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Tag: abc news

  • Rihanna and Chris Brown: The Financial Value of Rihanna’s Pain

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    I hated what Chris Brown did to Rihanna. I was angered, disappointed and irritated by the fact that many are quick to forgive egregious behavior on the part of celebrities, and a hit song can forgive all sins. At the same time, celebs are just like the rest of us, full of complexities that the world may never come to understand. Rihanna has walked away from Chris and she is now telling the entire world how bad of a man he is, and we’re all taking her side.

    The problem for Rihanna, however, is that her actions aren’t making much sense.

    Rihanna’s recent whirlwind media tour has included the likes of ABC News, MTV and other major media outlets. Throughout this tour, she has allowed the world to enter into her dark reflection on the relationship she had with Chris Brown, with that reflection seeming to have almost no productive purpose. I am not sure why the he-say/she-say between two 19-year old kids should be the concern of the nation. But then again, I am sitting here writing about it, so I am as guilty as everyone else.

    The truth is, clearly, that Rihanna could have used this incident as a teachable moment and then moved on with her life. But that wouldn’t be nearly as profitable as doing a media tour attacking Chris.

    The point here is clear and quick:

    A personal tragedy is usually leveraged in order to sell a book or album: Did you notice how tennis star Andre Agassi revealed his drug addiction when his book was released? What about when Mackenzie Phillips announced that her father, well-known performer John Phillips, molested her as a child? Stories like this are a great way to get people to read your book or buy your records. Notice that it took Rihanna several months to start talking about Chris Brown in public. That was probably because she had to finish up her tracks. By the way – her album is scheduled for release in a few days. The Chris Brown story will be the primary driver of her album sales.

    Now, I am a Finance Professor and a capitalist. Well, I am mostly capitalist, to a point. I can understand why Rihanna’s handlers are milking the cow till the udders fall off. The story is interesting and like hungry kids in a candy store, we are salivating to find out more about what happened. But the truth is that we only know most of what occurred, not everything: All we really know is that they got into a fight and Chris won. But we also know that Chris lost the war because he is the one who got arrested. Is there anything else we need to know? Is there anything new that Rihanna is telling us other than vague and “clearly objective”(LOL) things like “his eyes had no soul.” What the heck does that mean anyway?

    While we can respect Rihanna’s decision to use this situation as a chance to build her brand (similar to when Juanita Bynum was allegedly beaten by her husband and then declared herself to be “the face of domestic violence”), the truth is that we probably shouldn’t fall for the hype. We should realize that this was an unfortunate situation,with many lessons to be learned about domestic violence in the black community. Rihanna will sell her records, and Chris will have to rebuild his own brand. But at the end of the day, this media whirlwind created by Rihanna is, for the most part, an opportunity to not only punch back at Chris, but a chance to make a little dough in the process.

    As the rapper TI might say, “It is what it is.”

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

     

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  • Mistakes Couples Make When Mixing Love and Money Together

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    As I prepare for an appearance on ABC News to talk about money and relationships, I thought I would share the answers to some of my questions that were asked of me by the producers. Perhaps this can be valuable information that can be used to help others. There is more in my book, Financial Lovemaking, which goes deeply into the struggles that couples have when negotiating the challenging task of merging love and money together.

    1) What do Love and Money have in common?

    People think it’s taboo to mix love and money in a conversation, but it’s not. It’s actually essential that you do so. Loving together means living together. In most relationships, you spend more time talking about functional aspects of life, such as paying the bills and purchasing decisions than you spend on “lovey-dovey” stuff. Also, like making love, merging your assets involves sharing something of value with another person. Similar to the act of sharing your body, merging your assets with someone else can either be a fulfilling experience or a devastating one, depending on who you choose as your partner.

    2) What are the biggest mistakes couples make when it comes to managing love and relationships?

    I can list some common mistakes very simply: Not communicating about money, stepping into something without knowing what you’re getting into. Not being honest with yourself or your partner. Allowing love to dominate your logic when it comes to determining if someone is right for you. Not critically analyzing the spending, saving, borrowing and investing habits of your partner and how this is going to play out in the long-term. Not analyzing the long-term earning potential of your partner and determining if you are comfortable with it.

    3) What does it mean for a couple to “get financially naked with your partner?”

    In regular love, you eventually have to get naked. That means the person sees your physical assets and liabilities. The same should be done financially: you and your partner should share debt levels, income levels, spending habits, credit scores, perceptions of money and all the things that your partner needs to know. The key to making good love is communication and the same is true for financial lovemaking as well.

    4) Is financial lovemaking only a topic for couples or those seeking relationships?

    No. Part of the lovemaking process means learning to love yourself. That means understanding your own relationship with money and how you are going to reach your own financial goals. Good financial health is not just for the benefit of current and future partners, it is also important for you. Additionally, financial lovemaking affects how money and relationships merge in all kinds of scenarios: with your children, relatives, friends, etc. By being financially healthy, you are ready to merge assets in an effective way when the right situation comes along.

    5) How does bad financial lovemaking spread beyond your significant other? What about other offspring, relatives, etc?

    Many financial lovemaking problems come from our children and parents. If you don’t raise your children to be financially independent, they can become liabilities during retirement rather than assets. If you don’t know how to manage your financial relationships with loved ones, you might find yourself being drained in a way that frustrates both you and your partner. Love is something that permeates every dimension of our lives, so effectively managing our money can be a tool toward making good love.

    6) What is a “life portfolio” and what do you mean when you say that “our most significant financial assets in life having nothing to do with money?”

    The most valuable things in your life are usually non-financial: your health, your happiness, your love and your time. All of these things were granted to us from birth and have nothing to do with money. Many times, I see people destroying the most valuable assets in their lives, all in the pursuit of money, and I find that to be sad. Money should be a tool for the enhancement of that which is most valuable to you, not a weapon to destroy the things that matter.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the book, “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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  • Dr. Boyce Talks Money and Sex on ABC News

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    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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