Black Man Black Woman

Tag: money

  • The 10 Biggest Myths About Starting An Internet Business

    online-moneyYou have heard from people saying Internet Business is a waste of time, you will not make any money, there is no real money to be made online, it will never work and so many others negative words coming from people who don’t really understand in this Internet Business industry.

    The thing is, it does work. Why some people make a fortune and some don’t even make money at all? Simply because the people who make thousands or millions of cash knew all the lies in this business and they will not trust these lies.

    So what is this big internet lies? Below here are the 10 big internet lies that you should know:

    (more…)

  • Nicolas Cage Money Problems: Balling Without a Budget

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    I grow weary of the fact that whenever the media presents an entertainer going broke, we almost always see a black man. Well, the tables do turn, even on the best of them. Actor Nicolas Cage is allegedly having major financial problems, having his property foreclosed and admitting in court that his former business manager may have milked him of millions of dollars.

    In a major court battle, the actor lost two of his homes worth a combined total of $6.8 million dollars. Cage owes over $5 million in mortgage payments and more than $150,000 to the city of New Orleans in real estate taxes. Cage is also suing Samuel Levin, his former business manager, claiming that Levin was responsible for his financial demise.

    Here are some quick and dirty thoughts on the plight of Nicolas Cage:
    1) Is there a change in the language? I noticed that a CNN article about Cage mentions the recession as one of the reasons that Cage is struggling financially. However, most commentary about the financial problems of NBA star Antoine Walker attributed his woes to financial irresponsibility. Not to accuse anyone of racism, but I wouldn’t be surprised if it were difficult for the world to imagine the great Nicolas Cage as being financially irresponsible.

    2) Hollywood money is not what it seems to be: By having five major projects slated for 2010, it’s tempting to believe that Nicolas Cage is going to be financially free by the end of next year. Not so fast. After actors finish paying the agents, lawyers, managers, and the IRS, they may only get 30 – 40% of their total pay package. That means that if Cage gets $10 million for his film, he is only going to see three or four million dollars of that money.

    Whatever the case may be, it does appear that Nicolas Cage was certainly living it up. Few A-list actors are as blockbuster-worthy as Cage, so there is no excuse for him to ever go broke. But given that Cage has purchased personal islands, castles, and other extravagant items, he put himself in a situation where he needed a lot of money in order to simply stay afloat. Michael Jackson had the same problem during his life, as he was easily spending five to ten million dollars per month. No matter how much money you have, you can always go broke. We should all live beneath our means.

    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 to your email, please click here.

     

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  • 8 Considerations in Selecting a Yoga Retreat

    Congratulations! You are considering a yoga retreat. You have allocated the time and money and are committed to a meaningful experience. Other than someone else’s opinion, how do you know what to expect from your upcoming yoga retreat? We think a little f…

  • Appeals court: Vick can keep $16M bonus (AP)

    A federal appeals court is backing the judge who ruled against the NFL and let quarterback Michael Vick keep more than $16 million in roster bonuses from the Atlanta Falcons. The 8th U.S. Circuit Court of Appeals on Tuesday affirmed Judge David Doty's order saying Vick had already earned the bonuses before his dogfighting conviction, so the money wasn't subject to forfeiture.

  • NBA Star Antoine Walker is Broke: Five Lessons We can Learn

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    When I went to The University of Kentucky with Antoine Walker during the 1990s, we all knew he was going to be a star. He was headed for great things and would represent his family well. No one would have guessed that he would one day become the poster child for what NOT to do when you earn $110 million dollars.

    Antoine is busted, or as my friends would say, “broker than the 10 commandments.” He was recently arrested for not paying $800,000 in gambling debts he owed to a Vegas casino, and that’s when the financial roaches started coming out of the closet.

    In the midst of Antoine’s situation, we can all learn lessons. I thought I’d lay out a few for us to consider:

    1) Watch who you allow to handle your dough. It might sound good to say that you have an accountant, but the truth is that you are always vulnerable when someone is doing things with your money that you do not understand. Additionally, allowing friends and relatives to have access to your financial accounts is a very bad idea. While I have major issues with Bill Cosby, I was always impressed by the fact that he takes care of his own money. Also, one of the sad realities of NBA athletes is that most of them were not properly educated during college, given wimpy little majors that didn’t interfere with their athletics schedules, so some of them are unprepared to protect the wealth they work so hard to earn. Get an education- you’re going to need it.

    2) Don’t judge Antoine Walker harshly, this can happen to anyone. Going broke or going to jail is not just something that happens to bad or irresponsible people. The same is true for a gambling addiction. While we are tempted to attack Antoine Walker for his situation, the truth of the matter is that gambling problems impact hundreds of thousands of people every year: Campuses are being overrun by TV poker challenges and other seemingly harmless, yet financially devastating temptations. If you don’t yet have a gambling problem, be careful not to start one. That’s an easy way to go broke.

    3) Stay away from the vices: Drugs, gambling or other costly addictions have led to the financial downfall of many people. In addition to gambling, other vices such as drugs or alcohol can accelerate your path to the poor house. What’s worse is that the temptation to engage in these activities is greater when you have more money to burn. NBA and NFL stars are still quite young, and the idea of giving a 22-year old $10 million dollars a year is a scary thing. Even I would have made terrible mistakes if I’d received that much money so early in life. If you are in a relationship with someone who regularly engages in any of these bad habits, you might want to reconsider that relationship. It can cause you a great deal of trouble later on down the road.

    4) Show your love, but put a cap on it: Antoine Walker has shown himself to be a generous man, giving to children and taking care of relatives. The problem is that it’s difficult for anyone to be a one-man welfare machine. I only call it welfare when someone is asking for something for nothing. I find that it is more productive to ask for something before you give something away; put the relative to work on productive activities that will help save you money. It will make both of you feel better in the end. Also, budget your charity to ensure that you don’t go overboard in your giving. Typically, those who are asking you for money today won’t be anywhere around when you are having financial problems.

    5) Watch how hard you bling: While “blinging” and “balling” might be incredibly tempting, you should limit the number of status symbols you acquire in order to show your wealth. Antoine Walker has always loved to “do it big,” renting limos for every occasion and not wearing the same suit twice during the playoffs. While he gets a lot of points in style, the truth is that such financial extravagance is not only financially draining, it also makes you a big target. Years ago, when Antoine was robbed of several thousand dollars during a trip to Chicago (and again later at his home in Miami), we can probably assume that the robbers knew they were coming after a wealthy victim.

    I am not here to attack Antoine Walker. Instead, my goal is to make his challenges into a true teachable moment. The old model of the black athlete getting rich, staying uneducated, balling out of control and going broke has absolutely got to change. We must aim for something better.

    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 to your email, please click here.

     

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  • Antoine Walker is Broke: Five Lessons We can Learn

    Filed under: ,

    When I went to The University of Kentucky with Antoine Walker during the 1990s, we all knew he was going to be a star. He was headed for great things and would represent his family well. No one would have guessed that he would one day become the poster child for what NOT to do when you earn $110 million dollars.

    Antoine is busted, or as my friends would say, “broker than the 10 commandments.” He was recently arrested for not paying $800,000 in gambling debts he owed to a Vegas casino, and that’s when the financial roaches started coming out of the closet.

    In the midst of Antoine’s situation, we can all learn lessons. I thought I’d lay out a few for us to consider:

    1) Watch who you allow to handle your dough. It might sound good to say that you have an accountant, but the truth is that you are always vulnerable when someone is doing things with your money that you do not understand. Additionally, allowing friends and relatives to have access to your financial accounts is a very bad idea. While I have major issues with Bill Cosby, I was always impressed by the fact that he takes care of his own money. Also, one of the sad realities of NBA athletes is that most of them were not properly educated during college, given wimpy little majors that didn’t interfere with their athletics schedules, so some of them are unprepared to protect the wealth they work so hard to earn. Get an education- you’re going to need it.

    2) Don’t judge Antoine Walker harshly, this can happen to anyone. Going broke or going to jail is not just something that happens to bad or irresponsible people. The same is true for a gambling addiction. While we are tempted to attack Antoine Walker for his situation, the truth of the matter is that gambling problems impact hundreds of thousands of people every year: Campuses are being overrun by TV poker challenges and other seemingly harmless, yet financially devastating temptations. If you don’t yet have a gambling problem, be careful not to start one. That’s an easy way to go broke.

    3) Stay away from the vices: Drugs, gambling or other costly addictions have led to the financial downfall of many people. In addition to gambling, other vices such as drugs or alcohol can accelerate your path to the poor house. What’s worse is that the temptation to engage in these activities is greater when you have more money to burn. NBA and NFL stars are still quite young, and the idea of giving a 22-year old $10 million dollars a year is a scary thing. Even I would have made terrible mistakes if I’d received that much money so early in life. If you are in a relationship with someone who regularly engages in any of these bad habits, you might want to reconsider that relationship. It can cause you a great deal of trouble later on down the road.

    4) Show your love, but put a cap on it: Antoine Walker has shown himself to be a generous man, giving to children and taking care of relatives. The problem is that it’s difficult for anyone to be a one-man welfare machine. I only call it welfare when someone is asking for something for nothing. I find that it is more productive to ask for something before you give something away; put the relative to work on productive activities that will help save you money. It will make both of you feel better in the end. Also, budget your charity to ensure that you don’t go overboard in your giving. Typically, those who are asking you for money today won’t be anywhere around when you are having financial problems.

    5) Watch how hard you bling: While “blinging” and “balling” might be incredibly tempting, you should limit the number of status symbols you acquire in order to show your wealth. Antoine Walker has always loved to “do it big,” renting limos for every occasion and not wearing the same suit twice during the playoffs. While he gets a lot of points in style, the truth is that such financial extravagance is not only financially draining, it also makes you a big target. Years ago, when Antoine was robbed of several thousand dollars during a trip to Chicago (and again later at his home in Miami), we can probably assume that the robbers knew they were coming after a wealthy victim.

    I am not here to attack Antoine Walker. Instead, my goal is to make his challenges into a true teachable moment. The old model of the black athlete getting rich, staying uneducated, balling out of control and going broke has absolutely got to change. We must aim for something better.

    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 to your email, please click here.

     

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  • Fighter Pat Barry Wins Big Purse Right Before Being Homeless

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    UFC fighter Pat Barry was thanking his lucky stars for his big win against Antoni Hardonk. The fighter won a $120,000 purse for his accomplishment, which was right on time given that he was literally six days away from being evicted from his apartment. Barry’s win was emotional for obvious reasons and nearly everyone in his camp was in shock to hear about his financial situation. What is saddest is that his challenges are not uncommon among fighters in general.

    Although Pat Barry hasn’t had the chance to earn millions, many major fighters end up going broke even after their gravy trains have stopped flowing. The outcomes don’t make any sense, given that a bit of financial discipline could have made all the difference in the world. When you earn as much as $10 – $20 million dollars in a payday, you can live a pretty wild financial life and still have money to save. Instead, some athletes seem to want to push the limits and it’s actually uncommon to hear of any boxer who DOESN’T end up in the poor house.

    Here are a list of financial demons that plague fighters when they finally hit the big time:

    1) The bling: For some reason, athletes and entertainers are expected to live an incredibly extravagant lifestyle. Mike Tyson employed over 200 people and spent millions on items too ridiculous to mention. What’s worse is that Mike Tyson actually owed as much as $38 million dollars at one point. Evander Holyfield’s $10 million dollar, 54,000 square foot mansion was put on the auction block last year after foreclosure. Many athletes go into debt because they are banking on their next payday to get them out of the new financial holes they keep digging for themselves.

    2) Bad relationships: Divorce is a great way to go broke. Before Muhammad Ali married his third wife, Lonnie, his previous wife divorced him and took his last $2 million dollars right before Muhammad’s career ended with Parkinson’s disease. It was at that point when he found himself broke and unable to earn additional income. Fortunately, a good woman came into his life and used her MBA from UCLA to liquidate the massive financial value from his brand name. So, as much as black male athletes can be ruined by women, they can also be saved by them. However, a long string of baby’s mamas, bad marriages, draining relatives and expensive arm candy can cost an athlete dearly.

    3) The IRS: The IRS is sneaky and has led to the financial demise of many celebs. Even honest, hard working Americans can fall prey to the demon of back taxes. Joe Louis was one great example of a man who made a great deal of money, but found out years later that he owed tax money to the IRS. For the rest of his career, he would wander from one fight to another, with IRS agents waiting in the back room to take the entire purse after the fight. While his career was a great one, he was not a happy man in old age.

    4) A lack of education: A lack of money management ability and inadequate financial literacy plagues many wealthy entertainers and athletes. Growing up in poverty doesn’t exactly endow you with an extensive understanding of trust funds, estate planning, stocks and bonds. One of the great tragedies for NFL and NBA athletes is that many of them attend universities that simply hand the athlete a degree without forcing the athlete to get an education. But there is an old saying that “a fool and his money will soon part ways.” Even if you are incredibly wealthy, you have simply made yourself into a sucker for those who are smart enough to take that money from you.

    5) The leaches: The easiest way to get a pack of new friends is to have a lot of money. In addition to the friends who suddenly find you to be a fascinating human being, you’ve got managers, lawyers, agents, homeboys and baby’s mamas who want their cut. It is not uncommon for a celebrity to have to give away as much as $700,000 out of every million dollars he/she earns. Everybody wants a piece of your pie until you are down and out; at that point, you become yesterday’s news.

    I don’t think that any athlete should live like a miser, that’s no fun. Instead, why not simply save 20% of your income and party with the rest? That would give you a nest egg for retirement and allow you to pay the bills after you’ve fought your last fight. What’s saddest is that every boxer says they are going to retire young and none of them ever do. It’s time to stop living the same story over and over again.

    Dr. Boyce Watkins is a Finance 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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  • Layaway Plans – 2009

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    It’s that time again when the stores will be crowded with thousands of consumers all vying for the same toy, special sweater, hottest electronic device. How do you plan to purchase it?

    The current crumbling economy has sparked interest in a form of retail purchasing that became popular in the early 1900s, that of Lay Away. How does it work? It’s simple. You, the consumer would like to buy something but don’t have the money. All you do is make installment payments on the merchandise. The merchant stocks your item away until your last payment. You receive it once your tab is paid in full. Of course this is different than a credit card purchase which allows you to take home your intended product and make payments while using it.Although stores like Walmart did away with this form of procurement years ago, Kmart stayed in the game. Stores currently offering layaway plans are:

    • Burlington Coat Factory
    • Kmart
    • Marshalls (at select locations)
    • TJ Maxx (at select locations)
    • Benny’s (New England)
    • Sears ( through December 23)
    • Cato – (offering 30-day plans)
    • Men’s Wearhouse
    • Boscov’s
    • Value City Furniture Stores
    • Footlocker (at select locations)
    • Best Buy
    • Toys-R-Us

    Plan on taking advantage of this service? Be sure to READ THE FINE PRINT.

    1. Get a copy of the store’s layaway policies
    2. Understand ALL of the policies – schedule of payments, rules regarding late fees, refund and exchange policies, markdowns on sale items, etc.
    3. Keep a good record and all receipts of payments (in case there are any disputes later).

    Until you make all the payments, the store has your merchandise AND your money. For this reason, I prefer to use cash, debit or credit cards OVER layaway, any day. Assuming I can pay off the balance in a short period of time. It’s true, credit card companies charge interest, therefore depending on the length of time it takes you to pay off the debt and the interest charged, your purchase which was originally on sale could potentially cost you much more in the end. However, I just can’t bear the thought of someone using MY money while I have nothing to show for it. Also, sad to say in these critical times retailers are closing doors for good, left and right. If you have something on layaway, on which you’ve been faithfully making payments and the store closes, you’re out your goods as well as your cash. Of course the choice is yours.

    If you know of other stores, please let us know in your comments.

     

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  • Higher SAT Scores and Getting Ready for College: Dr Boyce Tips

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    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.

     

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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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  • Lil Wayne’s Cash Money Label Bosses Issue Statement On Guilty Plea

    Posted by: www.mtv.com

    MTV.com

    “The Cash Money family will continue to support our artist and friend Lil Wayne in his current court case,” the Williams brothers said in a joint statement. …
    See all stories on this topic

  • Bears, Cutler agree on 2-year extension (AP)

    The Chicago Bears and quarterback Jay Cutler have agreed on a two-year contract extension that runs through the 2013 season. A person familiar with the negotiations said the deal includes approximately $20 million guaranteed and roughly $30 million in new money. The person spoke on the condition of anonymity because the terms were not released.

  • Revolution Money: Would You Use the New Revolution Money Card?

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    Revolution Money is a relatively new money exchange system and credit card network. Having recently expanded its reach by partnering with Fifth Third Bank as an issuing agent for its cards, Revolution Money also just raised $42 million through Goldman Sachs in April. People in the business community must really believe Revolution Money is something very special. With a sea of credit and debit cards available to consumers and merchants, what makes Revolution Money and it’s card offering different?

    Well for one thing, the card physically looks and technically functions like nothing else on the market. Paymentsnews.com explains:

    Originally positioned to appeal to the extremely security conscious market segment, all transactions are PIN-based, riding over the debit networks’ rails using a proprietary BIN range (PINs for ecommerce transactions are entered in the CVC2/CVV2 field). Cards are not embossed, and do not have the cardholder name printed on the card or encoded on the mag-stripe. In addition, the number printed on the card is different than the number encoded on the mag-stripe, adding some level of additional risk management.

    Financial protection is definitely a plus during these uncertain times. In addition, Revolution Money offers an innovative and extra-secure way of sending money online called Revolution Money Exchange, which touts itself as a viable alternative to both checks and cash. Revolution Money is definitely leading on the bleeding edge in terms of offering consumers new ways to safely spend.

    But what does Revolution Money offer the business owner? Uniquely, the Revolution Money system is set up to reward merchants with points for encouraging customers to use the Revolution card, while suggesting that merchants pass those rewards on to their customers. This then promotes the loyalty of customers to the specific merchants offering the rewards, rather than the card. Businesses of various kinds can surely see the potential in this type of “revolutionary” arrangement with a credit card company. Usually, merchants lose money on credit card deals and the card issuer retains all the loyalty based on rewards. The Revolution Money system reverses all that.

    Should Revolution Money and Revolution Money Exchange turn the purchasing world on it’s head? Will the Revolution Money card become a preferred method for payment for consumers and merchants alike? Can Revolution Money Exchange really overtake the ubiquity of PayPal? Only time will tell. But as this recent partnership between Revolution Money and Fifth Third Bank shows, this company is taking no prisoners on its rampage path of growth.

     

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  • Dr. Boyce Money: Rapper Nas in Serious Tax Trouble

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    Hip Hop Wired is reporting that the rapper Nas is having some serious financial problems. In addition to owing his wife Kelis $44,000 per month in child support, it turns out that the artist also owes the federal government another $2.5 million in taxes. Here are quick thoughts about Nas, love and money:

    1) Nas has a complicated life. His decision to marry the “love of his life” is going to cost him for the rest of his life. The rapper’s tax situation could be due to irresponsibility (as appears to be the case with Method Man and Nicolas Cage), or it could simply be a matter of using write-offs that were not allowed by the IRS. We can’t assume that Nas’ tax trouble automatically makes him into a horrible citizen.

    2) He is not as rich as you think. I remember Will Smith once explaining how “a million dollars really isn’t that much money.” After Uncle Sam takes half, and the agents and attorneys get their cut, you are lucky to have $350,000 left over. Sure, that’s plenty of money, but it may not be very much money relative to the cost of living the celebrity lifestyle, and taking care of all the friends and relatives begging you for financial support. Success is a beautiful thing, but the problem is that success draws attention and financial vacuum cleaners who want to suck you dry. So, I am not sure why every artist loves to show the world how rich he is. I’d be quiet about my wealth.

    3) Please explain $44,000 per month in child support? Many men who make the kind of money that Nas allegedly makes (reported to be $250,000 per month) are considered to have infinite wealth. The truth, however, is that much of his income as an artist is volatile, uncertain, and likely to go down over time. The idea that he is being asked to pay so much in child support seems to neglect the fact that his resources do not go as far as Kelis and others might be inclined to think. The next time someone wonders why wealthy celebs don’t want to get married, they only need to look at the case of Nas and Kelis to find the answer. Love is supposed to be priceless, but child support courts seem to know exactly what that price should be.

    When it comes to Nas, Kelis and the IRS, the bottom line is this: Nas needs a financial intervention to help him to realistically manage his financial life. By analyzing his situation and others, we also can learn how our personal decisions in love and life can affect our financial situation. The truth is that who you choose to marry and how you manage your relationships plays a huge role in your financial stability. Finally, I am a fan of carefully constructed prenuptial agreements, so that wealth can be shared in such a way that marriage doesn’t become financially devastating. They say love and money shouldn’t mix, but relationship mistakes should not cost millions.

    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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  • **Video** Surprise! Ma$e Shows Up To Get His "Freedom Papers" Signed!

    Posted by: BlogXilla

    After 10 years Diddy finally signs Ma$e’s release papers. Last weekend DIDDY brought his Dirty Money crew to the ATL for BET Hip Hop weekend which included of course, a stop by Ryan Cameron’s show on V103. But little did Puff know there was an old school surprise for him.

    TO READ MORE, CLICK HERE

  • Dr Boyce: Dr King’s Kids Fighting Over Money – What We Can Learn

    Filed under: , ,

    Most of us know about Dr. Martin Luther King’s childrens’ fight over money. We are all saddened and disappointed that it has come to this, but this shows that the family is human like the rest of us. But there are things all of us can learn from this dispute when it comes to leaving money for your children.The dispute between the kids is now resolved, but that doesn’t mean that the teachable moment has ended. The video below breaks it all down in our Dr. Boyce Web Chat. Enjoy!

    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 to your email, please click here. To follow Dr Boyce on Twitter, please click here.

     

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  • Dr Boyce and Rev. Al Sharpton Discuss Couples, Money and Michael Vick

    Filed under: , ,

    This week on “Keeping it Real with Rev. Al Sharpton,” the good reverend and I discussed some issues that many people might find interesting. First, there was the conversation about love and money. Most of us know that money matters in life. We tend to think about money every day and a good way to end up in the dumps is to have someone take your money away from you. Money is also a weapon of mass destruction in many relationships, especially in the African American community. And just for the record, Rev. Al stands firm that there is nothing to his rumored relationship with Lisa Raye. If only I were privileged enough to have people think that I had a thing for Lisa Raye….now THAT would make my day!
    Our second topic of discussion was Michael Vick. I personally believe that in spite of media reports to the contrary, Nike is still waiting in the wings to sign Vick to a real deal, because Vick has always been the real deal among NFL athletes. The great challenge for Vick is that he has to start from scratch to rebuild his respectability as a top notch quarterback. He also has to let that ‘dog fighting’ issue get behind him.

    I recently did an online webchat about Michael Vick, which explores the similarities between Michael Vick and Jack Johnson, the first African American heavyweight champion of the world. You’ll notice that the way America has vilified black male athletes is nothing new to our country – there is a long history behind it.

    The conversation with Rev. Al is below. Enjoy!


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

     

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  • Eddie Griffin: Going for Broke – and Getting There

    Filed under: ,

    I had a lot of fun watching the new Vh-1 show, “Going for Broke,” starring comedian Eddie Griffin. Griffin is one of the funniest comics in America, the comedian that Chris Tucker could have been (if he would simply stop disappearing between Jackie Chan movies).

    On the show, Griffin gives insight into his personal life, which is both intriguing and disturbing. The show is called “Going for Broke” for a reason, because Eddie just might actually get there.
    Here are some reasons that Eddie Griffin might actually become the broke celebrity that he is trying to become:

    1) He spends like a damn fool. One of the easiest traps for an entertainer to fall into is the “infinite money trap.” That’s when the person thinks that they’ve got an endless supply of cash, giving them ability to spend whatever they want on whatever they want. Apparently Eddie may have fallen into this trap, since his Bentley was being repossessed in an early episode of the show. Eddie’s conversation with his accountant was also revealing, as the words “all the accounts are empty” seemed to strike him hard. With all the success that Eddie Griffin has had, it is difficult to imagine that he would be completely broke. But the truth is that this kind of thing happens all the time.

    2) Can you say “8 kids and 4 baby’s mamas”? Eddie’s mother was right when she mentioned that any new potential “baby mamas” were looking to “get on the “Eddie Griffin financial plan.” What Eddie also seems to forget is that even if you are well to do, child support is a horrible financial burden. There are ways to be involved in the lives of children without giving up all your money in order to do so.

    3) He seems to put himself into bad situations. The first episode I saw showed scenes of Eddie going to a plastic surgeon after having a champagne glass smashed against his face by a “fan.” I’ve honestly got a few fans, but I don’t think any of them would want to slam a glass against my face. Maybe he should change the word “fan” to “hater,” “enemy,” or “potential threat.” Either way, Eddie seemed to feel that his life was somehow cursed with bad energy. Instead, he might take a second to realize that his personal choices might be the reasons he is being put into such peculiar situations.

    When it comes to Eddie Griffin and his new show, the bottom line is this: If you think that Eddie is now doing fine because he has a new Vh-1 show, think again. The networks don’t pay the entertainers much to do these shows, and the shows don’t usually last for a very long time. Also, unless you’re Bill Gates, you can’t presume that you’ve got a seemingly endless supply of disposable income. The fact that Eddie didn’t know he was out of money implies that he probably doesn’t keep a budget, which is one of the first paths toward financial ruin. Given that one of Eddie’s predecessors, Red Foxx, died deeply in debt to the IRS, one would hope that Eddie doesn’t endure that same fate. Eddie’s my man, funny as hell, but he’s really got to get it together.

    Dr. Boyce Watkins is a 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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  • Dear New York Times…

    Posted by: Russell Simmons

    **UPDATE**

    We received a very gracious communication from the NY Times offering to hear Russell’s vision…stay tuned…

     

    I’m outraged that you would publish an article that associates the RushCard with other financial products, some of which prey on the underserved. The article was, in my opinion, unfair, misinformed and bordering on slanderous. The RushCard is not just a prepaid card, it’s an empowerment program that took me many years to build. It was built specifically to help people in underserved communities. It offers more than a prepaid card or a bank account.
     
    Many of our members have low incomes and need to manage their money very closely. We offer free services like budgets, text alerts and online charts for analyzing and tracking spending. Banks don’t offer these tools. Had you spoken with our members, you would have learned that over half of those, who use these services say they save more than $300/year. That’s a lot of money for them.
     
    Our members are left out of mainstream financial institutions and need to rebuild their credit files. You could have learned that RushCard is the only prepaid card that allows members to have their transactions reported to multiple credit reporting agencies, helping them build their credit files. We don’t charge for this either.
     
    Our members struggle with healthcare. Not everyone can afford medicines or treatment. Had you contacted me, you would have learned that we’re bringing out a free drug discount card later this year to help our members with the high cost of prescription drugs.
     
    We would have told you that unlike credit cards and other cards we don’t have hidden fees, overdraft fees or finance charges. We don’t hide or bury our fee structure – it’s all easily available on our website and with every card we send out. Unlike other prepaid cards, we’ve never charged for customer service. We’re more transparent than any other prepaid card. We let you transact in ways the more privileged take for granted.
     
    We have 2 million members. These are real people who see real value in our services. Everyday I read messages from our members who are grateful for the RushCard after having terrible experiencing with their bank or financial services provider. There are thousands of stories of how people landed up with hundreds of dollars of surprise charges from their bank accounts. None of this happens on the RushCard. Had you contacted me, I would have shared these stories with you.
     
    With today’s economic conditions, the underserved communities are being taken advantage of more than before. It’s important that they understand the good and the bad in their options. Your article focused only on the cost, which we keep as low as we possibly can, and not on the array of benefits that go beyond that of any other card, which is why it is a program, and one I’m proud to put my name on.
     
    My empowerment initiatives, which include the Hip Hop Summit’s focus on financial education, and my many charities are there to serve people.  Had you called me, you would have known all this.
     
    Russell Simmons

     

  • Dr Boyce Money: Five Ways to Know You are a Credit Card Crackhead

    Filed under: ,

    Sometimes your finances can get so out of whack that you can only laugh in order to keep from crying. Well, I am a big advocate of the art of laughing, so I thought I would share five symptoms that show you might be a credit card crackhead. As we know, millions of Americans have been sucked into credit card addiction, especially before the recent financial crisis, where the average savings rate for American consumers was actually less than zero.

    African American wealth     is also affected, as many of us in the black community are very good at whipping out the credit card to handle any old financial concern. Here is a list of five ways to know that you might be a credit card crackhead:

    1)Are your roommates and children trained to tell the bill collectors you’re not home? Running from bill collectors might make sense, but you eventually have to deal with them. I recommend working with a consumer credit counselor, who can help you to renegotiate your debts. Many of them can save you thousands of dollars in the process.

    2) When shopping, do you whip your credit card out faster than John Wayne’s gun? Food, clothes, haircare products are not the kinds of things that should be purchased with a credit card. Credit card use should be limited to major and emergency purchases. Using cash is an easier way to keep a cap on your spending. You might want to get a set amount of money out of the ATM every week and don’t spend more than that amount.

    3)Do you break into a cold sweat when you make a charge because you think that your credit card might be maxed out? Yes, a maxed out credit card is embarrassing. But banks have made it “easier” for you: many of them will go ahead and pay the charge if you go over your limit. In fact, they encourage you to overspend. Why? Because they will charge you a massive fee for doing so, to the tune of nearly $40 per transaction.

    4) Do you do the happy dance when you get a free credit card offer in the mail? If you are smart, then you would just throw it away. These offers are not as prevalent as they were before the financial crisis, but the credit card crackhead has a problem with seeing credit card offers as free money. Most of us think we need credit cards, but really you don’t. One credit card is usually enough to achieve your financial objectives.

    5)Do you have so many credit cards that your wallet hurts your butt? Or if you are a lady, do you have credit cards for all of your favorite stores? If so, the high interest payments you are making are probably killing your ability to save money. Get rid of store credit cards, since they encourage you to overspend on meaningless junk. They also tend to charge outrageous interest rates.

    When it comes to managing a credit card addiction, it’s all a matter of making wise choices. Credit is a good thing and very powerful, but it should also be used responsibly. Get your butt in rehab right now.

    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 to your email, please click here.

     

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  • DC Budget Cuts Can’t Overcome a Mother’s Love

    Filed under: ,

    My mother gave birth to me when she was 17-years old. As a teen mother who didn’t have a lot of money, she didn’t know the first thing about raising a child, taking care of her health, or preparing for her economic future. Fortunately, there were adults in community-based programs who cared enough to teach her the things that she didn’t yet understand.

    It is for that reason I support programs like The Health Babies Project in Washington, DC. There is no more important job than that of a mother, and The Healthy Babies Project understands that. The great challenge for the organization is that politicians seem to remember that babies don’t vote. So, when the funds are low, programs like this one are among the first to be killed.

    Due to recent budget cuts, DC Mayor Adrian Fenty has allowed for the program’s budget to lose a whopping $500,000 per year, well over half of the funding that the program needs in order to operate. Dr. Pierre Vigilance, Director of the Department of Public Health, has played his role in the process by allowing funding to be cut that had been previously promised to the organization. What’s worse is that the program has been doing a better job than the Department of Health itself when it comes to reaching benchmarks on the elimination of infant mortality.

    The unborn babies can’t quite speak for themselves, but their mothers aren’t taking this lying down. The organization is planning a rally Tuesday, October 6 in Freedom’s Plaza, located on Pennsylvania Avenue. The women being supported by the program are also working the phones to hold local officials accountable and are even pushing to get the attention of First Lady Michelle Obama.

    Programs like The Healthy Babies Project are important, since infant mortality in the black community is 2.3 times greater than that for white Americans. Additionally, persistent problems in the DC area, such as HIV infection and malnutrition require continuous dedication from public officials. One can understand the idea of cutting a program that isn’t working. But if a program is doing well, and goals are being reached, why would this be the program that gets one of the most significant funding cuts in the city?

    Perhaps we are getting a chance to see DC politics at its finest. Politicians are going to be political, but our children need our support.

    Dr. Boyce Watkins is a professor at Syracuse University 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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  • Financial Lovemaking: Managing "Baby Mama Drama"

    Filed under: ,

    Most of us know about “baby mama drama,” since some of that drama may occur within your own home. What is also forgotten is that there is a huge emotional and financial toll taken by the mating and dating choices that we make early in life. Having multiple children is expensive enough, but having multiple children in multiple households leads to a peculiar mix of unpredictable and complex psychological variables which may impact your ability to find peace and happiness.In this episode of “Financial Lovemaking,” S. Tia Brown and I discuss the art of managing multiple households and all the responsibilities that come with it. Here are some quick pointers on financial responsibility when dealing with and avoiding “baby mama drama.”

    1) Don’t create the drama in the first place. I tell my daughters that if you don’t think someone would be a good parent for your children, you shouldn’t sleep with them. In fact, you shouldn’t even go on the first date. This may sound far-fetched, but how many young parents go on a date with someone they just planned to “kick it with”, only to find their children being raised by the ignorant fool that they knew they should never have messed with from the beginning? Those who are not intelligent about their dating and mating choices early in life can end up with a lifetime of incredibly expensive child support. These huge financial obligations will virtually obliterate your ability to have another family or reach your personal financial objectives.

    2) Realize that there is no substitute for time. Some parents are tempted into believing that sending a big check is a replacement for spending time with their children. This is ultimately incorrect. Your kids are going to remember the time you did or did not spend, not how much money you sent.

    3) Create a budget. If you have a long list of parental obligations, make sure you keep a carefully designed budget and stick to it. You may also want to consider the fact that having a bunch of kids in multiple households is going to require you to have massive earning potential. I paid 18 years of child support myself, and I honestly think I spent enough money to fund NASA and the United Negro College Fund. Although I adopted kids later in life (I believe it takes a village to raise a child and black men should be willing to step up to do this), I was at least smart enough to avoid another pregnancy. I have made many mistakes in my life, but I usually only make them one time.

    4) Don’t play favorites. Emphasize to your children the importance of making sure you treat them all the same. How you deal with your kids will have a lasting impact on them into adulthood. You can’t guarantee that they are going to believe that you were fair (there’s always one who thinks the others were treated better), but you can at least do your best to avoid this problem.

    5) Realize that it takes two to Tango. You didn’t create the baby by yourself, so you should ensure that the non-custodial parent has an opportunity to spend time with his/her children – in fact, you should demand it, even if the kids aren’t interested. As much as black men get a bad rap for not wanting to see their children (sometimes rightfully so), there are thousands of fathers across America who’ve been victimized by mothers who want money, but don’t see the significance of influencing the children to spend time with their father. They are his children too, remember that, and if you are speaking negatively about the father when the kids are around, you should realize the long-term damage you are doing to your own offspring. Children should be targets of our love and affection, not possessions to be used as a source of power – think about that when you use the words “MY kids” when speaking with the other person who created them.

    The episode is below, check it out!

    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"

    Filed under:

    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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  • Quick Weight Loss

    In a world where time is money, we are all looking at doing things quickly. Quick weight loss is another such example of the quickness needed in life today. And there is good news at least on this front. There are lots of remedies in the market that help …

  • Wake up, ladies…

    Posted by: Ashley Dupre

    Wow. Talk about outrage. Although many people agreed with my point of view regarding the socially acceptable ways women prostitute themselves, it looks like the haters are still out in full force and twisting my words around (I saw in the NY Post that even a few of the cast members of the Real Housewives of New Jersey chimed in – why so sensitive? Does the truth sting a bit too much?).

    I even had a nut job chase me down on the street this weekend while walking my dogs – she followed me home, screaming and cursing at me the entire time, threatening me, and she had much of it recorded on her iPhone (can’t wait to see that terrifying experience posted somewhere).  So, let me clarify a few things so you call understand. I wasn’t saying “all women” use men for money – I said many, to varying degrees, do.  Whether it’s dating in exchange for jewelry and clothes, or being in a loveless relationship with someone you’re not attracted to simply for the sake of having financial security, it all comes down to compromising yourself in exchange for being taken care of by a man. This is ingrained in us as little girls – find a prince, find a rich man to marry, date someone with the means to care for you.

    I don’t endorse any of these types of relationships and believe that the only healthy relationship is one in which there is love, mutual respect, attraction and friendship (I really hope to find that for myself one day).  But just be honest about what’s worse here – the woman who is deceiving men into thinking they’re in love so they can cash in, the woman who sacrifices her life in a meaningless relationship because she is complacent and too afraid to leave the money to search for something more meaningful, or the “prostitute” who doesn’t pull any punches and is honest about her expectation of receiving financial consideration for sex (at least that’s honest and everyone’s expectations are clear).  I’m not certain one is any better or more ethical than the other – but I do know that each one is unhealthy – and if you’re labeling one of them a “prostitute,” then be honest and call all of them prostitutes. 

    A trophy wife who doesn’t truly love her husband is like being a prostitute on payroll, and a gold digger is like a prostitute who accepts payment in the form of merchandise instead of cash.

    Wake up, ladies.

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

    Filed under: ,

    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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  • 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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  • 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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  • MED Week Attendees Connect With Bonding, Lending Sources

    As most small business owners who attended the Minority Business Development Agency’s MED Week knows, in the end, it’s all about the money—access to contracting dollars and the capital required to perform. To conclude last week’s conference, entrepreneurs were given one-on-one and group opportunities to learn about government, traditional and alternative sources of financing.

  • Side Hustle

    If your nine-to-five is not your dream career and/or you are not earning the kind of money you want to make, then consider getting a side hustle.

    For extra money

    There are several ways to make extra money without burning out. You could sell your old textbooks on Amazon, or sell just about anything on eBay or iOffer. You can baby-sit your neighbors kids, walk dogs, or do some free lance writing. If you enjoy parties and/or weddings, look into becoming a wedding or event planner on the side. You could be a research assistant, a secret shopper, or conduct online surveys for extra cash. Become a class instructor at your gym or teach a class at the community college (my brother-in-law easily obtained a side gig with the University of Phoenix.) Check Craig’s List in your city for several part-time, work from home, easy and very manageable money making hustles. However, beware of scams on Craig’s List and don’t ever pay anyone upfront for a job or give them any accounts information.

    Launching your dream career

    If you already have a side hustle that is your passion, consider taking it to the next level and making it your dream career. Whether it’s writing, web-designing, event planning, fashion, or throwing parties it can become your main money making gig if you take your vision to the next level. Start with creating a plan. Definitely do not quit your day job until you have an exit strategy. Write down the goals you must accomplish before you quit your full-time job, whether it’s a specific amount of money your side hustle must generate or a certain number of clients you must have. Next, write down the steps required for achieving those goals. Talk it over with colleagues or people who are already doing what you want to do. You might even want to invest in a book about how to start your own business. If you are getting a regular paycheck, then invest all the profits from your side hustle into the business. Buy supplies, create marketing materials, and put the rest in the bank.

    In order to maximize your time and energy, shift your priorities and think of your full-time job as the gig on the side. When you switch your perspective you will be able to focus most of your energy on growing your new business. Use your vacation days to meet with potential clients, or get ahead with your planning. Success takes sacrifice, the Bahamas will still be there next year. If your days don’t seem long enough, consider getting up early or staying up late to work on your side hustle. During your lunch hour you can return client calls on your cell phone or do some research. Be careful using your full-time job’s computer, phone, or fax machine. Remain professional by keeping your jobs as separate as possible.

    To boost your clientele, work on marketing your business. Be sure to bring up your endeavors with your friends and family. Even if you don’t think they have a need for your product, they most certainly will know someone (who knows someone who knows someone) who would be interested. Spread the word! A key element of hustling is networking, so use your professional networking skills to advance your side hustle. Whatever you do, don’t give up. I know several people, including my wedding photographer, who have turned their side hustle into a successful dream career. YouTube and Facebook were both side hustles at one point…and look at them now. The proof is in the passion and persistence. You can do it.

    If you are a female YBP who knows how to make some extra cash on the side, you should submit the details of your business to Essence Magazine’s: Side Hustle column. You could get a free plug in one of the best Magazine publications for African American Women. And for those of you looking for a Side Hustle, pick up a copy of Essence today. You might find a way to cash in on your skills. Recently Essence has profiled many women who have walked away from their corporate jobs to pursue their side hustle full time.