Dr. Boyce Money: Keeping the Cost of Your Funeral Low

by Dr. Boyce Watkins, Syracuse University 

Funerals are never fun. They are emotionally draining and you are forced to endure the shock of knowing that your loved one will never be back in your life. In addition to the emotional devastation, you have to deal with the financial burdens of paying for someone to be buried. We all know that funerals are not free or cheap, and the last place you want to be cheap is when it comes to burying the person you love.
But there are ways you can keep the cost down. They say you can’t take the money with you, but someone who doesn’t plan for their death may be taking their relatives’ money with them to the grave. Here are some ways that you can bury on a budget: giving relatives dignity without creating financial hardship.

There is a funeral cost calculator on FuneralswithLove.com that helps you to figure out how much your funeral might cost and whether or not you’re going to be able to pay for it. Effectively, the cost estimator first determines your total resources from prepaid expenses, personal savings/investments, and death benefits. Once you know what is available to you, you have to determine how much you want to spend. Some of us want to go out in style and some of us figure that since we’re dead, our relatives should be the ones having all the fun.

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Dr Boyce: Ben Bernanke Needs a Lesson in Racial History

by Dr Boyce Watkins, Syracuse University 

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.

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Ben Bernanke’s Ignorant and Racist Remarks

• Federal Reserve Chairman Ben S. Bernanke listens to businessmen following an address in Chatham, Mass., Friday, Oct. 23, 2009. (AP Photo/Charles Krupa)

Last spring when Federal Reserve chair Ben Bernanke visited Morehouse College, an undergraduate student asked him what accounts for the enormous racial disparity in wealth. Bernanke responded that the source of the problem was the lack of "financial literacy" and "financial education" on the part of blacks, particularly with respect to savings decisions.

He said nothing about the lack of access to inherited wealth, such as inheritances and other intergenerational transfers. Most wealth acquisition today takes place by such asset shifts. Even more astonishing, Bernanke never mentioned the notorious history of white violence that included the seizure, destruction and appropriation of black property.
Acknowledging this unfairness is not an excuse but a powerful truth; remedying it requires straightforward government action, rather than lectures on the value of saving. In fact, the racial wealth gap can be decreased – and without using a race-specific strategy of wealth redistribution.

We propose Children’s Development Accounts, an expanded and non-incremental version of what Manning Marable of Columbia University has called the "Baby Bond" plan. It would provide an endowed trust fund for all children born into families with a net worth below the national median, progressively rising to $50,000 to $60,000 for children whose families are in the lowest wealth quartile. The program could be structured like the Earned Income Tax Credit, which uses a benefits phase-out schedule.

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Secretary’s Error Costs Pepsico over $1 Billion Dollars

What’s the cost of not showing up to court? For PepsiCo Inc., it’s a $1.26 billion default judgment. A Wisconsin state court socked the company with the monster award in a case alleging that PepsiCo stole the idea to bottle and sell purified water from two Wisconsin men.

Now the company is scrambling to salvage the situation. The damages award was handed down on Sept. 30. PepsiCo filed motions to vacate the order and dismiss the claims on Oct. 13, saying it wasn’t even aware of the lawsuit until Oct. 6.

The litigation began in April when Charles Joyce and James Voigt sued the soft drink maker and two of its distributors, alleging they had misappropriated trade secrets from confidential discussions the plaintiffs had with the distributors in 1981 about selling purified water. The information was illicitly passed to PepsiCo, which used it to develop and sell Aquafina bottled water, the plaintiffs allege in the case filed in the Circuit Court of Jefferson County before Judge Jacqueline Erwin.

 

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Managing Money and Relationships: Towanna Freeman

by Dr. Boyce Watkins, AOL Black Voices 

An entrepreneur doesn’t think like everyone else. She is willing to take chances, disciplined enough to focus on a dream and passionate enough to pursue that dream. Towanna Freeman is in that category. AOL Black Voices had the chance to catch up with Towanna, to get some advice on striking out on your own, as well as managing a marriage, children and career, all at the same time.
1) What is your name and what do you do?
Have you noticed how so many people seem to be living an unbalanced life or living beneath their full potential? Well, I assist people, particularly women, who are ready to take life changing action to get that sense of balance back along with that greater feeling of fulfillment and happiness. I am also the principal consultant of Towanna Freeman & Associates, a management consulting firm with the primary emphasis on leadership coaching and employee performance improvement; the founder of the Young Women’s Empowerment Network a nonprofit organization that produces empowerment workshops, conferences, and other special events for teen girls; and the author of "Purposeful Action, 7 Steps to Fulfillment."

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People Fight Over Stimulus Money

Scuffles erupted as several thousand Detroit residents jockeyed, pushed and shoved Wednesday to get free money being offered to only 3,500 of the city’s recently or soon to be homeless.

Several received medical treatment for fainting or exhaustion while frantically trying to obtain the applications for federal housing assistance. The long lines and short tempers highlighted the frustration and desperation that Detroit residents feel struggling through an economic nightmare.

The line around Cobo Center, a downtown convention center, started forming well before daybreak. Anger flared within a few hours as more people sought out a dwindling number of applications for the program.

Members of the Detroit Police Department’s Gang Squad and other tactical units were called in for crowd control. Several people reportedly passed out from exhaustion and had to be treated by emergency medical personnel. Some minor injuries were reported, and no arrests were made.

 

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News: Entrepreneurs Create their own Economic Recovery

Back in August, Federal Reserve officials suggested that the Great Recession was ending and the U.S. could expect "a gradual resumption of sustainable economic growth." But even with stock market indexes and the bottom lines of large financial firms bouncing back, small businesses can expect a longer slog to economic health.

"Small business performance is a lagging indicator of recovery in the same way that unemployment is," says Villanova University business school professor John Pearce II.

And it’s likely that small businesses will find this recovery even slower than previous ones. The downturn has especially hurt construction firms, retailers and food service providers, the vast majority of which employ fewer than 20 workers. To make matters worse, more than 110 banks have failed since early 2008, most of them community thrifts catering to the financial needs of local firms.

 

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Fenorris Pearson: What Matters Beyond the Resume when it comes to Corporate Success?

by Fenorris Pearson, CEO – Global Consumer Innovation, Inc. 

Education is critical for success, but when everyone has the same education from the same Ivy League schools with the same GPA… how do you stand out? Other factors beyond education – business etiquette, dress, playing well with others, teamwork and dedication are easy to measure and log. But what of those immeasurable traits that count for just as much in the corner office: passion, drive, commitment and stamina?

How can we measure the immeasurable?

When it comes to playing at the top, it’s often the intense, burning desire of the candidate that makes the difference between success and failure. At the end of the day, performance and results are two of the most important traits a top performer can possess. Work harder than your competition, and you’ll win the battle every time.

Another thing that people can’t measure with grades, paychecks, promotions or time cards is what’s inside your heart.

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Senate Could Vote to Extend Jobless Benefits

With U.S. unemployment rising, lawmakers hope to resolve a logjam this week on a measure that would extend jobless benefits for those who already may have exhausted them, Senate aides said on Tuesday.

Congressional leaders had hoped to extend benefits before the end of September, when some 400,000 recipients were expected to use them up. But while the House of Representatives last month passed a bill, jobless benefits legislation stalled in the Senate due to a dispute over how many workers should be eligible.

While some details remained unresolved, the measure could come up for a vote in the Senate within days, said an aide to Democratic Senator Jeanne Shaheen, who argued that the legislation was too narrowly targeted.

Shaheen objected to legislation passed by the House that would extend benefits for jobless workers only in states where the unemployment rate is above 8.5 percent. The unemployment rate was 6.8 percent in August in Shaheen’s home state of New Hampshire.

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Professor Says We should Stop Buying Black Haircare Products

Atlanta, GA October 5, 2009 – Professor Devin Robinson, an economics professor at Oglethorpe University in Atlanta, GA and best-selling author of Taking it Back: How to Become a Successful Black Beauty Supply Store Owner, will lead a one week long boycott against Non- Black Owned Beauty Supply stores.

Robinson stated, "Blacks make up 96% of the consumers of these stores, yet represent less than 5% of the retail ownership." As a previous owner of 3 locations, Robinson understands the industry inside out and offers comprehensive solutions for Blacks to recapture this industry. "The problem is with the distributors. Distributors are mainly Non-Blacks and they handpick who they will distribute products to. This oftentimes leaves aspiring black owners disenfranchised", said Robinson.

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Get Sponsored!—Identifying the One Person Who Can Change Your Career Overnight

by Fenorris Pearson 

Even when I was a Vice President at Dell Computers, one of the most cutting edge companies on the planet, our problems remained the same. The variables changed, but the bottom line always came down to figuring out how to sell to one customer at a time. Reaching this critical objective becomes more complex as technology changes and the world becomes more advanced. As complacent as we’ve gotten with new technology and global opportunities, this much has become clear: what got you here won’t get you there. In fact, what positioned you here, might not even keep you here…

…At least, not without a sponsor.

These days competition isn’t just stiff, it’s rigid. You need every advantage you’ve got, particularly if you’re a recent grad, female or minority. Think hard work, an MBA and a well-rounded resume will get you to the top? Think again; that might be what got you here, but to get there – the proverbial corner office or CEO’s chair – you’ll need more than just a spotless resume and a 4.0 GPA; you’ll need a sponsor.

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Black News: Tiger Woods earns a Billion

Tiger Woods has become the first sportsman to break through the billion-dollar earnings barrier, Forbes magazine reported on Thursday.

The 33-year-old American, who has won 14 majors, reached the latest landmark of his career when he won a 10-million-dollar bonus for his FedEx Cup victory last weekend.

According to the magazine’s calculations, Woods went into the 2009 season on 895 million dollars which included prize money, endorsements, appearance fees as well as money earned through his golf course design business.

Even before picking up his end of season bonus, Woods had earned 10.5 million dollars on the USPGA Tour this year, winning six titles.

 

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Fenorris Pearson: Playing the Game at the Top: Your MBA Might Be DOA

 

by Fenorris Pearson

Once upon a time your MBA was the gold standard; a guarantee for eventual and all-but inevitable success in your chosen profession. Today the starting line has moved; an MBA is still crucial for the well-rounded, would-be consummate executive, but no longer the gold standard by which success is currently measured.

Even those reliable old yardsticks by which past business success was calculated – hard work, seniority and massive overtime – no longer ensure you the success you desire today. Many men and women have built their fortunes on these skills alone in the past, but times are changing at a critical pace, and it is important that you keep up. There are thousands of MBAs awarded every year, and the cookie-cutter approach to business success has evolved. How are you going to be different from every other MBA in the country when it comes to finding your path to success?

Here are some things you can do to rise above your MBA, make yourself relevant and prepare for the real world:

1) Never forget that the world is changing: With the increased used of technology, business models are adapting, corporations are changing their strategies, industries are rising and others are dying. Make sure you know where you fit in this bold, new world and don’t assume that you are living the same life you would have lived in 1989. The textbooks used in your MBA courses might have worked for business models in the 1990s, but they may become obsolete in the new millennium.

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Black Scholar Comments on pending sale of Ebony Magazine

Dr. Deborah Stroman

 

Business knows one only color – green. Whether one has a history of success or newfound fame, businesses must continue to make a profit. Unfortunately, the announcement recently made by Johnson Publishing Company, Inc. the world’s largest African-American-owned and-operated publishing company, reflects the simple fact that long-term financial projections reveal that there is more month left than money. A painful pill to swallow for many in the black community due to the legacy of this family and its mission; however, there are important 21^st century business lessons to highlight from this sad prospect. First, know and stay in tune with your audience. The graying demographic that historically supported Ebony can’t be relied upon for financial stability in recessionary times. New money is found in collaborative and results-based (not old school relationship) marketing.  Sadly, time is really, really money in today’s new economy. Second, embrace technology or get left behind. Experts have clearly articulated the dying of print media over the past decade. Those who chose to sleep in and ignore the warnings are now locking the doors and turning in keys. Americans want and deserve information fast and accurate. The Internet provides that medium. And lastly, in times of struggle God always provides an opportunity. The leaders at Johnson Publishing have a tremendous asset in their people. They are creative and passionate about their community and they should be given the chance to provide direction. This moment is not the time for consultants and clairvoyants with crystal balls to steer the way. Truly listen to the heart and soul of the company – the journalists and staff – and make the necessary decisions to be a viable institution for another 63 years.  Hey! No pressure but the Black community, avid readers or not, depends on it.

Dr. Deborah Stroman is a Professor at The University of North Carolina Chapel Hill and an expert on Leadership.  To contact Dr. Stroman for speaking engagements or media requests, please click here.

Ebony and Jet Suffer Serious Financial Woes

 

by Dr. Boyce Watkins, MSNBC’s TheGrio.com, Your Black World, AOL Black Voices 

 

The black journalism students here at Syracuse often come to me to find out how the industry works. They sometimes instinctively wonder if their professors’ stories about being in a CBS newsroom in 1982 are going to help them survive in a world run by Twitter, Myspace and Facebook. The answer is a resounding "probably not."

While respecting the journalism professors teaching their classes, I simply use examples like Ebony Magazine to help them realize that black media is changing, and sites like theGrio.com, BlackVoices.com, and TheRoot.com, are examples of how black media has evolved. In fact, a journalist who doesn’t understand technology and business models is in danger of starting his/her career as a dinosaur.

When it comes to recent reports about Ebony Magazine being offered for sale, I admit that I was saddened, but not surprised. The Ebony Fashion Fair has become one of the most celebrated events in black America, and the magazine has been nothing less than a tremendous source of national pride since its creation in 1945. But in the age of the web, oversized bureaucracies can be crushed under the weight of their own arrogance. Bloated payrolls, pompous corporate functions and a sense of entitlement make them easy prey for quick, hungry and rapidly evolving competition.

In spite of the tremendous love we have for Ebony/Jet, the truth must be confronted when realizing that it is what radio was to TV or what the train was to the airplane. Like radios and trains, there is still a place for print media, but that role is no longer dominant. The current economic climate only accelerated the inevitable, since advertisers were eventually going to stop spending $50,000 for magazine ads when they can buy the same number of eyeballs for $5,000 or less.

I present the following 5 questions I’d like to ask out loud about both Ebony Magazine and the state of African American media:

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Big Money and Big Power at the G20 Summit

by Dr. Boyce Watkins, Syracuse University 

Uncle Ben from Spiderman made the most prophetic statement of the entire film series in his dying days (I almost cried, but don’t tell anybody): "With great power comes great responsibility." Most of us understood what Uncle Ben was trying to say, and that includes Barack Obama.

Uncle Ben should have been the keynote speaker at the latest G-20 Summit, taking place this week in Pittsburgh,PA. The G-20 Summit is a gathering of the Finance Ministers and Central Bank Governors of the world’s 19 wealthiest countries, plus the European Union. These countries encompass 85 percent of the world’s gross domestic product, so they would probably meet Uncle Ben’s qualification for "great power," at least when it comes to money.

The G-20 Summit’s primary objective is to achieve broad cooperation on the preservation of international financial stability. The motivations of the group, created in 1999, are seemingly noble and make perfect sense in light of the fact that the global economy has reached an unprecedented level of integration. If large nations do not work together, the world’s financial system will be subject to alarming amounts of volatility.

Not everyone can see the vision behind G-20 ambitions. Usually, the gatherings of the G-20 are as out of control as a frat party, as protesters have made a game out of disrupting the meetings as much as they possibly can. To prepare for this year’s economic fiesta, the city of Pittsburgh has brought in 4,000 police, 2,000 National Guard troops and 11 Coast Guard vessels.

Police, in an overwhelming show of force, declared Thursday’s march illegal almost as soon as it began, firing rubber bullets and canisters of pepper spray and smoke after small bands of anarchists responded to calls to disperse by rolling huge metal trash bins, throwing rocks and breaking windows. As of Friday morning, reports said nearly 70 people had been arrested and police were bracing for scattered protests around downtown.

President Obama, being the conflicted capitalist/black man/ex-community organizer that he is, made some telling comments about the demonstrators.

Click to read more on MSNBC’s TheGrio.com.

Dr Boyce Watkins: Don’t Kill Tavis Over Wells Fargo

by Dr. Boyce Watkins, Your Black World 

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:

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What the difference between a credit union and a commercial bank?

Click the image to watch a video that explains the difference.

 

Your News: Did Tavis Smiley Help Sell Bad Loans to Black People?

 

from AOL Black Voices

Did Tavis Smiley help Wells Fargo herd black people into subprime loans? Yes, according to information contained in a lawsuit filed recently by Illinois Attorney General Lisa Madigan. The suit alleges that Smiley was the hook used to draw in potential customers for subprime mortgages.
You might be familiar with the "Wealth Building" seminars that Wells Fargo conducted beginning in the year 2000. Smiley was the headline speaker at these events, held in Baltimore; Chicago; Richmond, Va.; and San Francisco. The seminars were advertised aggressively in black media and aimed directly at black communities. They were a huge success. Often, standing room only audiences would hear Smiley speak about how he mostly disliked banks while strongly urging attendees to invest in real estate as a sound strategy to build wealth. …

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Health News: A Strong Case for Healthcare Reform: Divorcing to Stay Alive

News from The Huffington Post

For Mary McCurnin and husband Ron Bednar, money trouble has followed health trouble. In 2003, the couple declared bankruptcy after their insurance covered only 10 percent of treatment costs for her breast cancer and his intestinal bleeding. In 2004, McCurnin’s breast cancer returned, and Bednar underwent open heart surgery.

Now, after repeatedly refinancing their house to pay medical bills and living expenses, they’re broke. To improve their chances of growing old together, they’ve filed for divorce.

"It occurred to me that I could get my first husband’s Social Security," said McCurnin. Her first husband, to whom she’d been married 20 years, died in 1989. When she turns 60 in November, McCurnin said she will be eligible for $1,200 in monthly survivor’s benefits from the previous marriage. As the Social Security Administration told her, she can’t have the survivor benefit if she’s married to someone else.

Read more at: http://www.huffingtonpost.com/2009/09/16/loving-couple-divorces-to_n_287094.html