding doesn’t happen or the marriage ends too quickly?

    3) What if you spend a wad of cash attending someone’s wedding, only to find that the bride and groom get cold feet? Do they owe you a refund?

    4) Does possession of the ring depend upon who called off the wedding? For example, if the prospective groom calls off the wedding, should he then be obligated to give up the ring too?

    Christopher Chestnut, a prominent attorney out of Florida, states that ” Marital law is state specific, thus law governing marriage and divorce differ depending upon the state. However, in many states an engagement ring is considered a gift, consequently, a legal claim for return of a ring is likely to be unsuccessful.”

    I’d love to hear your stories and take on this issue, but here is a quick run down on my own thoughts:

    -Yes, it is tacky to specify a wedding gift as being conditional upon going through with the ceremony. If you are worried about losing your money, then don’t buy an expensive gift.

    – A gentleman would not ask for his ring back if the engagement is called off, but a true lady would not try to keep the ring either. Think carefully about the integrity of the person you choose to marry. If you are the one who calls off the engagement, then you are effectively the one who is in breach of the contract, which then specifies that you should arguably be the person who takes the loss. To share a personal experience, I was once engaged to an amazing and beautiful woman, and when the engagement was mutually called off, the loss of our love far outweighed the value of any simple piece of jewelry. She gave me the ring back, but I didn’t even think to ask for it. This was a reflection of her character.

    – When it comes to traveling for another person’s wedding, everyone is taking a risk. The cost is high and you aren’t likely to get your money back. If the person is a good friend, just write off the financial loss as the cost of preserving your friendship.

    In the video below, an attorney breaks down the legalities of rings and marriages. Enjoy!

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Company Makes Money from Deadly Urban Trend: "Sipping Syrup"

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    Sippin Syrup Drank soft drink

    You’ve probably heard the phrase “sippin syrup,” used in reference to the act of mixing cough syrup, codeine, and soda together to create a relaxed feeling within the person who consumes the beverage. The “drank” has become quite popular, particularly in the south, as rappers have done their jobs of giving free promotion to an illegal product that has managed to make teenagers even less productive than many of them already are.

    It was only a matter of time before corporate America stepped in to make money off the trend. Meet the new drink on store shelves: Sippin Syrup. The drink doesn’t use any illegal products, but produces the same “lean” effect that many young people seek from the cough syrup product on the street. Harmless enough, right? Not so fast.

    Officers in the Houston area are concerned that the product sold on store shelves is nothing more than a gateway to an incredibly dangerous and addictive drug. The snazzy ad campaign fully leverages the power of the brand of “purple stuff” being sold on the streets already. Teenagers who can’t get the real stuff would likely be enticed by the substitute until the door is open for the actual product.

    I spoke with Dr. Elaina George, a prominent physician out of Atlanta, about the dangers of seemingly harmless purple “drank” used by many teenagers across the country after watching Lil Wayne videos (and those of other artists who promote the cough syrup mixture being sold illegally). Here is what she had to say about the symptoms:

    “Short-term symptoms include Impaired judgment, nausea, loss of coordination, headache, vomiting, loss of consciousness, numbness of fingers and toes, abdominal pain, irregular heartbeat, aches, seizures, panic attacks, psychosis, euphoria, cold flashes, dizziness, and diarrhea.”

    Oh, I forgot to mention, the symptoms mentioned above are assuming your child doesn’t become addicted. Here are the long-term symptoms in the advent of addiction:

    “Restlessness, insomnia, high-blood pressure, coma, or even death.”

    I understand capitalist models and can almost appreciate the logic that leads companies to find even more ways to exploit ridiculous behavior in the black community. We are an intelligent and enlightened people, even if everyone can’t see the light. But there is also the question regarding whether or not there should be regulations in place to stop companies from so blatantly utilizing an unhealthy trend to make a profit. What if my company went to Montana, where Crystal Meth is a serious problem and started to sell a product called “Meth Lite”? How fast would the Montana state legislature put me out of business?

    When it comes to “Sippin Syrup,” “drinking drank” and getting the “purple stuff,” the bottom line is this: Companies should not be allowed to accelerate teen drug abuse and rappers should be conscientious enough to stop giving this drug free promotion. Teenagers are sheep who follow the examples which already exist in their culture. If we are making the bed for them, then who do we blame when they choose to sleep in it? The new drink in stores called “Sippin Syrup” needs to be taken off the market NOW.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University, a leading black speaker, and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • In Case of Disaster

    Imagine walking into your office, warehouse, or plant tomorrow morning and finding an empty space. Everything is gone. What would you do? How would you start rebuilding your business? What would you say to your employees? The scenario may seem far-fetched, considering that the U.S. Department of Commerce reports that 40% of small firms affected by a natural disaster never reopen — and that an additional 23% close their doors within 12 months — it’s a good exercise for any firm that lacks a disaster plan.

  • Lamar Odom and Khloe Kardashian Get Married: 5 Questions I’d Like to Ask

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    Today, we are going to use an interesting story in black celebrity news to teach a short lesson called “How NOT to make major life decisions.” Let’s start the conversation, shall we?

    NBA Star Lamar Odom has decided to marry Khloe Kardashian, whose sister Kim usually takes up all the family spotlight. The story goes that Khloe was hosting a “Welcome to LA Party” for new Laker, Ron Artest. Khloe allegedly ran the bill up to $3,000 and Lamar agreed to pay it. Could four weeks of love be built on a more stable foundation than money? The wedding ceremony was, in many ways, a fairytale: Celebrities everywhere, a triple arch of white roses, a serenade by the singer Babyface taking place at a private home in Beverly Hills. The Fresh Prince of Bel-Aire would be proud.

    But after the last piece of cake has been eaten and the wild honeymoon lovemaking is over, Lamar and Khloe then have to confront the reality of their choice. Based on what I’ve read, I’d be willing to bet a pair of Air Jordans that their marriage doesn’t last 3 years. I’d hate to rain on anyone’s romantic parade, but we’ve got to be honest when it comes to choices like this.

    Here are some questions I’d love to ask Lamar Odom and Khloe Kardashian:1) You’ve been dating for just a month? Are you serious? Love is a tricky thing. Most of us have been fooled by the first few weeks of a new relationship, thinking that Mr/Mrs. Right Now was Mr./Mrs. Now and Forever. There is scientific evidence that the chemical reactions in your brain during the lovemaking process are similar to mild injections of cocaine, which explains irrational behavior during the beginning and end of relationships. I don’t doubt that Lamar and Khloe are in love, but most of us know that the first month of a relationship makes it difficult to distinguish between being “in love” and being “in lust.” Why sign a legal contract until you’re completely sure?

    2) What’s up with the prenup? You DO have a prenup don’t you? I can define the word “prenup” with the following sentence: Four years, $32 million dollars. Yes, that’s the size of Lamar’s latest contract with the Lakers, and the reason I hope this 29-year old has protected his assets. Sure, Khloe’s family isn’t struggling either, but I presume that Lamar has taken the time to protect his wealth. If he hasn’t, then he deserves whatever happens as a consequence.

    3) Baby rumors anyone? After hearing that Khloe might be pregnant, some of this started to make sense. I presume that the baby belongs to Lamar, since Khloe doesn’t exactly look like she’s been carrying anybody’s baby for longer than a month. Lamar also has some baby mama drama of his own, with the children he created in a prior marriage. If you ever want a recipe for massive financial strain, try getting married too quickly and having a bunch of children in the process. It takes a few minutes to make a baby, but the child support can last a lifetime. We might be tempted to think that Lamar’s massive wealth makes child support a breeze, but the problem is that the more you earn, the more they make you pay. There’s nothing more difficult than being an ex-NBA player still paying NBA-level child support.

    4) What about your other kids Mr. Odom? When asked about the wedding, Liza Morales, Lamar’s ex-wife, sounded as if she were trying to survive a terrorist attack or a death in the family. According to TMZ, Odom’s ex-wife had this to say:

    “Yes, the circumstances over the last few weeks have been upsetting but none of my actions publicly or from the privacy of my home could be classified as a meltdown. I have maintained a brave face for my children who are my main concern and I remain strong for them.” She went on to say she has “the support of my family and friends and Lamar’s family have been nothing but supportive of me and the kids during this difficult time. I wish Lamar nothing but happiness we all deserve to be happy.”

    What’s also interesting is that Lamar’s other kids didn’t come to the wedding. I wonder if Khloe can smell the ensuing drama?

    OK, now that we’ve used Lamar and Khloe’s situation as our case study on how NOT to make major life choices, let’s find our true teachable moments (you know I don’t just do celebrity stuff unless there is a lesson in there somewhere):

    The bottom line is this: Marriage is a serious decision, not something that should leave you focused on the elegance of the ceremony or the romance of being able to pick out bridal gowns. Some of us get so excited about the idea of having marital legitimacy that we forget the fundamental truth that LOVING together means LIVING together. If you haven’t known someone long enough to be sure you can live with them, then you probably don’t know if you can ever truly love them.

    Secondly, we must be aware of the drug of lust, in which the chemical highs of sex can lead us to make damaging life choices. Many a celebrity has been left financially devastated by poor relationship choices in their 20s and 30s. Finally, if people have lives as complicated as Khloe and Lamar, at least a year of study is necessary to figure out if they can cope with all the complex externalities of each other’s personal lives: baby mama drama, professional issues, addictions, financial habits, etc. If you marry someone after a month and find out later that they have serious problems you can’t deal with, you only have yourself to blame.

    This is not just a lesson for Khloe and Lamar, but a lesson for all of us. If you claim that you never made mistakes when you were young and in love, then you are probably just a big ol liar.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Don’t Let Your Spouse Control All of Your Finances

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    Financial News Blast for the week of September 26, 2009 – Click on the link for the title to read the article on the given topic:

    1) Don’t let your spouse control all of the family finances: This is a great article on how the entire family should be involved when making financial decisions for the household. When I wrote my book, “Financial Lovemaking 101,” I noticed that far too many American families are allowing their entire financial future to be controlled by one partner. You should be aware of what’s going on with your money, even if you’re not the one making all the decisions.

    2) Harvard Study: A Lack of Health Insurance Causes 45,000 Deaths Each Year: The healthcare reform debate has literally become a matter of life and death. We’ve got to find a way to get this done.3) How to get a home loan with bad credit: Many Americans suffer through credit problems. Where you’ve been doesn’t matter nearly as much as where you’re going. Getting a home loan can open the door to wealth and also create opportunities for you to rebuild your credit. Take a look at this article to find out how.

    4) The most lucrative college degrees: Going to college doesn’t guarantee a strong financial future. It’s going to college and choosing the right major that makes all the difference. Make sure you pick the right major for you and your children.

    5) Financial illiteracy is an epidemic in the United States: Banks and corporations are certainly predatory in their behavior. But you don’t have to allow yourself to be their prey. You must find a way to obtain basic financial literacy, for a lack of financial literacy was one of the primary causes of the 2008 economic downturn. If this epidemic is not managed, we are going to have serious problems for many decades to come.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University, a leading African American speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Grammy Award Winner Usher Launches New Initiative

    As part of his ongoing efforts to encourage youth volunteerism and service, R&B singer Usher Raymond launched a new initiative entitled Powered By Service during the fifth annual meeting of the Clinton Global Initiative (CGI) in New York Thursday.

  • News Roundup: Week of Sept. 21 – Sept. 26

    News Roundup: Week of Sept. 21 – Sept 27

  • Black Business Blast: Eve Shuts Down Clothing Company

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    ♦ Eve Shuts Down Clothing Line & Leaves Label! TheYBF.com caught up with E-V-E on last night’s VH1 Hip Hop Honors red carpet. And she revealed that she has permanently shut down her Fetish clothing line. Young, Black & Fabulous

    ♦ Banks to Small Biz: “Borrowers Welcome” Five years ago, when the economy was humming, 5 percent of small businesses surveyed by the National Federation of Independent Business labeled “financing” – in other words, borrowing – as the biggest thorn in their paw. Fast-forward to today, when we’re left to deal with the aftermath of a recession that has broken records for unpleasantness and left lenders like CIT Group in deep trouble. The Network Journal

    ♦ Banks Back Off Overdraft Fees, Will Make Up Profit Elsewhere Banks are backing off harsh overdraft fees and policies. That’s the good news. The bad news is they’ll probably look to make up that lost profit elsewhere. It’s a worrisome prospect for the vast majority of customers who never overdraw their funds and have grown accustomed to perks like free checking accounts. The Grio

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    Eve & Hip Hop Greats
    Eve attends the 2009 VH1 Hip Hop Honors at the Brooklyn Academy of Music on September 23, 2009 in the Brooklyn borough of New York City. 2009 VH1 Hip Hop Honors – Backstage And Audience Brooklyn Academy of Music New York, NY United States September 23, 2009 Photo by Jeff Kravitz/FilmMagic.com To license this image (58462804), contact FilmMagic.com
    Jeff Kravitz/FilmMagic.com
    FilmMagic.com

    Eve & Hip Hop Greats

      Eve attends the 2009 VH1 Hip Hop Honors at the Brooklyn Academy of Music on September 23, 2009 in the Brooklyn borough of New York City. 2009 VH1 Hip Hop Honors – Backstage And Audience Brooklyn Academy of Music New York, NY United States September 23, 2009 Photo by Jeff Kravitz/FilmMagic.com To license this image (58462804), contact FilmMagic.com

      Jeff Kravitz/FilmMagic.com

      Musician Kid Rock attends the 2009 VH1 Hip Hop Honors at the Brooklyn Academy of Music on September 23, 2009 in the Brooklyn borough of New York City. 2009 VH1 Hip Hop Honors – Backstage And Audience Brooklyn Academy of Music New York, NY United States September 23, 2009 Photo by Jeff Kravitz/FilmMagic.com To license this image (58462781), contact FilmMagic.com

      Jeff Kravitz/FilmMagic.com

      Kid Rock attends the 2009 VH1 Hip Hop Honors after party to benefit the VH1 Save the Music Foundation at One Hanson Place on September 23, 2009 in New York City. 2009 VH1 Hip Hop Honors – After Party To Benefit The VH1 Save The Music Foundation One Hanson Place New York, NY United States September 23, 2009 Photo by Steven A Henry/FilmMagic.com To license this image (58468450), contact FilmMagic.com

      Steven A Henry/FilmMagic.com

      Flavor Flav attends the 2009 VH1 Hip Hop Honors after party to benefit the VH1 Save the Music Foundation at One Hanson Place on September 23, 2009 in New York City. 2009 VH1 Hip Hop Honors – After Party To Benefit The VH1 Save The Music Foundation One Hanson Place New York, NY United States September 23, 2009 Photo by Steven A Henry/FilmMagic.com To license this image (58468161), contact FilmMagic.com

      Steven A Henry/FilmMagic.com

      Rapper Flava Flav attends the 2009 VH1 Hip Hop Honors after party to benefit the VH1 Save the Music Foundation at One Hanson Place on September 23, 2009 in New York City. 2009 VH1 Hip Hop Honors – After Party To Benefit The VH1 Save The Music Foundation – Arrivals One Hanson Place New York, NY United States September 23, 2009 Photo by Jemal Countess/WireImage.com To license this image (16974709), contact WireImage.com

      Jemal Countess/WireImage.com

      Tracy Morgan attends the 2009 VH1 Hip Hop Honors at the Brooklyn Academy of Music on September 23, 2009 in New York City. 2009 VH1 Hip Hop Honors – Red Carpet Brooklyn Academy of Music New York, NY United States September 23, 2009 Photo by Kevin Mazur/WireImage.com To license this image (16973638), contact WireImage.com

      Kevin Mazur/WireImage.com

      Kid Rock attends the 2009 VH1 Hip Hop Honors at the Brooklyn Academy of Music on September 23, 2009 in New York City. 2009 VH1 Hip Hop Honors – Red Carpet Brooklyn Academy of Music New York, NY United States September 23, 2009 Photo by Kevin Mazur/WireImage.com To license this image (16973704), contact WireImage.com

      Kevin Mazur/WireImage.com

      Ashanti attends the 2009 VH1 Hip Hop Honors at the Brooklyn Academy of Music on September 23, 2009 in New York City. 2009 VH1 Hip Hop Honors – Red Carpet Brooklyn Academy of Music New York, NY United States September 23, 2009 Photo by Kevin Mazur/WireImage.com To license this image (16973655), contact WireImage.com

      Kevin Mazur/WireImage.com

      Tracy Morgan on stage at the 2009 VH1 Hip Hop Honors at the Brooklyn Academy of Music on September 23, 2009 in New York City. 2009 VH1 Hip Hop Honors – Show Brooklyn Academy of Music New York, NY United States September 23, 2009 Photo by Kevin Mazur/WireImage.com To license this image (16974176), contact WireImage.com

      Kevin Mazur/WireImage.com

      Tracy Morgan on stage at the 2009 VH1 Hip Hop Honors at the Brooklyn Academy of Music on September 23, 2009 in New York City. 2009 VH1 Hip Hop Honors – Show Brooklyn Academy of Music New York, NY United States September 23, 2009 Photo by Kevin Mazur/WireImage.com To license this image (16974175), contact WireImage.com

      Kevin Mazur/WireImage.com

    ♦ New Jobless Claims Drop Unexpectedly to 530K The number of newly laid-off Americans seeking unemployment benefits fell for the third straight week, evidence that layoffs are continuing to ease in the earliest stages of an economic recovery. Yahoo Finance

    ♦ Nintendo, Under Extreme Pressure, Cuts Wii Prices To salvage sales for the holiday season, Microsoft and Sony have cut prices on their models, in some cases by $100. The tremendous reaction to the lower prices is clearly putting pressure on Wii sales. 247wallst.com

    ♦ WalletPop review: Michael Moore’s ‘Capitalism: A Love Story’ America is Rome, and it’s toppling. That’s the opening salvo from Michael Moore in his blistering new documentary, ‘Capitalism: A Love Story,’ which opens in New York and Los Angeles today and across the country Oct. 2. WalletPop

    ♦ Gmail Down. Again. Apparently seeking to further discredit its own cloud computer hype, Gmail crashed again this morning, leaving millions without access to archived e-mail for almost two and a half hours. The Big Money

    ♦ 10 Careers With True Job Security If you’re thinking about switching careers, or you’re worried about your current employment status, here are 10 jobs that have real security. They’re the hardest to fill, according to research by employment services company Manpower. MainStreet.com

     

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  • Learn to Make the Most of Your Day

    For most business owners, there simply aren’t enough hours in the day to get everything done. Time goes by quickly as the clock ticks away, leaving well-intentioned entrepreneurs pushing important tasks off to future dates. Add in the challenging economic conditions, and effective time management becomes even more important…and elusive.

  • The Road (That Shouldn’t Be) Less Traveled

    Three ways to heighten your chances at nailing a piece of the Recovery Act funds through the Department of Transportation

  • Money Blast: What You Should Know about Credit Scores

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    Financial News You need to know:

    What you need to know about credit scores: Get educated on what it takes to have the score you need. Your credit score can affect whether you get the job you want, as well as the cost of your insurance. Additionally, the formulas used by companies to calculate credit worthiness are changing as we speak.
    What social security underfunding means for your retirement: Social security is financially sick. African Americans are going to be hit the hardest, since we have the least wealth to prepare for economic challenges. Find out what all this means for your retirement, as the retirement landscape in America is going to change dramatically in the future.

    The federal government may continue to help first time home buyers: Many people don’t know about the $8,000 tax credit the Obama Administration is giving to first-time home buyers. Well, the government is considering extending the credit, which can add to your personal bottom line.Students are borrowing more money than ever to attend college: Along with the cost of healthcare, Americans are finding it more and more difficult to pay for their children to go to college. In fact, most young people under the age of 40 are going to die in debt. This does not have to be the case, since there are less expensive ways to pay for school if you seek out alternatives.

    Factors that may increase your chances of personal bankruptcy: Bankruptcies are skyrocketing due to the recession. There are things you can do to avoid bankruptcy, like negotiating with creditors or keeping a budget. Also, things like carefully noting the quality of your health insurance can make a difference as well.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University, a prominent black speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Tax Collectors Mine Social Networks

    Uncle Sam is tracking down tax deadbeats through social networks and making them pay up.

  • Dr. Boyce Money: Don’t Throw Tavis Smiley Under the Wells Fargo Bus

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    When I read about the predatory lending allegations against Tavis Smiley and Wells Fargo, I wasn’t surprised. Not because I feel that Tavis is some kind of crook, but because economic downturns are usually when everyone’s dirty laundry gets aired out. The high flying 2000s were a decade of extravagance, overspending, easy money and troubled relationships. The party was bound to end. Smiley’s party has ended with Wells Fargo, as the company has been accused of using Tavis Smiley and financial expert Kelvin Boston to convince African Americans to sign on to loans that turned out to be predatory. Neither Boston nor Smiley is willing to disclose the amount they were paid for the service, but I’m sure it wasn’t chump change.

    I’ve been open and honest in my critiques of Tavis Smiley in the past, but I give credit where it’s due. I’ve always felt that Tavis Smiley is a man who works out of a sincere respect and appreciation for the black community. He is not out to hoodwink, swindle or hurt us, at least not deliberately. At worst, Smiley is guilty of being caught in a situation that he may not have fully understood.

    Although I agree with the black community’s decision to hold Tavis Smiley accountable for his actions, I want us to be cautious of going overboard in our judgments. Here are 5 things I want to say about Tavis Smiley:

    1) Don’t throw Tavis under the bus. African Americans can be tough on our public figures. After Smiley’s repeated calls for accountability against President Obama, many failed to appreciate the value of scrutinizing our elected officials. While Tavis’ close relationship with Hillary Clinton undermined the credibility of his challenges to Obama, the truth is that accountability is very important when dealing with any politician. One must respect Tavis for having the willingness to say things that are unpopular, which even Obama himself doesn’t always have the courage to do.

    2) Beware of corporate sponsors bearing gifts. One of the greatest barriers to social progress for African Americans has been our inability to properly assess those who sponsor our activities. Any corporation that comes along with a signed check can usually find a place at our table. Would you want your teenage daughter taking money from any boy who offered it to her? Probably not, because you know that the the boy might be expecting “repayment” at the end of the night. The same is true for corporate sponsors, who are paying you to present the kind of image they want the public to see.

    3) The revolution will NOT be brought to you by Walmart. Rarely, if ever, can true black activism be achieved via funding provided by companies run by the descendants of our historical oppressors. This is due to the inherent conflict of interest between capitalist entities and the plight of the poor. African Americans are disproportionately poor and working class. Therefore, unfettered capitalism is designed to destroy us (although compassionate capitalism can fuel economic growth). So, while one can certainly understand why Smiley would be happy to take corporate money for his State of the Black Union event every year, the truth of the matter is that the honest activism of such a function can only go so far.

    4) A critical line must be drawn between financing and influence. There’s a reason that the New York times doesn’t let it’s advertisers decide which stories are going to appear on the front page. This is because the natural power that comes with financial support must be tempered by a commitment to conscientious objectives. If Wells Fargo needs to be called out for its predatory lending practices, that is not going to happen with the Wells Fargo logo placed behind the speaker’s head. There should be independent oversight of all funding sources for The State of the Black Union, The State of Black America, as well as events held by the NAACP and Urban League every year. Influence is bought behind the scenes all the time, and good black leadership should be as transparent as possible.

    5) We should keep supporting Tavis. Tavis Smiley’s annual event, The State of the Black Union, is one of the most celebrated in the black community. With a renewed commitment to conscientious corporate sponsorship, The State of the Black Union can regain its status as a respected and appreciated forum for black education. But in order for this to happen, we must make sure we know where the money is coming from, where it is going and what strings are attached. Without properly vetting the sources of your financial support, you are setting yourself up for corruption.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University, a leading African American speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Obama Has Tough Message for Wall Street

    President Barack Obama sternly warned Wall Street Monday against returning to the sort of reckless and unchecked behavior that threatened the nation with a second Great Depression.

  • Yale Student Murder Symptomatic of Growing Workplace Violence

    Filed under: ,

    The murder of Yale University Lab Technician Annie Le was sad, particularly since her body was found on what was supposed to be her wedding day. The accused killer in this incident is Raymond Clark III, a 24-year old co-worker. This tragic incident is not only problematic due to the fact that a young woman lost her life. It is also a sad reminder of the dramatic rise in workplace violence throughout the United States.There has been an 18% increase in workplace violence in 2009, relative to last year. Also, according to Corporate Counseling Associates, an HR consulting firm, there has been a 28% increase in workplace suicides. A poor economy certainly plays a role in the frequency of workplace violence, as tough times lead to tough decisions by firm managers who have to slice jobs in order to keep the company afloat.

    African Americans are impacted even more by the threat of workplace violence, since our unemployment rate tends to be much higher than that of white Americans. Also, other forms of related violence, such as that which occurs in the home, are affected when the economy goes south. In other words, a tough economy leads to problems that go far beyond money.

    The case of Annie Le brings some questions to light when one thinks about violence in the workplace. These questions should be asked by employees and employers, since violence is not only a threat to employee safety, it is also a potential door to major lawsuits filed by those affected:

    1) Are there background checks being done on employees? If an employee has committed a violent crime in the past, this may unfortunately be a reason not to bring him/her into the workplace. At the very least, precautions should be taken to ensure that the other employees are protected.

    2) Are there proper channels for reporting violence when it occurs? In the student shooting rampage at Virginia Tech University, some students died allegedly because the university did not have a proper warning system.

    3) Is there a way to provide counseling to workers so they can handle layoffs or workplace stress in a more productive manner? What about dispute resolution between employees? If the workplace has become uncomfortable, employees should be able to report the discomfort to management so that problems are solved before they get out of hand.

    4) Are there ways to spot situations in which an employee is at risk of being violent in the workplace?     Clark, the tech who is accused of killing Ms. Le, was known to be a “control freak” and allegedly felt that the animal cages in the lab were his personal territory. There are many cases in which workplace violence is committed by individuals who’ve shown a propensity for aggressive behavior.

    5) Are employees informed on the company’s existing policies on workplace violence? Employees should know what lines are not acceptable to cross in the workplace. Also, according to a 2005 Survey by the US Department of Labor, 70% of all companies do not have a policy in place to prevent workplace violence.

    Annie Le’s tragic death may be an opportunity to save lives. By grabbing the lessons presented from her case, we can make workplaces across America safe for everyone. Let’s hope that Annie did not die in vain.


    Dr. Boyce Watkins is a Finance Professor at Syracuse University. To have Dr. Boyce commentary delivered to your email box, please click here.

     

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  • Implementing a Strategic Partnership

    When business is slow and consumer spending decreases, solidarity between entrepreneurs can help drive sales and possibly cut down on marketing costs.

  • Howard University Student Controversy Over Financial Aid Problems

    Filed under:

    Howard University has a problem. Apparently, the school’s students have taken lessons on freedom of speech to heart and actually believe they have a voice in running the campus. That problem is magnified by the fact that they are finally speaking up on issues of mismanagement and incompetence that plague many universities around the nation, particularly Historically Black Colleges and Universities.

    We all know that HBCUs can be amazing places to get an education. But we also know that many HBCUs are as slow as molasses when it comes to adopting the necessary administrative adjustments to keep up with the demands of college students. We also know that many HBCUs are not even hiring very many black professors, particularly in business and the sciences (Howard University is one of them). Not having the funds to engage in sound administrative policy is almost understandable. But ignoring calls for appropriate change because it undermines your quest to maintain power….well, that just makes you a black version of the Bush Administration.

    Diddy has come out and supported the students at Howard, and I support them too. The students at Howard University and other campuses around the country must understand very clearly that POWER ONLY RESPECTS POWER. If you are not focused in your vision and committed to fighting for what is right, the world is going to continue to abuse, mislead , exploit and oppress you. People will always enjoy walking over you if you remain committed to lying down.

    In the 19th century, the British maintained control over Chinese citizens by keeping them full of opium and low on education and ambition. By keeping their eyes off the prize, British leadership was able to manipulate the citizenry in any way they chose. When the Chinese people began to take control of their own destinies, this caused the Opium Wars, which opened the door for China to become the superpower that it is today. Whether you are referring to the federal government, university officials, or a pimp on the street, most oppressors who have power do not give that power away willingly.

    Like the British government of the past, University administrations can be as typical as any other entity when it comes to maintaining control of students and their minds. Students don’t realize how much power they can actually have, and most of them don’t even care. As long as students remain focused on going to one party after another and staying fearful of standing up for their rights, campus officials hold all the cards. University administrators have another advantage in that students are only around for 4 – 6 years, so by the time they realize they have any power, they’ve already graduated.

    When I was a student leader at The University of Kentucky (which in my opinion, is to this day, one of the most racist and segregated academic plantations in America), I remember periodically bumping into the university president. He would usually ask me the same question, “When do you graduate again?” When I became a faculty member years later, I figured out that the reason the president was asking about my graduation date was because he knew that when I left the campus, the student protests would leave with me. He was right; that’s exactly what happened. But from that experience, I learned that if you step out and fight for what is right, you might actually have a chance to win and make positive change for the good. Universities hate you for it today, but they give you an award for your efforts 30 years later. I encourage students at Howard University and other campuses across America to make sacrifices for their children and grandchildren, who will set foot on the same ground in just a few years. Were it not for students raising a little hell 30 years ago, you would not be where you are today.

    The students at Howard University have a legitimate grievance on their financial aid problems. It is as legitimate as the grievance of Kentucky State University students, many of whom are still living in hotels this late into the semester. Their grievance is as legitimate as that of the students at Morehouse College, who still don’t understand why a wealthy student can shoot a classmate and be allowed back into classes. Howard students should have their questions answered and be presented with evidence of systematic change in campus procedures.

    When it comes to bad leaadership, questions remain in the air, and they usually don’t get answered. Instead, the administration has the same formula: Just wait long enough and students will either grow weary, get distracted or leave the campus. Don’t be surprised if Howard University invites Lil Wayne on campus for a concert. Like the Chinese of 100 years ago, socio-political Opium always works to co ntrol the masses. Don’t let the leadership control you.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “What if George Bush were a Black Man?” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • If You Ever Win the Lottery: 5 Risks You Don’t Want to Take

    Filed under: , ,

    Some of us saw the story about the woman who won the lottery as a teenager and blew her money on cocaine and shopping sprees. Bad idea. As a Finance Professor, I thought I would make a quick list of things to think about if you ever win the lottery.


    1) Don’t buy the damn lottery tickets anyway – Your probability of winning the lottery is incredibly low, and state governments use lotteries as a way to manipulate the fantasies and desmoney savingperation of the poor for an additional source of tax revenue. The best use of your lotter money is not to buy into the lottery. Save that money instead.

    2) Drugs and gambling are very bad ideas – Just ask Antoine Walker, the former NBA star who went to jail for not being able to pay his gambling debts. Antoine has not gotten involved in drugs, but many athletes and entertainers have. An insatiable appetite for dope, combined with a seemingly infinite amount of cash is a recipe for financial disaster.

    3) Getting caught up with the bling – For some reason, African Americans have a strong fascination with status symbols. We like to make sure that everyone knows we’ve won the lotto, and some of us seem to think that having the nice car, big house and fancy clothes will make our point. The problem with status symbols is that they are not only a waste of money, they are also the quickest way to draw “haters” and “hangers,” all of whom expect you to solve their financial problems. Personally, I’ve learned the value of keeping my financial situation to myself: no one needs to know how much money I’ve got.

    4) Becoming a one-man charitable foundation – Related to point three, the truth is that endless amounts of generosity can be the very thing that destroys you. I have a friend who took the millions she made from her small business and paid bills for every relative within a 1,000 mile radius. Well, when her business hit hard times, those same people were not willing or able to help her out of her predicament: She’d become everyone’s hero but had no hero of her own. Be generous and charitable; just put a concrete limit on how much you give away.

    5) Not keeping accurate records or a budget – If you don’t keep a budget, you are going to waste a lot of money, period. If you bump into a ton of dough, find a good financial advisor so you can enjoy your cash and keep your stash, all at the same time. It’s not about being miserly, it’s just a matter of being mature and balanced.

    Be smart, be educated, be prosperous. Life is too short to be broke.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.” To have Dr. Boyce commentary delivered directly to your email, please click here.

     

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  • Black News in Black America

    Filed under:

    Big Black News from Dr. Boyce gives you a list of the biggest black news stories in the areas of money and education. Consider it to be our gift to you.

    President Obama declares National HBCU Week

    Student shot and Killed at Spelman College in Atlanta

    Chris Brown tries to rebuild his brand on Larry King Live

    Will Whitney Houston Ever Be the Same Again?

    No, Roxanne Shauntay DID NOT get a PhD

    Should Personal Finance Be Taught in School?

    University of Michigan Football Gets its Cover Blown on alleged Mistreatment of its athletes

    Nas, Kelis, Money and Craziness: How much money does Kelis Need to Live?

    President Obama Plans to Address Congress to Push his Healthcare Plan

    Dr. Boyce Watkins is a Finance Professor at Syracuse University. To have Dr. Boyce commentary delivered directly to your email, please click here.

     

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  • News Roundup: Week of Aug. 31- Sept. 6

    News Roundup

  • Five Things You Might Not Know About The Black American Worker

    Filed under: , ,

    Black American WorkerIt’s no secret that the recession is hitting African-Americans especially hard. Last month black unemployment stood at 14.5 percent, vs. 8.6 percent for whites. However, nearly 18 million blacks are still toiling in the civilian labor force, representing over 11 percent of America’s 155 million workers. As the country enjoys a day of rest on Monday to celebrate all working Americans, Black Voices is taking time to shine a much-deserved spotlight on the black worker with five facts you might not know…

    working black women1) She Brings Home The Bacon
    The black worker is more likely to be female; but then again, there are simply more black females. Fifty-three percent of black workers age 20 and over are women, while 47 percent are men – commensurate with their representation in the overall population.

    2) The Tax Collector in the Mirror
    It’s not surprising that a black person is more likely than a white one to be a bus driver or a health care aide. But did you know that blacks are also more likely to be tax examiners or collectors; dietician or nutritionists; crossing guards; bill collectors; and telemarketers?

    3) On The Government Payroll
    Who says big government is a terrible thing? While facing discrimination in many sectors, blacks are more likely to work for the federal government than other Americans. We represented 17.8 percent of the federal workforce in 2007 compared to 10.1 percent of the general population

    4) Bearing the Union Label
    For years blacks have been more likely to work in a union, bringing them 12 percent higher wages than their non-union counterparts. However, black union participation has been falling for years, from nearly 32 percent in 1983 to less than half that today. In 2008, 14.5 percent black workers were union members vs. 12.2 percent of white workers. It’s no wonder that on average blacks are….

    In More News About Black Workers:

    +NAAIA is Recruiting Black Insurance Professionals

    +Dr. Boyce and Michel Martin on NPR Discuss the Minimum Wage

    +Dr Boyce Money: First Black Female to Run Fortune 500 Company

    http://xml.channel.aol.com/xmlpublisher/fetch.v2.xml?option=expand_relative_urls&dataUrlNodes=uiConfig,feedConfig,localizationConfig,entry&id=633153&pid=633152&uts=1252096128
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    Before These Stars Quit Their Day Jobs…
    Mary J. Blige and other stars had important jobs before they were famous, even if they may have been low-income. What are the most underpaid and underappreciated professions?
    Getty Images

    Before They Were Famous

      Mary J. Blige is known for her creatively coiffed crown of hair for good reason…

      Stephen Lovekin, Getty Images

      Mary J. Blige:
      At-Home Hairdresser
      From Starpulse.com: “Blige spent the first few years of her life in Savannah, GA, before moving with her mother and older sister to the Schlobam housing projects in Yonkers, NY. Her rough life there produced more than a few scars, physical and otherwise, and Blige dropped out of high school her junior year, instead spending time doing her friends’ hair in her mother’s apartment and hanging out.”

      Mary started to make her own way in the world in a profession that many take for granted. The at-home hairdresser is a very important staple of many communities, as she uses her skills to help women who can’t afford a professional salon to stay pampered and beautiful. We salute you!

      Getty Images

      Denzel Washington is no stranger to the hair business himself…

      John Shearer, WireImage

      Denzel Washington: Barber
      From Tiscali: “It’s often been said that the boy picked up his desire to act from the flamboyant communication that went on around him at this time. He certainly picked up a desire to work – the family ethic was very strong – and young Denzel found himself labouring in barber shops and beauty parlours from the age of 11.”

      The neighborhood barber is an important institution in many communities. Even though they don’t get paid much, men’s salons are like private social clubs that allow them to relax and connect at an affordable price. Workers in these establishments not only groom the body — they soothe the soul.

      WireImage

      Ellen is known for her dancing, but she used to be a different kind of mover back in the day…

      Jordan Strauss, WireImage

      Ellen Degenres: Car Wash Driver
      From CareerBuilder.com: “I actually liked my first job. I was driving cars out of a car wash, you know, once the car comes out, you get in and you wipe it. That was exciting to me to drive the nice cars and wipe down the [dashboard] with Emerald.”

      We often take for granted all the folks at the local war wash. They may be working for little more than tips, but they keep our cars clean and fresh, making a huge positive impact on our daily lives.

      WireImage

      Jennifer Lopez has displayed a high level of discipline and organization in plotting her megastar career. She must have learned those skills during one of her first jobs…

      Steve Granitz, Getty Images

      Jennifer Lopez: Legal Assistant
      From 2spare.com: “Long before Jennifer Lopez sang, danced and acted her way to superstardom, she briefly traded in her velour tracksuit for a suit of the pin-striped variety while working at a law office.”

      It’s hard to imagine someone as driven as Jennifer Lopez being an assistant, but J.Lo paid her dues by helping her bosses meet their goals. It’s hard for anybody to put others first, but that’s what assistants do in every field. They deserve to be appreciated for this.

      WireImage / Getty Images

      Before Angela Bassett became a huge star in front of the camera, she earned her living doing business on the other side of the lens…

      Michael Tullberg, Getty Images

      Angela Bassett:
      Photo Researcher
      From Yuddy.com: “After working as a beauty salon receptionist and photo researcher, Bassett got started with her acting career in New York Theater, after which she landed her first role-as a prostitute-in the 1985 TV movie ‘Doubletake,’ starring Richard Crenna and Beverly D’Angelo. The following year she landed her first official film role as a TV reporter in ‘F/X.’”

      Whenever we look at a magazine, or in a book with pictures, we are seeing the work of some one like Bassett in her early career. We never think of the faceless, nameless men and women who look for all the photos that illustrate concepts, news and ideas in every facet of our daily lives, ranging from Web sites to education. But every one of those photos was hand-selected by someone, most often an anonymous, but dedicated and not-too-well-paid pro. What would life be like without all the hundreds of pictures we enjoy every day?

      Getty Images

     

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  • Black Business Blast: Rihanna Invests in Million Dollar Home

    Filed under: , , ,

    After a busy and tumultuous past few months, young millionaire Rihanna may be using her money to settle down on her own. Housing rumor has it that the funky beauty has purchased a $10 million dollar home in Los Angeles. This is a strong move, after being a public victim of abuse. Read below for more notable events in finance, housing, the economy and more from an African American perspective.

    ♦ 5 Tips for Homebuyers as the Deadline Approaches for $8,000 Stimulus
    The $8,000 federal tax credit for certain qualified home buyers is scheduled to expire December 1, 2009. Don’t be fooled by this deadline. This does not mean you have three months left to find your new home and make an offer.
    The Money Coach

    ♦ Study Shows Psychological Impact of Unemployment
    A new Rutgers study reveals the impact of unemployment on the individual, including depression, anxiety, and strained relationships.
    BusinessWeek

    ♦ Using Cash Helps Consumers Escape Debt
    Buried in credit card debts? Experts across the board suggest adopting a cash-only lifestyle.
    The Grio

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    Rihanna
    Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive
    Getty Images
    X17online.com

    Recent Rihanna Pics

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

      Rihanna dining at Giorgio Baldi in a black and white dress. Sept 2, 2009 X17online.com exclusive

      Ice/X17online.com

    ♦ B in the Spotlight… Chike Ozah
    Meet a New Orleans Director – Designer – Entrepreneur putting his name on the map.
    The “B-Life”

    ♦ The Shrinking Plus-Size Apparel Market
    To no one’s surprise, apparel sales have been going down over the past year — but the plus-size market has been hit especially hard.
    The Budget Fashionista

    ♦ NYU Business School Gets its First Black Dean
    Peter Blair Henry, a Jamaica-born Rhodes Scholar, moves to NYU in January 2010 from Stanford, where he’s currently holding the post of Konosuke Matsushita Professor of Economics. He’ll be NYU’s first black business school dean.
    The Network Journal

    ♦ Five Safe Investments
    If you are looking for some really safe investments, you should consider one of these five options.
    Out of Debt Christian

    ♦ Low-Wage Workers Are Often Cheated, Study Says
    Low-wage workers are routinely denied proper overtime pay and are often paid less than the minimum wage, according to a new study based on a survey of workers in New York, Los Angeles and Chicago.
    The New York Times

     

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  • How to Make the Most of Your Doctor’s Visits

    Dr. Virgie Bright Ellington, a board certified internist, believes that basic healthcare for every citizen is long overdue.

  • Dr. Boyce Talks Money and Sex on ABC News

    Filed under: ,

    I recently appeared on ABC News to talk about Financial Lovemaking, and the link between sex and money. I’ve discussed relationships and money several times on AOL in the past, but I think that I should quickly lay out some very interesting similarities that may not have crossed your mind. As I teach my Personal Finance Class at Syracuse University this semester, I am reminded that managing our money is linked to managing our love, which is critical to the ultimate goal of effectively managing our lives.

    1) Many people think about both sex and money every single day. Don’t lie, you know you enjoy thinking about sex, even if you aren’t getting any. But chances are, you also think about money, whether it’s figuring out how to get what you need or how to keep what you’ve got. Even most rappers spend all their time talking about either sex, money or how they use their money to get more sex. It’s actually a universal concept.

    2) Both sex and money can make you feel good. If I wrote you a check for a million dollars, you’d probably end up having a good day. If I offered you the sexiest person you could think of to do as you wish, you might have an even better day. Both sex and money have the effect of giving us a natural high that leads to human beings spending their lives obsessed with obtaining both commodities.

    3) Both sex and money can devastate you if you are irresponsible. Promiscuous sex can lead to a life of disease and drama. Promiscuous spending can lead to a life of financial turmoil. Both sex and money, being the powerful drugs that they are, should be managed with both responsibility and moderation. They are both meant to be enjoyed, but not meant to be abused.

    4) It’s scary to share either one of them with another party. Your body is valuable, so you don’t want to share it with the wrong person. Your money is valuable too, so the same logic applies. Sharing your financial or sex life with the wrong person can lead to years of regret. Emotional, physical and financial investments are all quite risky.

    5) Both sex and money require trust if you are engaged with another person. I’ve heard women talk about financial betrayal by their partners in the same context as emotional betrayal. If you trust someone with your money, you are trusting them with your life. The same is true when it comes to trusting them with your body.

    6) It’s no fun to share either your sex or your money with someone who doesn’t know what they’re doing. Sex is better with someone who knows how to do it right. Well, sharing your financial future with someone who knows what they’re doing can actually lead to dramatic improvements in your quality of life. So, when you consider how good a person looks or how great they make you feel, also consider how great they can make you feel in the long run by providing both financial and emotional security, which can effectively be the same thing.

    7) One is often used to obtain the other. On average, guys with more money get more sexual opportunities and those who give good sex could use it to get their bills paid if they wanted to (Come on, let’s be honest here – what’s the oldest profession in the world again?). There are biological reasons that men with greater access to resources tend to make better mating options for women. The rapper Ludacris noticed how he suddenly went from “ah-ight” to “handsome” when he started to make money. That’s to be expected.

    In the episode of ABC News below, we talk about these links between sex and money in more detail. Enjoy!

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • The Real Game Is Business

    It’s just the prelims of the 2009 Black Enterprise Golf & Tennis Challenge and it’s already clear that once again the best and brightest moves and players in business and corporate America not only came to play–they came to win. It’s what I like most about G&T, hosted once again by title sponsor Pepsi: whether attendees are registered to play golf or tennis, or do some serious rest and relaxation at the world class spa, they know that the real name of the game is business.

  • Is College a Good Investment During a Recession?

    Filed under: , ,

    I was invited onto “Tell Me More with Michel Martin” to discuss college and whether or not it makes sense to invest in college during an economic downturn such as this one. I have written extensively on the value of going to college, since I argue that education plays a huge part in determining whether you end up being a true player in life or just end up getting played. Black college students must really note the significant impact of attending college, since people of color benefit the most when we get ourselves educated.

    Here are some thoughts regarding whether or not college is a good idea during a recession:

    1) You must decide if college is a necessity or a luxury item for you. If you are a wealthy kid who can rack up $80,000 in debt to major in Philosophy and Theatre, then God bless you. But just make sure you are aware that the major you choose plays a huge role in your ability to manage debt after graduation. This is not a slap at those who choose majors that don’t have a strong job market, it’s just a reminder to make sure you know what you’re stepping into. Personally, I majored in business, because college was not just my path toward educational enlightenment, it was my way to pay the bills when I got older.

    2) Figure out what you hope to get out of college. If you want to simply get a good education and are not worried about the job market very much, then you don’t need an expensive school to do that. Education is what you make of it. I’d rather be a student at a state university who studies 7 hours a day than to be a frat boy at Yale living at the bottom of a beer bottle. The student who studies is going to learn; the one who doesn’t study won’t learn a thing. College is what you make of it. But if your goal is to use the name of your campus to open doors for great job opportunities, then this might justify the cost of an expensive university.

    3) Parents, the debt is not all yours. You are getting ready for retirement, your children are young. Pretty soon, they will be earning more money than you. Does it make sense that you’ll spend your golden years paying student loans for an able-bodied adult? Perhaps it’s time for your children to learn how to take care of you? They will never learn to be financially independent if you don’t teach them. Allowing your child to manage some of his/her student loan debt doesn’t make you into a bad parent. You got them to age 18 in one piece, some would say that you’ve done enough.

    4) Grad school anyone? Some majors require additional education for you to be competitive in that particular market, some do not. Think through this carefully when deciding if you want to make the massive investment of going to graduate school. I believe that an MBA is usually worth the investment, while a masters in Anthropology may not always get you the job you’re seeking. But outcomes can vary depending on the major, and you should do your homework.

    5) Education gives you job security. One thing that many autoworkers learned during the recent economic downturn is that having a good job with little education makes you highly vulnerable to economic flucuations. African Americans were the hardest hit during the recession, and many of us lost our jobs when the auto industry tanked. Even if you earn a lot of money, you should never stop believing that additional education doesn’t have value for you. You don’t want your financial future to be in the hands of someone else.

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    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Everything You Ever Wanted to Know about College.” To have Dr. Boyce Commentary delivered to your email, please click here.

     

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