If you are contemplating dermatology, you have taken a excellent initial step in finding this article. You have quite a path in front of you if you are thinking about becoming a skin care expert. If you are analytical because you like education or perhaps…
Tag: education
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Obama’s Fed Chairman Makes Racially Ignorant Remarks: Dr Boyce Analyzes
Filed under: Dr. Boyce Money, News, The Economy, Education
I’ve always had mixed feelings about Federal Reserve Chairman Ben Bernanke. I feel that he is better than the previous chairman, Alan Greenspan, but the Fed Chairmanship (like the presidency) is almost never given to the right man. Just the fact that it is almost always given to a man is problematic enough, and the truth is that only white men need apply for the job.
Well, when you are limited in your option pool for the top job, bad leadership and flat out ignorance can sometimes be the result. While Fed Chairman Bernanke might know some nuts and bolts about economics, he appears to be shockingly misinformed about economic disparities between blacks and whites. His embarrassing and highly inappropriate statements at Morehouse College serve as a significant case in point.
In a recent interview at Morehouse, the Fed Chairman was asked what he felt to be the reason for the wealth gap between blacks and whites. In response, Bernanke said that the gap was due to a lack of “financial literacy” and “financial education” on the part of African Americans. That’s all he mentioned.
What? Sorry Ben, but did you ever hear of this little thing called “slavery”? What about this other thing called “Jim Crow laws,” which made it nearly impossible for African Americans to pass wealth onto their children? Do you truly believe that whites have the bulk of American wealth because they were simply harder working and more intelligent in their wealth building strategies? Do you know how silly you sound?
According to the 2007 Survey of Consumer Finances, the median household wealth of white Americans is 10 times greater than that for African-Americans. And in spite of what the Fed Chairman might believe, it is not due to the fact that black people are financially ignorant. Rather, it is due to leaders such as Bernanke who refuse to acknowledge how 400 years of racially-biased wealth distribution can impact structural and financial inequality.
The other point that Mr. Bernanke fails to mention is that white American saving and investing habits are incredibly problematic as well. The recent financial crisis was due to the fact that the American savings rate had become negative for the first time since the Great Depression. Additionally, Americans (not just black people Ben) were borrowing money for homes they could not afford and not preparing for retirement. So, the idea that Chairman Bernanke would sum up the black/white wealth gap as “White people smart….black people illiterate” is a shocking disappointment and a glaring reminder of the fact that our economic captains in the Obama Administration have almost no understanding or respect for the unique economic challenges of the African American community.
I won’t even get into Obama’s appointment of Lawrence Summers as Treasury Secretary, given that Summers disrespected Dr. Cornel West, one of the most significant black scholars in American history. During a spat when Summers was president of Harvard, he criticized Dr. West’s work as not representing “appropriate” scholarship. Translation: you are doing something that white scholars don’t understand, which thus implies that you must be inferior – I get it all the time here at Syracuse, a school that hasn’t tenured a black man in Finance in their entire 140-year history – perhaps we lazy black folks are just not good enough. Professor Summers is also the one who implied that women might have a natural deficiency in their ability to understand mathematics. The idea that Obama supports individuals who continue to embrace mindsets reflective of white male supremacy should be problematic to us all. The financial team within his administration needs a makeover, and their “expertise” and qualifications should be questioned by the American people.
A note to Chairman Bernanke: The present around us has been created by a set of tasks that were performed in the past. If you are only able to see wealth disparities through a lens created in the year 2009, one that is blurred by your own biases as a white male in an elitist profession, you are missing 99% of the picture. To cite African American ignorance as the sole driver of wealth gaps in America is a reminder that our leadership still thinks of black people as second class citizens. Rather than presuming cultural superiority on the part of whites, why not engage in creative and intelligent policy analysis that might actually fix the problem that America has created. It was not the flaws of black America which created structural inequality; it was poor decision-making on the part of the very institution with which men like Bernanke, Summers and Obama are employed. It’s time for some personal responsibility.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr Boyce commentary delivered directly to your email, please click here. -
Higher SAT Scores and Getting Ready for College: Dr Boyce Tips
Filed under: Education
I was asked recently how to prepare for college. I was also asked how to pay for it. Well, what might surprise you is that paying for college and preparing are actually closely related. The better prepared for college your children are, the easier it will be for them to pay for college with scholarships and other financial support. So, rather than spending money on new Air Jordans for your child, spend that money to help them to find a tutor.
Here are four things about getting higher SAT scores and preparing for college that you should keep in mind when dealing with your kids.
1) Good ACT and SAT scores don’t come naturally, you have to prepare. Some people think that you are going to magically end up in college just by saying that you want to go. Some think that you should take the ACT and SAT cold, and that natural intelligence will carry you through. That’s not the case. Your child should prepare for college like it’s a part-time job: studying 2 – 3 hours each day, for several months straight. Yes, that sounds like a lot of work, but is it really very much when compared to the fact that most of our kids are fine with working at McDonald’s for four or five hours a day, or going to football practice for three hours a day after school? Education MUST be the number one priority in your household if you want your children to have a bright future.
2) Make sure your child is taking classes that will truly prepare him/her for college. With the horrific state of the American educational system, the truth is that we can’t trust the system with our children. Making good grades is not enough when it comes to ensuring that your kids are prepared. Make sure that they are taking classes that meet the standards of attending college, and this will reflect itself in higher SAT scores. Check with the university of your choice to ensure that your child is enrolled in the classes necessary to get into that school.
3) Apply to at least 12 universities. The more irons you have in the fire, the more likely it is that one of them is going to get hot. Have your child do one college application every two days for one month. that will give him/her roughly 15 applications to various colleges. You can then find out which schools have needs that match the things your child has to offer, and you should make sure that your ACT and SAT scores are high enough to get into the places you apply. You’ll never know what opportunities are out there unless you apply for them.
4) There should be no use of the word “if” when preparing for college. I hate the fact that there are so many people who are afraid of college or think that it only works for someone else. I teach at a university that charges over $30,000 per year, and I argue that any 10th grader of average intelligence could get a good grade in my class, if they study each day consistently. I don’t care what your SAT scores happen to be, college is not nearly as difficult as some might lead you to believe, and the truth is that it can change your life forever. It certainly changed mine, and I was told that I wasn’t smart enough for college in the first place.
Dr. Boyce Watkins is a professor at Syracuse University and author of the book, “Everything You Ever Wanted to Know about College.” To have Dr. Boyce commentary delivered directly to your email, please click here. -
Youth Use Entrepreneurship as a Pathway to Success
Running a successful business is not an easy feat no matter what your age. Yet there are teenagers, like Kalief Rollins, the winner of the 2009 National Youth Entrepreneurship Challenge, who were able to benefit from business start-up education and learn not only the value of a dollar, but how to claim the value of his life.
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Banks Offer College Saving Deals: Are These The Best Financing Plans?
Filed under: Personal Finance, News, The Economy, Financial Aid
Banks and credit unions are developing new methods of helping families finance college educations. In this economy, families have seen certain accounts set aside for financing education, such as those funded by stock portfolios, steeply decline in value. On top of that, tuition costs at top schools have increased by 62% over the past ten years, cutting sharply into education savings. To help families cope with these trends, “a growing number of financial institutions are rolling out incentives to help families save or pay for higher education,” according to USA Today.
Two examples of these college saving offerings include:
Citizens Bank is giving a $1,000 bonus to consumers who open a college savings account by a child’s sixth birthday. Justice Federal Credit Union – which serves Department of Justice and Homeland Security employees – is offering a discount on a loan to pay for college costs. And Grow Financial Federal Credit Union in Tampa is donating money to student scholarships based on a local university football team’s “return yards,” which is how far players run with the ball after receiving a punt or kick. (USA Today)
A new college saving deal offered by your bank may be the right thing for your family. Yet, financial experts urge consumers to carefully evaluate any college saving incentive. The motive for lending institutions to create these deals is to build better relationships with a future generation of customers. The student of today will need loans for grown-up purchases like houses once a college education is fully financed. Thus a bank’s offering may not necessarily be in your best interest. You will still want to shop around for college savings plans that net you and your student the best deal.
What are some additional ways of saving for and paying for college during tough economic times? State 529 plans are one important tool in a parent’s arsenal for paying for college, and should be explored fully. Please see SmartMoney.com for more great college saving advice.
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Dr. Boyce and Keith Murphy Discuss Economic Empowerment
Filed under: Interviews, Personal Finance, Dr. Boyce Money
In this interview below with the great radio legend Keith Murphy, we discuss the power of high expectations, education and economic empowerment when it comes to dictating your own destiny.
Keith Murphy is the host of “The Urban Journal” on Sirius/XM Satellite. He is a good brother and one of the few people who supported me when nobody knew who in the heck I was. I will always respect him for that.
I told Keith that much of the empowerment process in the African American community comes down to education and economics. If we really push our kids to be their best educationally, that will open a million doors for achievement. It’s not difficult to be a good student: you only have to treat it like a part-time job. If a kid can work 8 hours a day in McDonald’s, that same person can sit and study for 4 hours a day. Any college student who studies 4 hours per day, every day, is going to earn As and Bs in most of his/her classes. It’s really that simple. In fact, most universities give you a “B” in the class just for doing what you’re supposed to do. College is not nearly as difficult as some would like for you to believe.
When it comes to economics, it’s all about a couple of things: learning to save and invest and understanding the foundations of entrepreneurship. My belief, for example, is that every ex-convict who can’t find a job should study entrepreneurship so they can find ways to make money without earning dump wages from someone who doesn’t respect them. If the world rejects you, you have to find a way to still get what you want. It’s possible if you believe.
The interview is below if you’d like to listen. Enjoy!
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. -
Medical Office Administration Training and Medical Assistant Programs
An education in medical office administration can include a large variety of instructions to help medical offices. It includes clerical and administrative positions that help medical offices to function smoothly and efficiently.
A person with medical off… -
Is College a Good Investment During a Recession?
Filed under: Personal Finance, Careers, Dr. Boyce Money
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.