Black Man Black Woman

Tag: Financial

  • Professional Women and their Love Lives: Money and Matrimony Sometimes Conflict

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    I have become obsessed recently with trying to figure out how successful black women find a way to get it all done. Now, by “successful,” I’m not referring to the woman who works 70 hours a week while seeing all of her relationships die in the process. I am referring to the women who do some of the most important jobs in our society (nurturing children and maintaining their relationships) while finding success in their professional lives. Call me old fashioned, but I think that there is no job in the world more important than being a mother.

    This week on Financial Lovemaking, S. Tia Brown and I speak with Dr. Towanna Freeman, a life coach and women’s empowerment guru, about what it takes to maintain love, life and everything in between. We ask Towanna the hard questions about her business and her family and try to determine the formula for keeping it real and keeping it realistic.

    One thing that Towanna makes clear is that you don’t have to be perfect to be happy. She also reminds us that successful people are not successful all the time. The key is having the right mindset and always striving for success, whether you are feeling successful or not. I can personally say that I fail at roughly 90 percent of everything I do: But it’s striving for that last 10 percent which helps to set me apart.

    The interview with Towanna is below. Enjoy!

    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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  • 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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  • Banks Offer College Saving Deals: Are These The Best Financing Plans?

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    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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  • Financial Lovemaking: Man Shoots Boy for Sleeping with His Daughter

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    I have daughters and I love them all. They are all at “that age,” between 16 and 20, where they tend to love the boys that you want to beat down the most. Every time I hear them express their undying love for Lil Wayne, I can only think about him having 3 women pregnant at the same time. When I see a Chris Brown poster in their room, I remind them that Chris was accused of having boxing practice on Rihanna’s face.

    But as a father, you can’t protect your daughters from themselves. Some things they have to learn on their own. And if sleeping with a pants-saggin, “purple stuff dranking,” gold grill wearing, 10,000 tattoo having buffoon is the way they need to learn their lessons, you just kinda have to deal with it.I empathize with Wade Edwards, the man accused of shooting a boy for sleeping with his step daughter. Wade shot the boy four times, aiming for the “relevant zone” with each bullet. But while I can understand Wade’s anger, I do not, for one second, condone his actions.

    You see Wade, it takes two people to “get busy.” If your daughter was choosing to sleep with this boy, that was her bad decision, not yours. Sure, it was disrespectful for them to get naked under your roof, but fathers have been getting furious about this kind of thing since the beginning of time. Sex is a powerful drug, the essence of the existence of all mankind, so the urge of human attraction can be strong enough to lead to seemingly deviant behavior.

    The problem for Wade, however, is one that merges with the lessons we teach in Financial Lovemaking: Allowing your love for another person to cause you to do things that are going to be financially and emotionally devastating for your family. Wade might feel that he was somehow protecting his daughter (he claims that it was self defense, but I don’t buy that logic), but the truth is that he has now dragged his family into a draining legal drama that is going to cost them thousands in attorney’s fees and even more financial loses when one of the primary providers for the household has to spend his time in prison.

    Any father can relate to how Edwards might have been feeling. Also, every father has to wonder how far he would go to protect his children. I personally would give my life to save my daughters and not think twice about it. At the same time, I would not allow myself to go to prison to keep my daughters from having sex. Sexuality is a natural part of life, even when we feel that the person is too young to be doing it. Don’t pretend like you don’t know what I’m talking about; you probably did it too.

    The episode of Financial lovemaking is below. 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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  • 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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  • McNabb can’t practice, likely out Sunday (AP)

    FILE - In this Sept. 13, 2009, file photo, Philadelphia Eagles quarterback Donovan McNabb(notes) (5) grimaces as he is examined after being injured on a touchdown run during the third quarter of an NFL football game against the Carolina Panthers in Charlotte, N.C.. McNabb is doubtful for Sunday's game against New Orleans because of a cracked rib.

    Donovan McNabb is still not able to practice and it appears unlikely he will play this week. McNabb, who suffered a broken rib in a season-opening win over the Carolina Panthers, is expected to miss his second straight game as the Philadelphia Eagles (1-1) meet the Kansas City Chiefs (0-2) at Lincoln Financial Field.