All Articles Tagged "finance"
Nine Old School Money Management Tips
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As a millennial generation heads into their 20s and 30s, many have had either a great or not-so great example of what it means to manage their money. Although the age of careers, job searches, marriages and first homes are approaching, many millennials still have no clue what it truly means to manage money for their long-term success and comfort. Even parents are sometimes shaky resources for personal finance information.
A 2012 U.S. News Money article finds that Generation Xers (who are now in their 30s and 40s) are the generation with the most financial frustration. Retirees are increasingly responsible for their own savings, income, and financial futures. Let’s face it, we all can use an old-fashioned money management lesson every now and again.
Let’s all learn a little bit from past generations, and keep your money flowing with these old school money management tips.
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baby boomers, banks, cash, credit card, debit card, finance, Generation X, milliennials, money, retirementThe Top 10 Business Tips of 2012 from Madame Noire Biz
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This year has been a great year to learn more about your own finances, how to start your own business, manage your finances and be savvy while doing so, according to Madame Noire Business. From small business tips on how to create your own mobile app as a small business to tips on preparing for the next tax season, MN Biz has informed, introduced and changed the way we see the business and financial part of our lives. Yesterday, we took a look at the big issues we covered over the past six months. Today, we look back on some of the best business advice from Madame Noire in 2012.
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2012, Ann Brown, Ashley Page, Biz, Blair Bedford, Career, college, credit score, degree, education, Erica Renee, finance, interview, job, Madame Noire, money, New Year, side hustle, social media, student, Tona Sheree, Tonya GarciaMinority Banks Are Failing. Do They Still Matter?
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Black-owned banks once offered financial credit and stability to the African American community. The Huffington Post found that the number of black-owned banks across the nation has decreased drastically. “In 1994, 54 such banks were identified by the FDIC; now there are just 28,” reports HuffPo.
One city where minority banks have been hit hard is Chicago. According to Chicago Business
Among those that have already failed are ShoreBank, which had $2 billion in assets and was one of the city’s most active lenders catering mainly to African Americans, and $1.6 billion-asset Mutual Bank of Harvey, an Indian-American-owned bank.
Besides the recession, other experts say minority banks are failing because they aren’t needed. “While most bankers and business leaders in minority neighborhoods of Chicago believe that loans are hard to obtain in those areas, both for businesses and consumers, they don’t all see the minority banks moving aggressively to provide that credit,” notes Chicago Business. During the 1960s and 1970s, non-white borrowers had trouble obtaining loans, so minority banks cropped up to fulfill these financial needs. But because of the federal Community Reinvestment Act, a 1977 law that requires banks to lend in less-advantaged areas of their communities, this is not as of much an issue anymore.
But Monique Morris, NAACP Vice President for Economic Programs, argues that black-owned banks are still necessary. “The role for black-owned financial institutions is the same as it has always been — to support the financial needs of the communities in which they are located. They leverage deposits and support the formation and development of emerging enterprises that will produce jobs and improve the economic landscape of our communities,” she writes in The Grio.
Consumer Alert: Don’t Get Tricked Into Applying For An Online Payday Loan
AP Photo/Jessie L. Bonner
Many do it every month. They turn to payday loans to carry them through until that check comes. In fact, according to statistics about 5.5 percent of US adults spend $7.4 billion annually at payday lenders. And, the majority are African Americans; 12 percent of African-Americans have taken out payday loans, more than twice the figure for whites, reports U.S. News & World Report.
Consumer groups have warned against using these loans because of the high interest rates. Now comes another warning — stay way from applying for a payday loan online.
As the L.A. Times reports, many are being tricked into doing so. Envelopes containing what appears to be a pre-approved credit card arrives in the mail. The accompanying letter instructs people to go online in order to receive up to $500 in your bank account. In actuality it is a payday loan. Internet payday loans are even more deadly to consumers financially. The interest rates on average are higher.
According to the Consumer Federation of America (CFA) Internet payday loan sites, where loans due by the next payday, can cost up to $30 per $100 borrowed and borrowers typically face annual interest rates (APRs) of 650 percent.
Most often, users don’t realize just how much interest they will have to pay. “Only 38 sites disclosed the annual interest rates for loans prior to customers completing the application process, while 57 sites quoted the finance charge. The most frequently posted APR was 652%, followed by 780%,” states the site.
The loan plus the interest will be automatically withdrawn from your bank account on your next payday.
This process is also a way to get people to disclose sensitive financial information over the Internet. Applications will ask for bank account numbers, Social Security numbers and employer information. The CFA advises consumers never to transmit bank account numbers, Social Security numbers or other personal financial information via the Internet or by fax to unknown companies.
And we say steer clear of payday loans all together.
How to Tell If Your Guy Is Intimidated By Your Success (And What To Do About It)
En Bellebeirut.com
Let’s face it: Men have their pride and women have their drive. It’s just our own manmade law of nature (sort of like the, ‘Men are from Mars, Women are from Venus’ type analogy). When the two meet at the crossroads of life (say, after college, at the beginning of your career or in-transition professionally), it can become a clash of the titans, where relationship roles are put to the test.
Whether you have a better salary than your mate or are helping him break into the job market to no avail, eventually the differences in income and growth, mixed in with a little bit of pride, becomes an issue that must be discussed to keep the relationship thriving. Not saying that you must stroke your man’s ego or take a pay-cut for his own contentment, but it might be something you need to discuss.
Could your man’s pride get in the way of being a future power couple? Here are a few signs to tell whether your man is intimated by your success (OR signs that he is intimated by his own possible success!)
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Blair Bedford, boyfriend, finance, girlfriend, job, love, money, overcompensating, relationship, success, unemployment, work“Red Tails” Saved By Alternative Funding, Do The Same For Your Venture
During a recent appearance on “The Daily Show,” George Lucas described the problems he faced producing “Red Tails,” an action film about the Tuskegee Airmen opening January 20. The legendary creator of the “Star Wars” and “Indiana Jones” franchises said the film did not receive backing from Hollywood studios because of its all Black cast.
After 23 years of trying to create one of the first all Black action films ever made, Lucas was ultimately forced to finance the production and marketing of the film himself. It goes to show that you can’t always rely on the traditional way of doing things. Sometimes you have to go around the establishment.
Unlike George Lucas, you may not have $50 million to finance your dream project. Luckily, your venture probably doesn’t cost that much. You just have to get a little creative. If you run into finance issues, here are a few funding options you may not have considered:
Crowdsourcing
Crowdsourcing involves collecting donations through an open call. That means asking any and everyone that thinks your idea is a good one to contribute to its success. Thanks to online funding platforms, like Kickstarter, you can do this without leaving your home.
Family and Friends
Your instinct may be to avoid borrowing money from those closest to you. However, this network may be the easiest way to finance your venture. It is best to keep monetary dealings professional, especially if the relationship is personal. Draw up a contract or promissory note. Get it notarized. This gives both parties a sense of security and avoids the drama that can come with verbal agreements.
Contests
Universities and companies often have business and entrepreneurial competitions to help fund creative ventures. Business plan competitions can require a lot of effort to enter and the payoff is not guaranteed. However, it doesn’t hurt to take a chance. The New York Times has a great guide on competitions for small businesses.
Microloans
Microloans are great when you need a little cash to grow your business. Instead of going through a bank, you can obtain a small loan from private, nonprofit intermediaries. Accion USA, one of the largest microlenders in the United States, offers small business loans up to $50,000 as well as business consulting. Lending Club is an online platform that allows individual investors to make small investments of $25 or more until the full loan request is reached. Borrowers can get a personal loan up to $25,000 in three years with fixed interest rates that are often better than those of traditional lenders. Both services allow you to apply online for free.
Partnership
A good partnership allows you to spread out business management responsibilities and financial burdens. It is important to be very selective when choosing a business partner. You will most likely be spending more time with this person than anyone else. Before you launch a business, be sure you and your partner’s values and vision for the new venture are aligned. Draw up a shareholder agreement before you incorporate to safeguard all parties in the event the partnership falls part.
Cortney Cleveland is a public relations practitioner and freelance writer working in New York City. You can follow her on Twitter @CleveInTheCity.
Women In Tech: Marilyn Crouther of Hewlett-Packard Enterprise Services
New site, same great material! Hi everyone and welcome to the LDC Women in Tech series. We are now available on the Madame Noire platform and happy to be part of the site fam.
It’s all about bringing you info on some of the most powerful execs in the tech arena, start-up moguls-in-the-making and major players in the digital arena. Why? Because African-American women actually out-index in so many instances regarding digital. For example, more than any other demo in this country, we lead the pack in frequency of accessing Twitter via a mobile phone (source: Pew Research). So since we are lovers of such platforms, we should begin to get to know who is behind them. And as a thought-leader in the tech space, it’s my pleasure to spotlight these women in order to provide you with insight, encouragement and knowledge. I’m also glad to bring this series to light in order to provide greater recognition to them which other media outlets seem to miss offering to them. Here we go with the first:
Marilyn Crouther, Vice President of Finance, U.S. Public Sector, Hewlett-Packard Enterprise Services
LDC: I love to usually start off with a little background, so first, where did you attend college?
MC: I attended Mississippi State University in Starkville, MS.
LDC: What was it like for you?
MC: I had a truly awesome college experience. Mississippi State University (MSU) provided a strong sense of community within the relatively small town of Starkville, MS. My college years were very busy, I participated in campus organizations such as Student Affairs and Residence Life. I joined Alpha Kappa Alpha Sorority, Inc., served as the Chairperson for MSU’s Black Awareness Committee that helped bring the author of Roots, Alex Haley, to the campus and I worked in retail. MSU was a good fit for me and my family academically and geographically. The University was just two hours from my family home, which was far enough to enable me to grow into an independent young woman, but close enough to allow me to go home when needed. Additionally, MSU offered a strong engineering, mathematics and accounting curriculum. I was able to thrive in my math and computer courses while developing interpersonal leadership skills from my involvement in various organizations. I look back on my college experience fondly due to the rich education gained and life-long friendships that were fostered.
Black Males In Black America’s Future
by Dr. Brooks B. Robinson, Director of BlackEconomics.org
BlackEconomics.org estimates that if no action is taken to revise the status quo, then Black America will reflect the following 2050 statistical outcomes: A population of 60.1 million; 26.2 million workers (12% unemployment); annual average household income of $96,100; 10.6 million businesses; an average of nearly 15 years of schooling; 1.4 million incarcerated; and life expectancy for males of 80.5 years and 84.1 years for females.
In this context, BEV for BAF (Black Economists’ Visions for Black America’s Future) Interviews inquires about the pivotal problems that Black Americans face over the next 20 years; the most ideal solutions to the problems; and the actual outcomes that are likely to unfold. BEV for BAF Interviews with the nation’s top Black economists enable Black America to envision the future and provide guidance on how to reshape that future to improve outcomes for the next generation.
In this segment, Dr. Gregory Price, Charles E. Merrill Professor and Chairman of the Economics Department at Morehouse College in Atlanta, discusses the role of Black males in Black America’s future.
[audio http://madamenoire.com/wp-content/uploads/2011/09/pricecf.mp3]
Black Economists’ Visions for Black America’s Future: A Radio Interview With Dr. Margaret Simms
by Dr. Brooks B. Robinson, Director of BlackEconomics.org
BlackEconomics.org estimates that if no action is taken to revise the status quo, then Black America will reflect the following 2050 statistical outcomes: A population of 60.1 million; 26.2 million workers (12% unemployment); annual average household income of $96,100; 10.6 million businesses; an average of nearly 15 years of schooling; 1.4 million incarcerated; and life expectancy for males of 80.5 years and 84.1 years for females.
In this context, BEV for BAF (Black Economists’ Visions for Black America’s Future) Interviews inquires about the pivotal problems that Black Americans face over the next 20 years; the most ideal solutions to the problems; and the actual outcomes that are likely to unfold. BEV for BAF Interviews with the nation’s top Black economists enable Black America to envision the future and provide guidance on how to reshape that future to improve outcomes for the next generation.
In this segment, Dr. Margaret Simms, Senior Fellow and Director of the Low-Income Working Families Project at the Urban Institute in Washington, D.C., provides a BEV for BAF interview to BlackEconomics.org concerning the role of economic advancement and asset formation in Black America’s Future.
[audio http://madamenoire.com/wp-content/uploads/2011/09/Simmscf.mp3]
European Bank Woes Stir Global Fear
(New York Times) — Moody’s downgraded two of France’s biggest banks Wednesday and maintained the rating for a third bank under review, highlighting the escalating worries about the European banking system and renewing jitters in the global financial markets. Mounting worries about the exposure of three leading French banks — Société Générale, Crédit Agricole and BNP Paribas — to Greece and their ability to handle a potential default by Greece on its debt had sent the stocks of all three financial institutions sharply lower in recent days. On Wednesday, Moody’s downgraded its ratings for Société Générale by one notch to Aa3 and for Crédit Agricole to Aa1, citing their exposure to the Greek economy and the fragile state of bank financing markets. It left BNP Paribas at Aa2, saying the bank had “ an adequate cushion to support its Greek, Portuguese and Irish exposure,” but kept it under review.
