Black Marriage and Money

Should Couples Be Given a 2-Yr Renewal Option in Marriage?

2011-10-08T10:19:00.001-07:00

Given the high cost of divorce, is there a better way? A legislator in Mexico says he has one.

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Oprah Blows Away the Competition on the Richest Woman List

2011-10-08T09:44:00.001-07:00

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Over 1,000 Millionaires Paid Zero Tax in 2009

2011-08-09T17:48:00.001-07:00

In 2009, 1,470 millionaires paid no federal income taxes, according to the Internal Revenue Service.

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Ryan Mack: 11 Tips for the Unemployed

2011-08-09T17:11:00.001-07:00

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College Students Seeking Out Sugar Daddies to Help Them Pay Tuition

2011-08-05T12:31:00.001-07:00

By JasmineHughes

In light of the economic downturn, female college students are taking matters into their own hands. Now instead of working in McDonald’s, or shops for $8.00 an hour, many are finding it quicker and easier to seek older men and provide sex in exchange for tuition money.

Getting the Wedding You Want with No Drama

2011-07-31T07:14:00.001-07:00

by George James

The summer is a time for warm weather, vacation, family reunions and weddings. Many couples plan their wedding during the summer and fall months. Planning a wedding can bring a lot of stress and drama to the couple. From deciding when and where to get married, to working on the guest list and to figuring out how you will pay for the wedding. Stress and drama can also come from what other people want for your wedding and from handling major conflicts such as faith, money or where to live after the wedding. It is possible to get the wedding you want and not have any drama, even with all the possibilities leading up to the wedding.

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Embarrassed? Dallas Cowboy Star Sues Woman to get Back His $75,000 Engagement Ring

2011-07-06T22:01:00.001-07:00

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Wealthy Woman Leaves $40 million to her African American Nurse

2011-06-24T05:21:00.001-07:00

And they say that good nursing can’t pay the bills…

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Corporate America Now Has an Official Term for Excluding Black Businesses

2011-06-23T10:31:00.001-07:00

The code language was revealed at the Rainbow Push Convention.

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Dr. Boyce: Black unemployment Rises Again– a State of Emergency Ensues

2011-06-03T14:39:00.001-07:00

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Yes, Bill Collectors May Be Following You on Facebook, Twitter and Everything Else

2011-05-31T15:24:00.001-07:00

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Jumping the Broom is Fourth So Far at the Box Office

2011-05-07T20:22:00.001-07:00

Jumping the Broom is fourth so far….click to read.

Survey: Black Women More Likely to be Single Than Any Other Group

2011-05-07T06:32:00.001-07:00

A new census bureau survey said that black women are the least likely of all ethnic groups to jump the broom. Why is that?

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Technorati Tags: black news,black women,african american women

Friday Flash Feature: Denise Bolds Teaches Single Black Moms How to Raise Their Sons

2011-05-06T13:54:00.001-07:00

Leslie DeTouche, Your Black World

Many single black moms are not sure how to raise their boys. Well, Denise Bolds has some solutions that work.

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“Jumping the Broom”: Just a Classier Version of Madea

2011-05-06T04:26:00.001-07:00

"Jumping the Broom" is like a Tyler Perry movie with polish.

The ensemble comedy is about a wedding involving a bride from a family of wealthy African-American professionals and a groom from a family of working-class Brooklynites. It is well-cast, well-played and passably written.

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Teen Joblessness, Violence Expected to Hit Record Highs This Summer Due to Cuts in Federal Funding

2011-05-03T12:51:00.001-07:00

CHICAGO, Reuters — A record-low one in four U.S. teenagers will land a summer job in the coming months as a result of a still-poor job market and lost federal funding, according to a report issued on Monday.

As a consequence, urban studies experts said cities like Chicago — where summer unemployment among African-Americans aged 16 to 19 years approaches 90 percent — could experience a rise in street violence.

“Both national and local leadership continue to ignore the plight of youth who are most at risk for potential violence as a result of being left on the streets in the summer months when crime is at its most explosive,” Chicago Urban League President Andrea Zopp said in a statement.

The summer employment rate among U.S. teenagers this year was projected at between 25 percent and 27 percent, based on an analysis of four decades of employment trends by Andrew Sum of the Center for Labor Market Studies at Northeastern University in Boston. That would be a post-World War Two low, while as recently as 2006 the teen summer employment rate was 37 percent.

U.S. economic growth has been sluggish since the recession ended in June 2009, with job growth lagging the recovery and unemployment still at a lofty 8.8 percent.

The long-term impact of higher summer joblessness among young people is a less-experienced work force and increased government spending due to lower lifetime earnings, reduced tax revenues and higher prison costs, experts said.

In Chicago alone, nearly 700 children were hit by gunfire last year, with 66 deaths, though the city’s overall murder rate declined, said Jack Wuest, executive director of the Alternative Schools Network which commissioned the report.

“We cannot continue to ignore the correlation between youth violence and teen employment,” Wuest said. “We know if our teens are in school or at a job they are not on the streets.”

Federal stimulus dollars directed to cities and applied to summer jobs programs have run out and the funding was not renewed by Congress, meaning 18,000 more Illinois teenagers will be jobless this summer, according to the report.

Black Unemployment More than Double Whites for Michigan Residents

2011-05-01T23:28:00.001-07:00

Your Black World reports

A recent report by the Economic Policy Institute has revealed that the economic situation for African Americans is disproportionately bad for the state of Michigan. According to the report, African Americans in Michigan have had an unemployment rate above 20 percent for every quarter since the start of 2009. Their 2010 annual unemployment rate was 23.4%. White Michigan residents currently enjoy an unemployment rate of only 9.5% for last quarter.

The conditions are so bad that the lowest black unemployment rate since 2008 (12.2%) is only slightly lower than the highest unemployment conditions experienced by whites in Michigan (12.7%). So, their terrible times are our good times and our horrible times don’t get attention from political leaders whatsoever.

Perhaps we don’t live in a post-racial America after all, since the unemployment picture is clearly different for blacks and whites.

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Regal Black Women from Around the World

2011-04-30T13:33:00.001-07:00

Click here to read about these women and others on Black Enterprise

Black Americans Not Getting Good Financial Advice

2011-04-29T08:44:00.001-07:00

by TEWire
Special to the Trice Edney News Wire from the Afro American Newspapers
Originally posted 4/27/2011

Only two out of every 10 African-Americans are on a path to achieve their retirement goals, according to a six-month-old survey of Blacks conducted by a major wealth manager.

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McJobs Are Not the Cure for An Ailing Economy

2011-04-27T20:52:00.001-07:00

Editor's note: Annette Bernhardt is policy co-director of the National Employment Law Project, a national advocacy group for the rights of lower-wage earners. She was lead researcher on NELP's recent report, "A Year of Unbalanced Growth: Industries, Wages, and the First 12 Months of Job Growth After the Great Recession."

(CNN) -- We are starved for signs that the economy is picking up. So when McDonald's threw its doors open to hire 50,000 workers nationwide, media networks scrambled to film applicants lining up across the country for that increasingly elusive piece of the American dream -- a job.

The hirings were billed as a boost to the economy, and for a fraction of the country's 13.5 million unemployed, landing one of these jobs will be a huge and welcome relief.

But let's step back from the McDonald's public relations bonanza for a minute and recognize that nothing is great about low-wage jobs, even when they flood the economy by the thousands. Low-wage jobs subject families to unrelenting economic stress. They trap workers in dead-end careers, denying them the money and time to invest in education and new skills. And they rob local communities of middle-class incomes and stable households.

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Technorati Tags: black news,african american news

A Black Prof Discusses Racial Bias in Financial Decisions

2011-04-27T05:22:00.001-07:00

Your Black World reports

Have you ever tried to get a loan, and felt that you weren’t being treated the same as if you were white? What about watching that promotion at work being given to the white guy down the hall when you were the one slaving night and day for 20 years? Well, this feeling is not uncommon. A recent survey at YourBlackWorld.com showed that nearly 90% of African Americans feel that they’ve experienced some kind of discrimination in the workplace. In spite of our having a black president and attorney general, new laws have not been introduced to help people of color fight discrimination in the workplace.

Another prominent type of discrimination is the racial bias in other kinds of financial decisions. Millions of black people were victims of predatory lending during the recent financial crisis, leading to a massive decline in black family wealth over the last decade. Additionally, the ability to build a business, get government contracts or do other things to create financial security for your family can be impacted by the color of your skin. Prof. Stephanie Yates Rauterkus at The University of Alabama Birmingham speaks on the topic in the video below.

Click here to watch the video

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Deborrah Cooper Explains What It Means for a Woman to “Submit” To Her Man

2011-04-21T17:22:00.001-07:00

by Dr. Boyce Watkins, Your Black World

Given the importance of the critical theme of black relationships (which we’re hitting from various angles this week on YBW), I had to get another perspective on some of the things that folks are quoting from the bible as it pertains to how black relationships need to be structured. What does it mean for a black man to “lead” in his relationship? What does it mean for a woman to “submit?” One thing that many of us can agree on is the fact that black relationships have been falling apart for a very long time. The majority of our homes are being run by a single parent, and far too many children are growing up without their fathers in shouting distance. What some don’t acknowledge is that there is a direct correlation between the break down of the black family and the growth of the prison industrial complex. Locking up men for decades for the sale of drugs that were brought into our communities has devastated many of us, and urban decay in the 1980s led to job losses with few viable alternatives to illegal activity. A recent study in The Economist showed that a one percentage point increase in the incarceration rate leads to a 2.4 percent decline in the percentage of black women who eventually get married.

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Dr. Boyce: The Depth of Forest Whitaker’s Tax Problems

2011-03-23T06:55:00.001-07:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

Hollywood superstar Forest Whitaker was recently hit with a large tax bill after failing to pay $185,000 he owed to the IRS. The tax collectors in California have cited Whitaker and filed a lien for the balance. Both he and his wife Keisha are named in the complaint, which was filed in the Los Angeles County Recorder of Deeds.
It was reported in 2009 that Whitaker owed $1.29 million in state and federal taxes. Whitaker is not the only Hollywood megastar to have tax problems. Actor Wesley Snipes is in prison until 2013 after being charged with failing to file tax returns for three years.
Chris Tucker was hit with some very serious tax problems himself, as the LA County Records Office showed that Tucker owed over $11 million in taxes up through 2006. Actor Nicolas Cage was also found to owe millions to the IRS.

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Black Women and Relationships: An In-Studio Conversation

2011-03-19T13:26:00.001-07:00

The video below presents an in-studio conversation about black women and relationships. Enjoy!

To have Dr. Boyce Watkins commentary delivered to your email, please click here.

The Tom Joyner Cruise Sets Sail: How Black People Need to Network

2011-03-16T15:06:00.001-07:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

This morning, I got a text from my respected colleague, Roland Martin. I can't remember what Roland and I were talking about, but I do remember what he told me at the end of our conversation. Roland mentioned that he couldn't do anything next week because "the cruise is leaving in a couple of days." I immediately became jealous, because I knew he was talking about the Fantastic Voyage, hosted by Tom Joyner.

I'm not always big on black folks looking for another party, but there is something I love about the Tom Joyner Cruise. Anyone who's ever been on a cruise knows that seeing another black person on a cruise ship is like searching for Louis Farrakhan at a Klan rally. While cruises can be fun, comfortable and even exciting, there is a dryness that people of color experience from a lack of cultural diversity.

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S. Tia Brown: Supporting Your Man as an Entrepreneur

2011-02-10T21:35:00.001-08:00

by S. Tia Brown, Essence.com

First let me say this: I am single. However, just like you don't have to smoke crack to tell "rockheads" don't do it... well, you get the rest.
Second, I'm an avid, calendar-clearing, repeat-watching fan of the "Real Housewives of Atlanta." You know the type. I text my girls during the commercials. I feel like I know the "ins and outs" of the cast intimately. And, occasionally I pass judgment on their decisions.
With those two details out the way, it's time for my third assertion: When it comes to marriage, particularly to an entrepreneur, it can't always be tit for tat. Over the last few weeks I've watched Cynthia Bailey's now husband, Peter Thomas, try to pull out the dagger ripping his heart apart as his business -- their family's bread and butter-- revenue dropped lower than NeNe Leakes' cleavage line. Thomas shared his woes about picking up the pieces. Bailey worried about financing their wedding. Thomas grew angrier about not getting investors. Bailey balled about being owed her investment in his business. Thomas was forced to close his restaurant and rebuild. Bailey cried about not going on a honeymoon. All I kept thinking is, "where dey do dat at?"

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Sil lai Abrams: How to Deal with Financial Insecurity

2011-02-04T18:47:00.001-08:00

by Sil lai Abrams – Sepiaprocess.com

When times are difficult for us financially, we can become paralyzed by fear. As the fear grows in our mind we often get stuck focusing on the problem and not actively searching for a solution. Our attention becomes fixated on our creditors and as we look at our mountain of debt we can become weighed down in despair and shame. “I’m never going to get through this” or “This is more than I can handle” begins to play on a constant loop in our brain. Some of us respond to our problem with denial. Instead of facing our lack of money, we spend as if we have unlimited resources, compounding our original financial instability. Or, we may isolate from others and numb ourselves with food, alcohol or television. Sometimes we avoid dealing with our situation by throwing ourselves into a relationship that takes up all of our time. None of these counterproductive behaviors do anything to bring us closer to a solution. They only keep us stuck in our problem by postponing or delaying our eventual day of financial reckoning.

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Condoleeza Rice Asked on CNN: “Why Are You Not Married?”

2011-01-21T18:31:00.001-08:00

by Alexis Stodghill, AOL Black Voices

Condoleezza Rice, the first black woman to become a U.S. Secretary of State, was interviewed recently on the newly minted CNN show, 'Piers Morgan Tonight,' to be asked of all things: Why are you not married? That question no successful African American female can escape. The single, black (semi-successful) woman that I am couldn't help but shrink in insecurity as this ubiquitous puzzler was posed even to one of the most prominent black women alive. Why the embarrassment?
Yes, such questions make for great ratings. It's a question Piers Morgan might have asked any single V.I.P. Watching a woman who used to wield massive diplomatic and military power talk of cooking fried chicken was a hoot. But despite the innocence of the utterance, for black women everywhere that question is the articulation of aGreek tragedy-style family curse: An unsolvable source of suffering for black women that just keeps getting passed down. Piers may not have known that, but refering to it even obliquely is enough to make one's heart hurt.

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Can You Stay Fly and Keep In Your Budget? The Frugalista Says You Can

2011-01-21T07:57:00.001-08:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

Natalie P. McNeal is onto something. Under the name "The Frugalista," she has come up with a set of concepts that allow us to balance our need to save with our desire to enjoy life. Black people, on average, tend to be first-class consumers, second-class savers and third-class investors, leading many of us to a life on the edge of financial ruin. Even those of us who have high incomes can end up with debt up to our eyeballs and bills that we can barely afford to pay. So, when unemployment or financial crisis hits our households, we are the first to be bankrupt or in foreclosure.

The Frugalista lays out her own experience with debt and how she found a way to save money without forcing herself to live a Spartan life. She teaches that saving money should not be the only important thing in your life, but that financial responsibility can be a key to having a better life experience. It is for that reason that Natalie P. Mcneal is today's Dr. Boyce Watkins Spotlight on AOL Black Voices:

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How Mass Incarceration Affects the Marriage Market for Black Women

2011-01-13T08:52:00.001-08:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

In a very compelling article, The Economist Magazine stepped away from its standard delivery of international political updates to dig deeply into the experience of the African American woman. In the article, economists analyze dating for black women as a market, where men and women enter the market to search for a suitable mate.
The author starts off with a simple example to help make his point. He says "IMAGINE that the world consists of 20 men and 20 women, all of them heterosexual and in search of a mate. Since the numbers are even, everyone can find a partner. But what happens if you take away one man?"
Then, citing the work of Tim Harford, an economist in England, the author says that because one out of the 20 women faces the possibility of never finding a husband, she tries harder to get a man, perhaps by dressing more seductively or doing things the other women might not do. She may even steal a man from someone else. This then affects what other women do to find and keep their own men, and also the behavior of the men themselves.

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Dr. Boyce Watkins Spotlight: The Duchess of Black Scholars

2011-01-03T10:59:00.001-08:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

The role of Super Woman in Black America can be readily applied to a woman who can balance the relentless pursuit of academic achievement, professional success, and outstanding motherhood, all at the same time. Miriam Harris (a.k.a. Duchess) is a textbook example of what we all want our daughters to become. She is a mother of three, and has both a PhD and a law degree. The Ivy League educated supermom is not only "about her business," she is deeply committed to the business of using her vast intellect to make the world a better place for both women and people of color. In other words, she's not just a Black PhD, she is actually a "Ph-Do." AOL Black Voices was able to catch up with Professor Harris for the Dr. Boyce Watkins Spotlight:
1) What is your name and what do you do for a living?

My name is Duchess Harris and I am an Associate Professor of American Studies at Macalester College.
2) What is your area of expertise and what made you pursue this particular area of study?

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Gap Between the Rich and Middle Class Keeps Growing

2010-12-27T06:56:00.001-08:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

It turns out that the gap between the rich and the middle class is larger than it's been in recorded American history. Much of the growth in the gap is due to the recent housing crisis taking place over the past three years.
According to the Economic Policy Institute, the wealthiest 1% had an average net worth that was 225 greater than the average American. That's higher than the previous record, which was 190 times in 2004.
An intriguing aspect of the divide is that it occurred while the wealth of all Americans declined on average. The richest households lost 27% of their wealth between 2007 and 2009, while middle class Americans lost 47% of their wealth during the same time period. So, the growth in the gap was mainly due to the fact that the middle class and poor suffered more during the recent recession than the wealthy.

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Dr. Boyce Video: Black Economic Empowerment

2010-12-24T10:31:00.001-08:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

Zachary Rinkins is serious about money. He's been running a very popular financial blog for the past several years, and has positioned himself as one of the most respected financial bloggers in the black community. I love what Zachary is doing because he reflects a generation of young people who are interested in seeing themselves empowered through economic success.

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Visit Your Black World for more black news, black politics, and black celebrity gossip!

From AOL - Should You Be able to Sue Someone for Dumping You At the Alter?

2010-12-18T09:37:00.001-08:00

What would you do if the love of your life up and left you days before your wedding? Well, you couldsue his butt off.
Dominique Buttitta, a lawyer in Chicago, is taking her ice-footed former fiancé to court for bailing on their big dayjust four days before the ceremony was supposed to go down. The jilted bride claims that by calling it quits, the groom "intentionally inflicted emotional distress" on her. She's reportedly seeking more than $95,000 from her ex -- money, she says, that she'd already spent on the wedding.
I think she may have a case, and not just because people sue for less than this every day. I've had neighbors sue other neighbors when their dog crapped on the lawn. Buttitta's fiance crapped on her life. Not only is she now being portrayed as a bitter, spurned woman, she's in the hole for a whole lot of zeros.
Planning a wedding is a big, long, intricate process. I know; I'm in the middle of planning mine. Pick up any issue of "The Knot" and they'll tell you: planning a wedding takes about nine months to a year. And those are a packed nine to 12 months of making lists, touring venues, tasting cakes and spending thousands of dollars in nonrefundable deposits. There's the dress, the rings, flowers -- Buttitta says she spent over $12,500 on those -- invitations, escort cards and a ton of other things that take up a whole lot of time and even more of your money. It's ridiculous.

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Singer Jermaine Jackson Loses Drivers License Over Back Child Support Payments

2010-12-04T11:17:00.001-08:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

Jermaine Jackson, brother of the late Michael Jackson, is having his driver's license confiscated due to his inability to pay back child support. Jackson allegedly owes his ex-wife, Alejandra Jackson, over $91,921 in child support payments.
According to court documents filed in the Los Angeles County Child Support Services Department, Jackson won't be allowed to drive again until the child support is paid in full.
Back in September, Jackson told the courts that he can no longer afford to pay $3,000 per month in child support for his two sons, Jaafar and Jermajesty. He has asked the judge to cut his payments down to $215 per month, arguing that his ex-wife makes more money than he does.
Currently, Jackson lives with his mother, rent free. He married Alejandra in 1995 and divorced her in 2004.

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Should You Be Able to Sue Someone for Taking Your Fiancee?

2010-12-03T18:29:00.001-08:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

Former NBA star Antoine Walker is being sued for $5 million dollars by a man who claims that Walker stole his fiancee. Kevin Jenkins says that he caught Walker and his fiancee in an "intimate moment," and confronted Walker about it. He said that Walker laughed in his face to deliberately cause him emotional distress.
Jenkins then says that he became so emotionally distressed that he thought about killing himself.
To date, I haven't heard of anyone being sued for cheating with another person's fiancee. However, I do know that in some states, you can be sued for cheating with someone else's spouse. These "alienation of affection" lawsuits are legal in several states: Hawaii, Illinois, Mississippi, New Mexico, North Carolina, South Dakota and Utah.

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Dr. Boyce Watkins on TheLoop21.com - 12/2/10

2010-12-02T16:55:00.001-08:00

Cyber Monday Isn't Shopping, It's Mind Control

Thu, 12/02/2010 - 01:00

Black Friday, Valentine's Day and 'Sweetest Day' are all contrived to empty your wallet ...

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Four Loko and the Crazy Money-Making Machine

Mon, 11/29/2010 - 09:46

The dangers of the caffeinated alcohol in a can are a perfect example of why we need consumer protection ...

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Will Your Parents' Golden Years Be Paid By Plastic?

Thu, 11/25/2010 - 23:14

More retired Americans are relying on credit cards to live out the end of their life ...

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Getting rich and giving back, the Magic Johnson model

Fri, 11/19/2010 - 17:40

Johnson has become a glowing model of black entrepreneurial success ...

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Michael Vick re-emerges as the greatest quarterback in the NFL

Fri, 11/19/2010 - 10:48

Vick is proving himself to be an exceptional player, but he's still seen as a financial risk ...

Read More

MORE STORIES

How are Black Women Making It in the Workplace?

2010-11-27T09:09:00.001-08:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

When a very important member of my management team told me that she was going to take time off to have a child, my brain stopped in its tracks. I wondered how we were going to remain fully productive, how long she would be gone, and how I should respond to such a sensitive situation. I then realized that, like so many American business owners, I was thinking like a man. Once I came to my senses, I let go of my personal concerns and focused solely on supporting her in this important step. I then realized that this interaction happens in workplaces across America, and the results are not always so amicable.

The United States is among the worst of industrialized nations when it comes to comes to making allowances for the professional challenges that women face relative to men. A woman who stops working in order to have children and/or raise a family may find that when she returns to the workforce, her opportunity set has diminished significantly. This doesn't even consider typical gender-based discrimination, sexual harassment and other daunting barriers to advancement.

You may already know that according to the US Department of Labor, women now outnumber men in the workplace (64.2 million to 63.4 million). This takes us a long way from the days when women weren't allowed to vote, or female attorneys couldn't be more than legal secretaries. Given that we have grown so much as a society, our nation has to step into the 21st century when it comes to equalizing the employment landscape.

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Jack Johnson, DC County Exec and Wife Arrested for Corruption: What Can We Learn from This?

2010-11-19T14:24:00.001-08:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

I was saddened to hear about the recent arrest of Prince George's County Executive Jack Johnson and his wife Leslie. Both Jack and his wife are well-respected in the DC area. Both have served their communities for decades, and both of them represent the essence of Prince George's County, the most affluent county in the United States with an African-American majority population.
Johnson was once an important ethical and legal protector of the county, serving as its lead Prosecutor. His wife has served the community for over 30 years in numerous capacities. He was also the first African American to become County Executive in the DC area. So, why are Johnson and his wife facing up to 20 years in prison for evidence tampering and destruction of evidence, among other charges? In fact, the story is quite bizarre, with reports of the FBI allegedly recording Johnson telling his wife to put nearly $80,000 in her underwear.

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Former NFL Player Married to Two Women at Once

2010-11-16T09:00:00.001-08:00

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by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

A judge in Pennsylvania recently ruled that former NFL running back Tom Sullivan's death benefits should not go to the wife he was allegedly married to after his death. Instead, the benefits should go to a woman he married years earlier, but never divorced.
Tom Sullivan's ex-wife Barbara Sullivan has two daughters with the player from their 16-year marriage. Since Tom's death in 2002, Barbara and their two daughters were receiving $2,700 per month under the NFL's spousal benefit policy. Under South Carolina's bigamy law, the benefits do not legally belong to her and were stopped immediately.

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Cutting Taxes for the Rich? Yes, that’s Bad for the Economy

2010-11-06T15:36:00.001-07:00

Watch Dr. Boyce Watkins explain on CNBC that extending the Bush tax cuts for the wealthy is bad for America. Click here to watch

Black Men See Biggest Dip in Unemployment

2010-11-06T14:02:00.001-07:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

How one analyzes the black unemployment numbers for the month of October really comes down to whether you see the glass as being half empty or half full. On one hand, most of the indicators of black unemployment went down, but they still remain remarkably high relative to the numbers for white Americans.
According to data released by the Bureau of Labor Statistics, black unemployment dropped by .4 percentage points, from 16.1 percent to 15.7 percent. The number is still nearly double that of white unemployment, which lies at 8.8 percent.
Black male unemployment actually saw the steepest decline among all race/gender groups, dropping from 17.6 percent to 16.3 percent. The number is still 83 percent higher than white male unemployment (which is 8.9 percent).
Black women saw a slight increase in their unemployment rate, which went from 12.6 percent to 12.7 percent. The unemployment numbers for black women are 74 percent higher than those for white females (at 7.3 percent, lower than any other group in America).

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Is Racism an Occupational Hazard for African Americans?

2010-10-24T21:59:00.001-07:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

Most of us know Hanes Brands as the company that has Michael Jordan peddling underwear. The company is also responsible for other leading brands such as Champion sports apparel and Playtex, among others.

The company is now in the middle of controversy after an African American employee, Yunusa Kenchi, filed suit for discrimination. An embarrassing email has allegedly surfaced in which Kenchi was referenced using the n-word. The employee has taken the case public, and Hanes has yet to respond.

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Dr. Boyce Gives More Coaching on MSN’s “The Invested Life”

2010-10-11T17:12:00.001-07:00

A new episode of our MSNBC special is out. You can watch it by clicking here.

Why are Corporations Not Hiring the way we need them to?

2010-10-05T15:19:00.001-07:00

Click here to watch Dr. Boyce Watkins on CNBC

Why Do Black Athletes Go Broke? Let’s Figure Out Why

2010-09-29T22:37:00.001-07:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

I am participating with MSN in a project called "The Invested Life." The program represents the launch of a series of web-based episodes that teach the fundamentals of investing to regular, everyday people. I've worked on the show for months, and I'll be engaged in the project for the rest of the year. It's been an interesting jump into the world of film making, with scripts, production schedules and all that good stuff. I've gained a newfound respect for how hard real actors and actresses actually have to work.
A guest on the show is a man named Winfred. Winfred is a former NFL athlete who found himself done with sports and trying to make sure that his wealth lasted until retirement. He made an interesting point that for many athletes, the challenge of retiring young with virtually no skill set can be a one way ticket to the poor house. As a man who is concerned about the plight of the black athlete, I constantly see men who've traded away their entire educational future in exchange for a very short and meaningless life of glamor in professional sports.

Click to read.

Should the Estate Tax Be Repealed?

2010-09-22T15:05:00.001-07:00

Click to watch Dr. Boyce Watkins discuss estate taxes – Video is here.

Black Woman Says She’s Exhausted of Defending Obama

2010-09-21T11:19:00.001-07:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

A black woman stood up in the Town Hall Meeting held by President Barack Obama yesterday and made a comment that got the attention of the world. She mentioned that she was "exhausted" from trying to defend the president to his critics:
I am one of your middle class Americans and, quite frankly, I'm exhausted... I'm exhausted of defending you. I'm exhausted of defending your administration, defending the mantle of change that I voted for. And I'm deeply disappointed with where we are right now.
I have been told that I voted for a man who said he was going to change things in a meaningful way for the middle class. I am one of those people and I'm waiting sir. I'm waiting. I don't feel it yet. And I thought, while it wouldn't be in great measure, I would feel it in some small measure... And quite frankly Mr. President, I need you to answer this honestly: Is this my new reality? (Thelightnc.com)

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Black in America on CNN: Their Incorrect Analysis of the Black Wealth Gap

2010-09-20T12:16:00.001-07:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

I was recently checking out some of CNN's special, "Black in America," the show they seem to do once a year. In the series, African Americans are analyzed like lab rats in a cage, with producers highlighting every dysfunction imaginable, as if we have a monopoly on counter productive behavior. Although I've always had a good relationship with CNN, I can barely stomach some of what I see. This is not to say that black folks are perfect: but the idea that we are somehow less perfect than whites is nothing short of paternalistic, White Supremacist thinking.
The segment that threw me through the roof was one covering the wealth gap between blacks and whites. In this particular Black in America segment, CNN shows that the wealth gap between blacks and whites is $28,000 to $140,000, with whites being the leaders. They then go on to state that African Americans save and invest less than whites. I give a "check" on most of these numbers, I have no problem with the data.

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Black Scholars Watkins and Metzler on CNBC – 9/15/10

2010-09-15T10:17:00.001-07:00

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Black Scholars Dr. Boyce Watkins and Dr. Christopher Metzler Discuss "Keeping The Bush Tax Cuts" on CNBC

Black Relationships 101: What’s Up With Black Couples?

2010-09-10T12:41:00.001-07:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

I have a theory that I've wondered would hold up to empirical scrutiny. My theory is that there are quite a few women who might be willing to settle for part of a good man rather than having 100% of a mediocre man. For example, men like Tiger Woods might have more girlfriends than most of us can count, and some would wonder if any of those women expect him to be committed to just one person. Not to say that I condone one lifestyle over another, but we all know how things go down in the real world.

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African American Unemployment Rises 700% More Than White

2010-09-06T10:38:00.001-07:00

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

This weekend, I was on the radio with Rev. Jesse Jackson. He'd just completed a march in Detroit, for jobs, peace and justice, only to find that his SUV was stolen upon arrival. But when I asked him if he was OK, his response was quite telling of the leader that he is: He simply said that the car doesn't matter at all when there are so many people suffering across America.
Well, the nation-wide suffering for African Americans has just intensified with the recent unemployment data delivered by the Bureau of Labor Statistics. It's most recent report showed that while white unemployment only went up from 8.6 percent to 8.7 percent, black unemployment went up from 15.6 percent to 16.3 percent. This increase of seven percent is at a rate that is 700 percent of the increase of white Americans.

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When You Die, Who’s Responsible For Your Debts?

2010-09-01T09:29:00.001-07:00

by Dr. Boyce Watkins, Syracuse University

You are going to live forever. Death is beneath you. Those who depend on you financially will always be able to rely on your immortality as a guaranteed source of financial security. I hope you don’t think I’m lying, being sarcastic or sounding flat out silly. Perhaps you do.

Ok yes, I was being silly. But the reality is that most of us are equally ridiculous when it comes to our perception of death and how our sudden passing could financially ruin those who care about us. Death doesn’t care how many appointments you have, how many projects you’re working on, or how many plans you have for the future. It just takes you, and it’s always at the least convenient time. That’s the nature of the Grim Reaper, who might not be nearly as malicious as the bill collectors seeking to get their money back after you’re gone.
While comprehensive financial planning is beyond the scope of this article, I can share a few tips on dealing with debt in the event of your death. This information could help you when dealing with a deceased relative, and it should also be shared with your relatives in case you pass on unexpectedly.

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How to Teach Your Kids About Money

2010-09-01T08:05:00.001-07:00

by Dr. Boyce Watkins, Syracuse University

Given that our children are likely our greatest expense and greatest love, perhaps it might be helpful to discuss how we teach them about money. If you raise your kids to be financially responsible, they can be assets to you during retirement. If they are taught about money in the wrong way, they become horrible economic liabilities that leave you riddled with guilt. So, although I don’t claim to know everything about child rearing, I thought I’d share some guidelines you might want to consider when it comes to teaching your kids about money.

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Bad Financial Decisions of Fantasia

2010-08-29T23:48:00.001-07:00

by Dr. Boyce Watkins, Syracuse University, Scholarship in Action

One of the most magnificent voices in all of music is owned by Fantasia Barrino, the singer out of North Carolina. Most of us know that Fantasia attempted suicide recently. Of course the suicide attempt led to instant national media attention, and she was all over the news telling her story. Her management team, understanding the value the incident could have for her brand, pushed out the Vh-1 special before you could say the words "publicity stunt."
Now, I'm not here to say that I know what happened to Fantasia or whether the suicide attempt was genuine. But one thing that remains fundamentally true is that she'd been highly upset over the decline of her career. Also, we know that the television specials and additional PR from the incident have put Fantasia in the limelight in a way that far exceeds what she had access to last month. The final thing we know is that Fantasia is working furiously in the studio to get an album out in order to profit from the re-establishment of her celebrity status. Unfortunately, her team may be looking to replicate the experience of Jennifer Hudson after her difficult experience last year.

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Diddy's Son Gets a $350,000 Car - Is that too much?

2010-06-13T17:37:00.001-07:00

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Some think it's too much that Diddy's son got a $350,000 car for his 16th birthday - do you agree?

Did Gary Coleman's Wife Kill Him?

2010-06-07T07:38:00.001-07:00

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Did Gary Coleman get murdered by his wife? ;

Do Tiny and Toya Promote Prison Love?

2010-05-27T12:02:00.001-07:00

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Is it right for the BET Show, Tiny and Toya to overromanticize prison life? ;

LeBron James' Mother and Her Son's Teammate: Overkill?

2010-05-24T12:15:00.001-07:00

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Is it right for LeBron James to be so distracted by the rumor that his mother is sleeping with his teammate?

Boyce Watkins on ABC News - Love and Money Questions to ask Your Partner

2010-04-24T05:09:00.001-07:00

by Dr. Boyce Watkins, Finance Professor - Syracuse University

As a Finance Professor, I find it incredibly ironic that many people get married without talking about money. They talk about every kind of compatibility from emotional, to spiritual, sexual, and professional, but they seldom take the time necessary to ensure that they can tolerate the idea of sharing their financial life with a person who may not be on the same page. This problem is compounded in black relationships, where many women describe economic hurdles as one of the reasons that black women have trouble finding the right mate.

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Dr. Boyce on ABC News: Asking the right questions of your partner

2010-04-19T08:25:00.001-07:00

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What questions should you ask your partner before you marry them?

Dr. Boyce Watkins Talks About Financial Effects of Divorce on ABC

2010-04-19T07:25:00.001-07:00

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Dr. Boyce Watkins Talks About Financial Effects of Divorce on ABC

Dr. Boyce Watkins on ABC News: Love, Money and Divorce

2010-04-18T20:21:00.001-07:00

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Watch Dr Boyce Watkins, Finance Professor at Syracuse University on ABC News discussing money and divorce - how to do it the right way.

Doing The Tiger-Tiki: Black Athletes Who Cheat

2010-04-09T19:27:00.001-07:00

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Doing The Tiger-Tiki: Black Athletes Who Cheat

Dr. Boyce: Why African Americans are More Optimistic than you Think

2010-03-11T14:07:00.001-08:00

by Dr. Boyce Watkins

According to a recent survey by Experian, African-American consumption grew by over 50 percent from the year 2000 to 2008 ($590 billion to $913 billion), and it is expected to grow to over $1.2 trillion dollars by the year 2013. The study also shows that blacks are more economically optimistic than whites, with 36 percent of us stating that we expect our financial future to improve, as opposed to 31 percent for all adults.

The Experian study says a couple of things: First, it says that black people love to consume and that we are getting better at it. In fact, black people have historically been very good at buying things and working hard to get them, but we are not very good at production, investment and saving our money. We grab our tax refunds and run to the mall. We become highly paid corporate lawyers in order to purchase the house and car we really can't afford. We are chubby kids in the economic candy store, accelerating our collective addiction to the monetary engines controlled by corporate greed.

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Homeowners Walking Away from Mortgages

2010-02-03T14:31:00.001-08:00

updated 12:25 a.m. ET, Wed., Feb. 3, 2010

In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.

“People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”

After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration’s loan modification plan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.

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Woman Puts Cheater's Face on Billboards

2010-01-29T09:00:00.001-08:00

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Dr. Boyce and S. Tia Brown discuss the woman who puts cheater's face on billboards

Black News: Jigga and Beyonce Lead the List of Wealthiest Celeb Couples

2010-01-21T15:18:00.001-08:00

What makes more than an uber-celebrity who earns millions per movie, album, or TV season? Two uber-celebrities who just happen to be married. Forbes is always giving us a behind-the-scenes peek at famous finances—don't tell us you weren't surprised by the top-earning dead celebrities—and their latest list shows the famous couples who made the most from June 2008 to June 2009. Topping the list—actually, clobbering the list (they made almost twice what the #2 couple grossed)—are Jay-Z andBeyonce. Together, they banked $122 million smackeroos. Interestingly, Beyonce is the one who brought home the most bacon—she earned $87 million to his $35 million. Also notable: While this is a massive amount of money, it's actually much less than these two made last year, when they pulled in $162 million cumulatively.

Click to read.

Study Finds Financial Benefits to Marriage

2010-01-20T06:24:00.001-08:00

Historically, marriage was the surest route to financial security for women. Nowadays it's men who are increasingly getting the biggest economic boost from tying the knot, according to a new analysis of census data.

The changes, summarized in a Pew Research Center report being released Tuesday, reflect the proliferation of working wives over the past 40 years — a period in which American women outpaced men in both education and earningsgrowth. A larger share of today's men, compared with their 1970 counterparts, are married to women whose education and income exceed their own, and a larger share of women are married to men with less education and income.

"From an economic perspective, these trends have contributed to a gender role reversal in the gains from marriage," wrote the report's authors, Richard Fry and D'Vera Cohn.

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Wyclef’s Charity Under Questioning

2010-01-16T08:53:00.001-08:00

Haiti's musician Wyclef Jean, left, arrives at the airport in Port-au-Prince on Wednesday, Jan. 13, 2010, the day after a 7.0-magnitude earthquake hit his country. (AP Photo/Lynne Sladky)

(AP)

Groups that vet charities are raising doubts about the organization backed by Haitian-born rapper Wyclef Jean, questioning its accounting practices and ability to function in earthquake-hit Haiti.

Even as more than $2 million poured into The Wyclef Jean Foundation Inc. via text message after just two days, experts questioned how much of the money would help those in need.

"It's questionable. There's no way to get around that," said Art Taylor, president and chief executive of the Better Business Bureau's Wise Giving Alliance, based in Arlington, Va.

Taylor reviewed Internal Revenue Service tax returns for the organization also known as Yele Haiti Foundation from 2005 through 2007. He said the first red flag of poor accounting practices was that three years of returns were filed on the same day — Aug. 10 of last year.

In 2007, the foundation's spending exceeded its revenues by $411,000. It brought in just $79,000 that year.

click to read.

Can you Choose to be Happy?

2010-01-12T19:26:00.000-08:00

The following is an excerpt from the book, “The Millionaire Mentor” by Dr. Towanna Freeman

Happiness is a Choice You Make

If you are not a happy person that is a choice you are making. You have full control over your life and the decisions that you make. There are many factors which people measure happiness. Some people think money is happiness however they may absolutely miserable with what they do on a daily basis to make their money.

You might look at people who have absolutely everything and you strive to be like them. These things may be wealth, possessions, status, or even the position you hold at work. These things don’t create happiness. Happiness is a choice.

There are many people who have wealth and a high status who are completely miserable. They may be lonely, divorced and more. Happiness comes from within. These people may be working jobs they absolutely hate but just have a knack for making money.

Happiness is Subjective

There are things in life that can make you happy that are subjective. They are subjective because happiness comes differently for everyone.

You might find joy and happiness seeking thrills through rides like roller coasters and bungee jumping. This thrill may be more than torture for someone with a fear of heights who would never step foot on a roller coaster or ever be brave enough to jump from a bridge suspended by a bungee cord.

Everyone seeks happiness in their own way. What makes you happy is a natural high that you deserve to seek. There is nothing wrong with the things that you find joy in. You may be told you are crazy but that is because of the subjectivity.

Jobs Come and then Go

2010-01-09T09:34:00.001-08:00

By Chris Isidore, senior writerJanuary 8, 2010: 11:31 AM ET

NEW YORK (CNNMoney.com) -- Employers once again slashed a substantial number jobs off their payrolls in December, according to adisappointing report from the government Friday. But there was a small glimmer of hope as well.

The payroll number for November was revised to a net gain of 4,000 jobs. That's the first increase in jobs in nearly two years. The government had previously indicated that 11,000 jobs were lost in November.

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Why Black Women Are Not Getting Married

2010-01-08T20:04:00.001-08:00

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Dr. Boyce Watkins and S. Tia Brown discuss some of the reasons that Black women are deciding not to get married.

Why Black Women Are Not Getting Married

2010-01-08T13:50:00.001-08:00

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Dr. Boyce Watkins and S. Tia Brown discuss some of the reasons that Black women are deciding not to get married.

The Latest from Dr. Boyce Money – 12/21/09

2009-12-21T19:36:00.001-08:00

Dr. Boyce Money

How a Happy Meal Can Cost You Half a Million Dollars

Many of us don't spend much time thinking about retirement planning. We figure that it's something ...

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Sinbad: Comedian Files for Bankruptcy After Going Broke

It turns out that Sinbad is broke. The comedian declared bankruptcy on December 11th of this year, ...

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Man Gambles Away $127 Million Dollars - Dr. Boyce Money

Terrance Watanabe has a serious problem. The 52-year old man went into Harrah's casino, got drunk ...

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Gatorade Drops Tiger Woods Drink: Dr. Boyce Money

Gatorade has dropped Tiger Woods, well, at least they dropped his drink. The new Gatorade drink, ...

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Prosperity Gospel and the Black Church: Legitimate or Not?

Nearly every African American knows just how important the black church is to our community. We ...

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Inner City Schools: Funding Should be Equal Across the Board

The following is an excerpt from the book, "Black American Money." I saw some random "expert" on a ...

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Dr. Boyce Joins Urban League tonight at 8 pm – You’re invited

2009-12-10T07:02:00.001-08:00

Are you ready for some good financial love making?

Urban League Young Professionals of Philadelphia presents

Dr. Boyce Watkins

How are things in your financial bedroom? Have you and your partner merged assets successfully or are you dealing with financial infidelity? Are you suspicious of how the person you’re seeing manages money?

What if you could have a full-proof way to know whether you were financially compatible with someone? Or maybe you’re already married. What if you could improve your communication as it relates to finances?

Finances are the number one cause for divorce in America and in this recession just about everyone’s number 1 source for stress and anxiety. But it doesn't have to be!

Join the Urban League of Philadelphia Young Professionals on Thursday, December 10th at 8p.m. as we host Dr. Boyce Watkins for a FREE teleseminar entitled “Financial Love Making.” Dr. Boyce Watkins is a “financial activist” that appears regularly on CNN, MSNBC, and FOX News. He has a Ph.D in Finance and has been a finance professor for over a decade. He is author of “Financial Love Making: Merging Assets With Your Partner in Ways That Feel Good.”

In this Teleseminar Dr. Watkins will cover topics including:

Does size really matter? Meaning the size of your mate’s bank account
Getting financially naked with your partner
Dealing with financial infidelity
The art of financial foreplay
Finding a rhythm with your partner for good financial lovemaking

Dr. Watkins has received claim from a wide variety of individuals including scholar Dr. Cornel West, talk show host Wendy Williams, and civil rights activist Jesse Jackson.

The first 100 people to RSVP at www.createyoureconomy.eventbrite.com will receive free access to the Financial Love Making Newsletter (a $19.95 value).

Save yourself time, money, and heart ache by participating in this free teleseminar or your wallet and mate might regret it.

Thursday, December 10th at 8p.m. RSVP at www.createyoureconomy.eventbrite.com and we will send you the dial in information the morning of the call.

Brought to you by the Urban League Young Professionals of Philadelphia, Ascendant Strategy Group (www.ascendantstrategy.net) and UrbanPhilly.com a UCI Group company.

Tiger Woods Divorce might cost him a lot of Money

2009-12-03T20:44:00.001-08:00

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Tiger Woods and his financially costly divorce - what's he going to have to pay?

Why Are Black People Not Getting Married?

2009-11-29T19:35:00.001-08:00

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Are the men or the women to blame for the reason that black people are not getting married?

Dr. Boyce: How Does Prosperity Gospel Work Anyway?

2009-11-29T16:17:00.001-08:00

by Dr. Boyce Watkins, Syracuse University

Nearly every African American knows just how important the black church is to our community. We also know about "prosperity gospel," the act of preaching about God within the context of wealth building. I admit that this form of faith is a bit odd to me. I am a Finance Professor and I become confused when my pastor talks about money more than I do. The saddest truth is that it's hard to tell the difference between a pastor and a pimp: Most pastors aren't pimps, but any pimp could be a pastor. The same skill set is required in both professions.

My father is a preacher, but he almost never preaches about money. I've never heard him asking for money on the pulpit, or mentioning that giving money to him is one of the keys to gaining access to heaven. But I don't presume that my father is right about all things, and given that I write about money on a regular basis, I have gained an appreciation for what financial resources can do to enhance your life. Also, one must be aware of the pragmatic realities of running a church: You have the building fund, bills to pay every month and any community service initiatives that the church chooses to pursue. The proper use of money can certainly enhance your ability to do God's work.

Click to read.

Dr. Boyce Money: Saving on Funeral Costs

2009-11-20T08:42:00.001-08:00

by Dr. Boyce Watkins

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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How Your Family Can Manage the High Cost of Health Care

2009-11-06T17:14:00.001-08:00

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Get health care tips from Dr. Elaina George - how is your family going to afford it?

Mother, Wife and Businesswomen: How do you Balance?

2009-10-27T15:11:00.001-07:00

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In this episode of Financial Lovemaking, Dr. Boyce and Tia talk with Towanna Freeman, an author, speaker, wife and mother on how to balance love, life, and success.

Black Entrepreneurship: Towanna Freeman Talks about Being an Entrepreneur

2009-10-22T19:17:00.001-07:00

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."

Click to read.

Financial Implications of Love: Man Shoots Boy For Having Sex with His Daughter

2009-10-21T15:12:00.001-07:00

by Dr. Boyce Watkins, Syracuse University, AOL Black Voices

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

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

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Financial Lovemaking: Shooting Your Daughter's boyfriend

2009-10-21T10:52:00.001-07:00

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We all want to protect our kids, but does it make sense that Wade Edwards shot his daughter's boyfriend?

Your Health Insurance News – 10/14/09

2009-10-14T03:51:00.001-07:00

Health Insurance Companies causing pain for patients: Are insurance companies limiting the options available to your doctor? That may be the case. While our nation is quick to blame physicians for the state of healthcare, the insurance companies may be a more sensible target for our collective frustration.

What is umbrella insurance? - This type of policy protects you from all the things that your standard insurance plan doesn't cover. Everyone should consider getting umbrella insurance.
How do you keep your insurance if you lose your job? - If you don't know the answer to this question, you need to learn about the COBRA laws. COBRA allows you to keep your old health insurance if you lose your job, and as part of the stimulus package, the federal government pays 65% of the cost.

Click to read more.

Financial News: Insurance Costs Overwhelming Many Americans

2009-10-11T08:26:00.001-07:00

"The high cost of each premium and the high deductible a person or family must pay per year is my biggest complaint against health insurers."

"For example, I pay around $300 a month for my wife and me for basic coverage, and pay a deductible of $750 each every year, not to mention a co-pay of $15 to $20 at the window."

"My yearly income is around $32,000 a year. Very little is left for goodies. Meanwhile, a doctor takes in $80 to $120 a visit that lasts 15 to 20 minutes. Imagine how much he makes a day, a week, a month, a year. Plenty of goodies here."

Click to read.

Visit Your Black World for Black News!

Consumer Bankruptcies Soar During September

2009-10-02T14:05:00.001-07:00

Consumer bankruptcies soared 41% from the previous September and climbed from August, as high unemployment and the housing market crash took their toll, the American Bankruptcy Institute said Friday.

September filings totaled 124,790, the fourth-highest month since the bankruptcy law changed in 2005.

Filings also rose 4% from August, even as recent reports indicated the housing market might be stabilizing and consumer confidence appears to be recovering.

September's filings pushed 2009 consumer bankruptcies to 1.05 million, the highest for the first nine months of a year since 1.35 million in 2005.

The American Bankruptcy Institute said it expects consumer bankruptcies to climb to more than 1.4 million this year.

The U.S. unemployment rate rose to a 26-year high in September at 9.8%, according to government statistics released on Friday.

Click to read.

Ever Thought Hard about Property Insurance? Well, you need to think again

2009-09-24T10:20:00.001-07:00

Your Black World

Most of us know very little about the ins and outs of property insurance. Christopher Chestnut is not in that category. As a prominent attorney out of Florida, Mr. Chestnut has taken on multi-million dollar cases and handled some of the most complex lawsuits imaginable. As one of the leading young black attorneys in America, Chestnut has been recognized by President Obama for his outstanding accomplishments.

I spoke to Chris this week about Property Insurance and what it can do to make your life a little simpler. Here is what he had to say:

1) If you rent, make sure you have renter's insurance. Also, make sure your landlord has homeowner's insurance, since renter's insurance only includes the contents that are INSIDE the house

2) Check your landlord's insurance regarding injuries on your rented property. Most people are unaware of the fact that the homeowner is liable in the event that someone is injured on their property. Even if the children across the street climb the fence to get into your yard, you are liable if one of them gets hurt. Find out how your landlord's homeowner's insurance would cover you if someone has an accident.

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

2009-09-16T19:09:00.001-07:00

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.

September 17, 2009 Posted by Staff | african american health, black healthcare | healthcare reform | No Comments Yet

The Link Between Sex and Money

2009-09-03T10:12:00.003-07:00

by Dr. Boyce Watkins, Syracuse University

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.

Click to read.

Black Financial Expert Boyce Watkins on Marriage and Money

2009-02-04T09:41:00.001-08:00

Money Expert Boyce Watkins Tips For Consumer Confidence

2008-11-26T20:33:00.000-08:00

Dr. Boyce Watkins
www.Boycewatkins.com

If you wish to see a video explaining consumer confidence, which is one of the driving issues behind the recent moves in the stock market, please click here.

This has been an interesting week, with auto execs showing up on private jets to request a bailout from the government and the Dow moving to below 8,000 points for the first time in 5 years. I still hold to the fact that this is a great time to get into the stock market if one has never done so before, especially if you are under the age of 50. By the way - please visit our sponsor, GreatBlackSpeakers.com if you are interested in hiring a top notch African American speaker or seeking to become one.

Take care!
Boyce Watkins
http://www.blogger.com/www.boycewatkins.com
Click here to join our money advice list.

=====================================================================================
If you listen carefully to the words of Treasury Secretary Henry “Hank” Paulson and Ben “Big Ben” Bernanke (chairman of the Federal Reserve) you might notice a trend in their language. The word “confidence” is used a lot when they speak. Many of their monetary proposals are not necessarily valuable for their financial power, but also for their psychological power.

Some of you may wonder what confidence has to do with anything. After all, if you’re broke, confidence doesn’t exactly put money in your pocket. If you’re 100 pounds overweight, confidence won’t help you win the Olympic 100 meter dash. When you are flying on a crashing plane, confidence doesn’t keep the plane from slamming into the ground. But confidence is important to an economy, and one of the most significant drivers of economic growth. In fact, over confidence has driven US economic growth for the past 10 years. Here are some reasons that confidence matters in the minds of Hank and Big Ben:

1) Confident consumers spend money

If you think you might lose your job next year, are you going to max out your credit cards? I certainly hope not. If you are worried about being able to make ends meet, are you going to buy that big screen TV? Not unless you want your wife to leave you. So, even if it doesn’t hold any truth, the mere forecast of a weak economy is enough to make many Americans hold off on consumer spending, one of the great driving forces of the American financial system.

2) Confident companies invest money and hire workers

Investments involve risk. Your hunch may work out, and it may not. If you don’t believe the economy is getting better, you are not going to consider taking that risk. No one plans to go to the beach if the weather man says that it’s going to rain. When economic rain is in the forecast, companies pull out their umbrellas and hold off on new projects. This reduces the number of jobs in the economy, because nearly every job created in America is the result of someone making an investment.

3) Confident Americans do not take their money out of banks

In case you didn’t know, your bank does not have your money. Your money is part of a large base of financial capital that is loaned out to individuals and consumers seeking to get a good return on their investment. So, without investing, your bank would have no interest in paying you any interest at all. So if, say, 30% of all customers of the same bank decide to get their money out at the same time, the bank would have serious financial problems. It is a lack of confidence that could cause customers to “run” on their bank and take out their money.

4) Confident investors keep their money in the stock market

The stock market is a place where fortunes are made and lost. Some part of that fortune is psychological, given that no asset can have a value which exceeds that which someone is willing to pay for it. When investors lose confidence, they take their money out of the stock market, and reductions in demand for stocks lead to massive paper losses in the market. Additionally, most Americans are “momentum traders”, meaning that when the market goes up, they tend to buy more, and when it goes down, they tend to sell. History shows that it is actually the opposite approach that tends to work best.

5) Confident banks make loans

Banks have to keep a certain portion of their funds on hand at all times to meet federal requirements. If they are fearful that their customers might come and demand their cash, they hold onto their capital to ensure that it is available. If they are afraid that their borrowing customers will not be able to repay loans due to a weak economy, they also hold back on issuing new loans. The truth is that when economic forecasts are grim, conservative bankers become even more fearful than the rest of us.

The bottom line of this article is that confidence matters. So, the next time you hear Ben Bernanke give a speech, you can be confident that he is going to use language that makes you feel more secure. Whether you choose to believe those words is up to you.

Dr. Boyce Watkins is a Finance Professor at Syracuse University. He does regular commentary in national media, including CNN, BET, ESPN and CBS. For more information, please visit http://www.blogger.com/www.boycewatkins.com. To join our money list, please click here.

Finance Professor Boyce Watkins Talks About How To Obtain Consumer Confidence

2008-11-20T20:37:00.000-08:00

Does The Government Deserve Our Trust - Boyce Watkins

2008-11-19T21:05:00.000-08:00

Confidence: Boyce Watkins Tells Why the Government Wants You To Have It!

2008-11-18T22:45:00.000-08:00

by Dr. Boyce Watkins
http://www.boycewatkins.com/

If you listen carefully to the words of Treasury Secretary Henry “Hank” Paulson and Ben “Big Ben” Bernanke (chairman of the Federal Reserve) you might notice a trend in their language. The word “confidence” is used a lot when they speak. Many of their monetary proposals are not necessarily valuable for their financial power, but also for their psychological power.

Some of you may wonder what confidence has to do with anything. After all, if you’re broke, confidence doesn’t exactly put money in your pocket. If you’re 100 pounds overweight, confidence won’t help you win the Olympic 100 meter dash. When you are flying on a crashing plane, confidence doesn’t keep the plane from slamming into the ground. But confidence is important to an economy, and one of the most significant drivers of economic growth. In fact, over confidence has driven US economic growth for the past 10 years. Here are some reasons that confidence matters in the minds of Hank and Big Ben:

1) Confident consumers spend money
If you think you might lose your job next year, are you going to max out your credit cards? I certainly hope not. If you are worried about being able to make ends meet, are you going to buy that big screen TV? Not unless you want your wife to leave you. So, even if it doesn’t hold any truth, the mere forecast of a weak economy is enough to make many Americans hold off on consumer spending, one of the great driving forces of the American financial system.

2) Confident companies invest money and hire workers
Investments involve risk. Your hunch may work out, and it may not. If you don’t believe the economy is getting better, you are not going to consider taking that risk. No one plans to go to the beach if the weather man says that it’s going to rain. When economic rain is in the forecast, companies pull out their umbrellas and hold off on new projects. This reduces the number of jobs in the economy, because nearly every job created in America is the result of someone making an investment.

3) Confident Americans do not take their money out of banks
In case you didn’t know, your bank does not have your money. Your money is part of a large base of financial capital that is loaned out to individuals and consumers seeking to get a good return on their investment. So, without investing, your bank would have no interest in paying you any interest at all. So if, say, 30% of all customers of the same bank decide to get their money out at the same time, the bank would have serious financial problems. It is a lack of confidence that could cause customers to “run” on their bank and take out their money.

4) Confident investors keep their money in the stock market
The stock market is a place where fortunes are made and lost. Some part of that fortune is psychological, given that no asset can have a value which exceeds that which someone is willing to pay for it. When investors lose confidence, they take their money out of the stock market, and reductions in demand for stocks lead to massive paper losses in the market. Additionally, most Americans are “momentum traders”, meaning that when the market goes up, they tend to buy more, and when it goes down, they tend to sell. History shows that it is actually the opposite approach that tends to work best.

5) Confident banks make loans
Banks have to keep a certain portion of their funds on hand at all times to meet federal requirements. If they are fearful that their customers might come and demand their cash, they hold onto their capital to ensure that it is available. If they are afraid that their borrowing customers will not be able to repay loans due to a weak economy, they also hold back on issuing new loans. The truth is that when economic forecasts are grim, conservative bankers become even more fearful than the rest of us.

The bottom line of this article is that confidence matters. So, the next time you hear Ben Bernanke give a speech, you can be confident that he is going to use language that makes you feel more secure. Whether you choose to believe those words is up to you.

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”. For more information, please visit http://boycewatikns.com/

Understanding The Stock Market - Boyce Watkins

2008-11-18T20:31:00.000-08:00