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

• 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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Wyclef’s Charity Under Questioning

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.

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Jobs Come and then Go

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

 

 

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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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Dr. Boyce: How Does Prosperity Gospel Work Anyway?

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.

 

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

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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Your Health Insurance News – 10/14/09

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.

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Financial News: Insurance Costs Overwhelming Many Americans

"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."

 

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Visit Your Black World for Black News!

Consumer Bankruptcies Soar During September

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.

 

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

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

from The Huffington Post

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

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

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

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

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

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