BV on Money http://www.bvonmoney.com BV on Money http://www.bvonmoney.com/media/feedlogo.gif BV on Money http://www.bvonmoney.com en-us Copyright 2010 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Black Scholar Julianne Malveaux Speaks Up for Detroit Sufferinghttp://www.bvonmoney.com/2010/09/02/black-scholar-julianne-malveaux-speaks-up-for-detroit-suffering/http://www.bvonmoney.com/2010/09/02/black-scholar-julianne-malveaux-speaks-up-for-detroit-suffering/http://www.bvonmoney.com/2010/09/02/black-scholar-julianne-malveaux-speaks-up-for-detroit-suffering/#commentsFiled under: ,

This week, Bennett College President and prominent black scholar Dr. Julianne Malveaux wrote a strongly-worded article about the economic suffering taking place in the city of Detroit. In the article, Malveaux describes Detroit as Ground Zero for the black economic experience over the past two years.

"Only one in four young black men graduates from high school in Detroit. The rest are lost and left out, swallowed by a city where urban blight, industrial desertion, and educational failure define daily life. Detroit is ground zero, exemplifying the absolute worst of urban life."

Dr. Malveaux goes on to highlight the problems that are caused in our communities by decaying schools and poor investment in urban infrastructure. She mentions that President Obama was quick to support the automakers in Detroit, yet there are quite a few urban citizens of the city who have yet to feel relief.

"Government has intervened for Detroit, bailing out General Motors (now Government Motors) to the tune of billions of dollars. The bailout has yet to trickle down. Instead, we have seen schools closed, hours curtailed, and a man who is more bureaucrat than educator placed in charge of that city's educational system."

Dr. Malveaux makes excellent points in her article, in which she highlights the connection between education, economics and politics. Detroit represents the recession on steroids: whatever the rest of America is going through, Detroit citizens are experiencing it at a level that most of us can only imagine. I find it interesting that the White House has incredibly sympathy for the suffering of middle class families, but doesn't magnify that sympathy for those in Detroit and other decaying urban centers across America like Gary, Milwaukee and Cleveland. This is not to say that the president doesn't care about what's happening there, but we must keep relative suffering in perspective. While most of us are alarmed over 9.5 percent unemployment, Detroit is a place where only 16.5 percent of its citizens are without jobs.

Many prominent black scholars have recommended that the Obama Administration pursue policies designed to target the stimulus package toward communities that have been hardest hit by the recession. Thus far, existing plans to boost the economy have passed over black and urban areas. I also get the feeling that long after the recession is over, we'll still have unemployment rates exceeding that which have most Americans screaming in pain right now. The American recession is really the Great Black Depression.


Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action Resident of the Institute for Black Public Policy. To have Dr. Boyce commentary delivered to your email, please click here.

 

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]]>african american scholarsblack scholarsBlackScholarsjulianne malveauxBoyce Watkins, PhD2010-09-02T19:04:00+00:00Tiger Woods Buys New York Pad & Takes Out $54 Million Mortgagehttp://www.bvonmoney.com/2010/09/02/tiger-woods-buys-new-york-apartment-54-million-mortgage/http://www.bvonmoney.com/2010/09/02/tiger-woods-buys-new-york-apartment-54-million-mortgage/http://www.bvonmoney.com/2010/09/02/tiger-woods-buys-new-york-apartment-54-million-mortgage/#commentsFiled under: , ,

Tiger Woods has had quite a week when it comes to real estate. The richest athlete in the world seems to have celebrated his divorce by buying a bachelor pad apartment in New York City a week after his divorce was finalized. Woods' new apartment is located in the downtown area of Manhattan, an area known for hip clubs populated with "the beautiful people." It is certain that he will fit right in, as Tiger has become famous for loving the hard-partying lifestyle -- and pretty women even more. Plenty of both in the Soho area near his alleged Tribeca home.

Purchasing a posh apartment in Manhattan is a business transaction requiring millions of dollars, and Tiger Woods has the cash on hand to acquire such digs at will. Or does he?

Woods also took out a mortgage recently on a home that he is building in Florida -- a mortgage to the tune of $54.5 million. TMZ reports:

Tiger Woods recently took out a $54.5 million mortgage for the mega-mansion he's building on Florida's exclusive Jupiter Island.

TMZ has obtained legal documents filed in Martin County on August 27 -- four days after Tiger finalized his divorce from Elin Nordegren -- in which he lists himself as a "single man" ... possibly for the first time since his marriage ended.

Tiger also agrees to pay back the gargantuan loan by January 15, 2016. So, it seems there's one group of people counting on Tiger to make a comeback -- his lenders.

According to the docs, Tiger's property spans across three parcels of land ... and as we've previously reported, the estate will include a tennis court, oxygen therapy room, multiple pools and a state-of-the-art fitness center.


In plain language, a mortgage is a loan. It seems strange that Woods, as the first athlete to be worth $1 billion with an estimated $600 million in cash on hand, would need to take out a mortgage. Could it be that Tiger Woods is not as liquid in terms of his cash flow as we think? Or that Elin won a lot more than the $100 million in her divorce settlement that is being speculated? It is hard to imagine why Tiger Woods would put his dream home in jeopardy by taking out a loan against the Florida property -- unless he is strapped for cash. Or just plain dumb with his funds.

Let's just hope that losing Elin doesn't lead to Tiger Woods losing all his sense. It does seem that having Elin in his life provided Tiger Woods with some sense of grounding, even though he used that emotional security to make many risky romantic moves. With Elin out of his life, Tiger is now taking big risks with his money. As the life of Michael Jackson demonstrates, you can be worth a lot of money without having a lot of cash -- and you can have a lot of cash and still spend it all. No person on this earth has an unlimited amount of funds, and even billionaires need to budget.

From buying a Manhattan apartment on a whim, to taking out a $54 million loan within the same week, it appears that Woods may be making money moves that could lead to a bad end.

Tiger Woods should take real estate buying advice from Tyler Perry and purchase his mega mansions on the cheap.

More on Black Voices

+Tiger Woods Finishes Strong at Barclay's Tournament

 

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]]>apartmentdivorceelinestatefloridajupiter islandJupiterIslandmanhattanmortgagetiger woodsTigerWoodsAlexis Stodghill2010-09-02T17:24:00+00:00'Dancing With the Stars': How Much Money Will African American Celebrities Make?http://www.bvonmoney.com/2010/09/02/dancing-with-the-stars-how-much-money-will-stars-make/http://www.bvonmoney.com/2010/09/02/dancing-with-the-stars-how-much-money-will-stars-make/http://www.bvonmoney.com/2010/09/02/dancing-with-the-stars-how-much-money-will-stars-make/#commentsFiled under:

'Dancing With the Stars' is an incredibly popular television show, and some would argue that just being on the show is worth it to the celebrities that appear on the program. From Lil' Kim to Maya, 'Dancing With the Stars' definitely helps the careers of African American celebs whose star is perhaps a bit tarnished, and who are trying to recover from a decline. But these black celebrities do not appear on 'Dancing With the Stars' for free. Even C-list stars have their price. So how much to Brandy, Rick Fox and Kyle Massey (from Disney sitcom 'That's So Raven') stand to make on 'Dancing With the Stars' this season? To our surprise, it all depends on how long each celebrity is able to last on the show. Gawker.com reports:

It's all based on a sliding scale depending on how well the contestants do. Everyone gets $125,000 for signing up and being on the first two episodes (even the person who gets eliminated first gets that amount as a bit of a consolation prize). Then it's $10,000 each for the next two episodes, $20,000 for each of the two episodes after that, $30,000 each for the two subsequent episodes, and $50,000 for appearing in the final two episodes of the season. That totals $345,000 for those who make it to the very end. Based on this reality TV pyramid scheme, the winner gets nothing more than the other finalists-besides that tacky trophy, of course.


Now, $345,000 may sound like chump change to the writers at Gawker.com, but for an African American star that has spent some time away from the public eye, that's not bad for a few weeks of work. The question is: how many of the black stars will make it to that level?

Previous black celebrities competing on 'Dancing With the Stars' have made it very far, and there has even been one black winner, NFL great Emmitt Smith, back in 2006. At the same time, there has been a lot of controversy over black stars on 'Dancing With the Stars' getting "robbed" -- that is, deserving a lot more points and recognition than the judges and voters have given them. Many believed that there is no way that Maya should not have taken home "that tacky trophy" last season. And many think Lil' Kim was eliminated way too early, which certainly impacted her earnings according to the 'Dancing With the Stars' payment scheme.

Why do black celebrities have such a hard time making it to the end, and therefore making the most moolah, on 'Dancing With the Stars'? And given their African American "handicap" is this payment scenario fair to black contestants, who are often the most entertaining performers?

Of course, nothing is fair in reality TV, especially on shows that incorporate a viewer voting component. Let's just hope that the best dancer wins, regardless of color -- and that the black stars are equally and fairly considered.

More on Black Voices

+Brandy, Rick Fox & Kyle Massey Competing on New Season of 'Dancing With the Stars'

 

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]]>Brandydancing with the starsDancingWithTheStarsKyle MasseyKyleMasseyRick FoxRickFoxAlexis Stodghill2010-09-02T16:01:00+00:00Can BET Help NASCAR's Image with African Americans?http://www.bvonmoney.com/2010/09/02/bet-nascar-changing-lanes-racing-new-show-african-americans/http://www.bvonmoney.com/2010/09/02/bet-nascar-changing-lanes-racing-new-show-african-americans/http://www.bvonmoney.com/2010/09/02/bet-nascar-changing-lanes-racing-new-show-african-americans/#commentsFiled under: ,

What do you get when you show lots of fast, souped-up cars on a television network best known for airing rap videos, gospel music and urban-oriented programming? Hopefully, a lot of black TV viewers -- and some goodwill about the sport of auto racing too.

At least that's what NASCAR is betting on. NASCAR is teaming up with Black Entertainment Television (BET) by airing a reality show on BET called 'Changing Lanes' in which people complete for the chance to become a NASCAR driver. On the surface, this is clearly a bid to attract African American viewers. Let's face it: professional car racing has the perception (rightly or wrongly) of being a sport that mainly appeals to white Southerners. So perhaps it's no surprise that NASCAR hopes to bring more African American fans to the sport by partnering with BET.

But I suspect NASCAR is also eager to do some reputation building - or repairing, as the case may be - within the African American community. For at least a decade, NASCAR has sought to diversify its ranks and reach out to black spectators and racers alike. They've had the Drive for Diversity program running for seven years straight in an effort to add minority professionals to the sport. They've sponsored multicultural events. They've even highlighted black racing enthusiasts, like ex football great Randy Moss, a former All-Pro wide receiver for the New England Patriots who now has a 50% stake in Morgan-Dollar Motorsports, a team that competes at NASCAR.


So NASCAR should be given credit for its multicultural initiatives. Despite those efforts, however, NASCAR remains plagued by problems on the diversity front. In the last year alone, NASCAR came under fire:

- From the NAACP, who threatened a boycott regarding a Confederate flag issue,

- From racing fans and experts, who said NASCAR's Hall of Fame snubbed a black racing legend,

- And from the media, who implied that NASCAR was too quick to sweep racial incidents under the rug.
So even though untold millions of dollars are at stake, this latest move to broadcast 'Changing Lanes' -- which highlights the Drive for Diversity program -- is as much a public relations strategy as it is a financial strategy. In fact, NASCAR's decision to join forces with BET comes amid a broader shakeup in the communications and marketing divisions at NASCAR. No doubt, those changes have been spurred by recent widespread reports that the sport is suffering from a decline in attendance, sponsorship and TV ratings. Maybe increased African American viewership can help turn some of those things around.

Some auto-focused shows like 'Pimp My Ride' have proven very popular with African American audiences. ('Pimp My Ride,' by the way, launched on MTV, a unit of Viacom. Viacom also owns BET).

But what's your take on NASCAR promoting itself to the African American community? Would you watch NASCAR-related programming on BET? And does the sport of auto racing excite you at all?

More on Black Voices
+BET Awards 2010 Red-Carpet Rundown: Video Exclusive

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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'

 

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]]>african american moneyafrican american newsAfricanAmericanMoneyAfricanAmericanNewsautoracingBETChanging LanesChangingLanesNASCARViacomLynnette Khalfani-Cox2010-09-02T15:02:00+00:00Career & Employment Websites: Top Career Information For More Than Just Your Job Searchhttp://www.bvonmoney.com/2010/09/01/career-employment-websites-information-job/http://www.bvonmoney.com/2010/09/01/career-employment-websites-information-job/http://www.bvonmoney.com/2010/09/01/career-employment-websites-information-job/#comments It seems like job hunting is a job all by itself these days. But what if you are looking for information to help you advance in your career s well? Job Websites may offer employment opportunities, but don't ignore the articles and career information that job sites offer as well. From learning the qualities of a great resume to interview tips, there is much that a job seeker can learn from employment websites. But job seekers are not the only ones that can stand to catch a lesson from job sites. Even the employed can benefit from articles that discuss asking one's boss for a raise or what to do when confronting office gossip. Take a look at the employment websites below. Not only do they have job postings, but they offer career information and business advice as well.

CareerBuilder: As one of the largest career information websites, the sheer size of the site can serve as a deterrent to an eager job hunter. But don't let its size scare you. This site is full of career advice, interview skills tutorials and even tips on dealing with stress on the job. Let it serve as a resource to help you find that job and grow your career.

Idealist.org: This site provides unique career information about nonprofit and government positions; however, Idealist also posts information about other career paths as well. In particular, you can learn about skill sets that transfer very well across different industries like IT, accounting or marketing abilities. Idealist also provides information for those looking for opportunities to volunteer stateside or abroad. Twitter: @Idealist


Forbes Woman: A jobs site for the upwardly mobile, career-driven woman. I certainly can appreciate the "Style" area on the site as it provides fashion advice for professional women. From some of the faux pas that I have seen over the years, I believe that this site should be visited by many women struggling to build a positive career image. Not only is career fashion advice available, but the site also gives information about life-work balance and maintaining a healthy state of well-being from a woman's point of view. Twitter: @ForbesWoman

Business Insider: If your skill set is in technology or finance, then the jobs area on this site for you. Niche industry sites are a great way to find job postings that are tailored to your skills. This applies to any industry, so it pays to seek out sites that cater to your skill set and seek out community interaction on those sites, even if the site is not specifically about careers. Plus, online networking on a site tailored to your career path is a great way to set up business relationships you may need in the future, which could lead to better jobs and career opportunities.

Remember: the Internet is not a magic tool that can suddenly hand you the job of your dreams. Finding that ideal job will take a lot of work on your part -- networking with your contacts, tracking down job leads, researching companies and composing excellent resumes and cover letters. Part of your job search can be implemented online, but you still need to include traditional methods in your job hunting efforts. If you are not looking for a job, these sites will offer you information and advice to help you build your career and make your future job opportunities even better.

Best of luck with your job search -- or with your efforts at career improvement.

 

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]]>career information websitescareer searchCareerInformationWebsitescareersCareerSearchemployment websitesEmploymentWebsitesjob searchjob websitesJobSearchJobWebsitesAllison Monyei2010-09-01T11:41:00+00:00Each One Teach One About Money: How Americans Talk About Moneyhttp://www.bvonmoney.com/2010/08/30/money-study-savings-teaching-children-personal-finance/http://www.bvonmoney.com/2010/08/30/money-study-savings-teaching-children-personal-finance/http://www.bvonmoney.com/2010/08/30/money-study-savings-teaching-children-personal-finance/#commentsFiled under: , ,

We've all heard the expression "each one, teach one." It's a call to action urging us to spread whatever knowledge we might have to someone else. That's what I do every day as a Money Coach. I teach people how to get financially fit.

But with unemployment at 9.5%, credit card debt and student loans in the trillions of dollars and foreclosures on the rise, there is perhaps no better time for every one of us -- professionals and lay persons alike -- to spread some financial know-how. All of which which explains why I was particularly interested in a just-released survey from Northwestern Mutual.

The survey -- "Financial Realities: Generational Advice" -- examines how Americans are talking to one another about money matters. And one of the interesting findings of this survey is that 75% of Americans feel a responsibility to pass along financial advice. Two of the survey's other findings:

1. Good Advice is Ageless
No matter what the age group, people are remarkably similar when it comes to doing the right things personally and financially. One topic explored in the survey was what advice each generation would pass along to the other generations. Interestingly, when older folks were asked what money management wisdom they would impart to the younger crowd (i.e. to 20-somethings), it was virtually identical to what the younger generations said Baby Boomers should have done differently: pay off debt quicker, save more money, get better prepared for retirement, take better care of one's health and spend more time with family.


2. Nobody Ever Regrets Saving
When asked about the single best financial decision they ever made, the answer was clear-cut across all age groups: "I started saving early." Therefore, if you're tempted to overspend or if you initially think you "can't afford" to save, think twice. People in Generation X, Generation Y, the Baby Boomer Generation and retirees age 65 and older all reported feeling good about having started saving early. If you do the same, you'll no doubt be happy about that decision too.

Given the state of the economy, I know it's tough to save. Just paying the bills might be difficult. But amid your struggles, don't forget this silver lining: The next time you're going through a financial hardship, you can turn it from a negative into a positive by passing along whatever lessons you learned to someone else. By sharing your experience, you just might help a family member or friend to avoid some of the pitfalls and troubles you've endured.

That's the heart of the message "each one, teach one." And that's especially good advice when it comes to teaching the next generation about finances.

Follow The Money Coach(R) on Twitter!

Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'

 

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]]>familyfinancesNorthwesternMutualpersonal financePersonalFinancesavingmoneyLynnette Khalfani-Cox2010-08-30T16:19:00+00:00Lisa Price: Valuable Advice From the Founder of Carol's Daughterhttp://www.bvonmoney.com/2010/08/30/lisa-price-carols-daughter-new-york-times/http://www.bvonmoney.com/2010/08/30/lisa-price-carols-daughter-new-york-times/http://www.bvonmoney.com/2010/08/30/lisa-price-carols-daughter-new-york-times/#commentsFiled under: ,


The New York Times recently featured an interview with Lisa Price, founder and president of Carol's Daughter, one of the fastest growing beauty products companies in the country. Since Price opened up her first store in Brooklyn in 1999, Carol's Daughter has been on a steady rise, with loyal customers that include stars such as Erykah Badu, Jada Pinkett Smith and Brad Pitt. In addition, Carol's Daughter has been featured on the 'Today' show, 'The View' and 'The Oprah Winfrey Show.'

During her New York Times interview, Price provides several valuable pieces of information about how she grew her business from a one-woman show into a multitiered company with numerous employees. Price details the lessons that she learned along the way, which could be of great help to anyone who is, or plans to be, in business for themselves.


One of the most important lessons shared by Price concerned her process of bringing in "outsiders" with more experience and expertise as Carol's Daughter grew. Relinquishing control can be a difficult thing to do for anyone who has built something from the ground up; however, Price dealt with things in very practical terms, realizing that her skills and expertise could be put to better use in other areas as she started delegating. She realized that although the faces may change at her company, the values and principles upon which Carol's Daughter were built would remain the same as long as she remained present. Regarding this change, Price told the New York Times:

So, I sit at the table, but not necessarily at the head of the table. I feel like I'm the person in the room who's maintaining everything. The players change, but the story stays the same. The way the company was founded stays the same. What I believe in stays the same.

So I need to be at the table to make sure that integrity stays, but I don't need to sit at the head of the table and drive the conversation, because I may not necessarily drive it to the place that makes it profitable and makes it relevant. So I'm going to listen, but I know that I can interject if they go off track.

Being willing to adapt and change for the betterment of the company is the ultimate lesson learned from Price's experience. She has shown a willingness to change everything to help Carol's Daughter grow, from the employees to her management style. The one thing that hasn't changed is her influence within the company, and the vision that she started Carol's Daughter with all those years ago.

The reality is that most entrepreneurial ventures fail. And even for those entrepreneurs who make it, some failure is experienced along the path to success. Learning from Price's growing pains could help the next entrepreneur in beating the odds and getting a slight edge on the competition. As an African American business owner in the hair and beauty space, Price is a deserving African American business leader receiving mainstream attention.

 

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]]>Beautyblack business ownersblack hairblack hair careblack hair productsBlackBusinessOwnersBlackHairBlackHairCareBlackHairProductsBusinesscarols daughterCarolsDaughterEntrepreneurlisa priceLisaPriceMoneynew york timesNewYorkTimesElliot Millner2010-08-30T16:04:00+00:00Fantasia's VH1 Special Reveals a Woman Destined for Dramahttp://www.bvonmoney.com/2010/08/30/fantasias-vh-1-special-reveals-a-woman-destined-for-drama/http://www.bvonmoney.com/2010/08/30/fantasias-vh-1-special-reveals-a-woman-destined-for-drama/http://www.bvonmoney.com/2010/08/30/fantasias-vh-1-special-reveals-a-woman-destined-for-drama/#commentsFiled under: , ,

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 Fantasia was all over the news telling her story. Her management team, understanding the value the incident could have for her brand, pushed out her VH1 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 before the suicide attempt, she'd seen a significant decline in the status 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 he's had over the last few months. 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.

The financial windfall from Fantasia's recent revelation is nothing compared to the financial drama of her life. Since she won the lottery ticket called "American Idol" just a few years ago, she has seen her life go from rags, to riches, back to rags again. She nearly lost her home earlier this year as part of a string of highly publicized financial problems. After the suicide attempt, she might be able to get back to riches, but to be quite honest, I suspect that the financial drama will come right back into her life.

The deal with poor Fantasia is that she is simply a female version of the saddest story of the African American male. In the black man's story, we often choose to pull ourselves away from education to chase a dream that involves either sports or entertainment. The pursuit of that dream is often accompanied by a set of very bad choices, like building a long list of baby's mamas (i.e. see New York Jets corner back Antonio Cromartie, who has eight kids with six women in five different states) or engaging in some kind of illegal activity. Either way, it always comes back to haunt us, no matter what.


In Fantasia's case, we have a person who admits that she neglected her educational opportunities (she dropped out of school at the age of 15) and then had a child at the age of 17. I am the last person to criticize teen mothers, since my mother had me when she was only 17. But I am the first person to criticize anyone who seems to glorify the aspiration of becoming a single mom with no daddy in sight. Fantasia's famous song about baby's mamas is appreciated as a tribute to struggling single mothers, but I cannot accept the song's influence on young women who are thinking about their future child-rearing decisions. To go out and get pregnant with the full expectation that your child doesn't need a responsible father is to bring your child into the world with an immediate list of liabilities. With a very small number of exceptions, no one should be a baby's mama on purpose.

With that said, Fantasia, like many black male athletes in America, turned her back on education so she could live off her dream of becoming a singer. Fortunately for her, she got the one in a million opportunity to win American Idol. But unfortunately, there are millions of other Fantasias who will never get that chance, being left with no education in a world that is going to eat them for lunch. Life would have been sad for her if she'd never been discovered.

What is also true for Fantasia is that fame and fortune can't protect you from deliberate academic self-neglect. By not being educated properly, Fantasia soon found herself the victim of every vulturous attorney, agent and manager within a 5,000 mile radius. She was milked like a healthy cow by those who understand the opportunity of dealing with a woman who focuses so much on singing a song that she doesn't spend any of her time reading through a contract. The same things have happened to numerous black entertainers and athletes, many of whom are so focused on singing, dancing, rapping, acting, blinging, balling, flossing and shining that they don't realize that their Harvard-educated attorneys are the ones who are actually making all the money. While NBA superstar Antoine Walker is now broke, I can almost guarantee you that his agents, attorneys and managers are doing just fine.

My point in this is not to dog Fantasia or say she's a bad person. My goal is to explain that by choosing to ignore education, we are volunteering to be victims. Fantasia's team has positioned her brand in such a way that she earns money by being portrayed as the victim, when the truth is that nearly any observer can look through her list of choices and predict all the outcomes we are seeing today. In fact, by making bad choices in the past and experiencing the consequences later, we are sometimes both the victim and the victimizer in our very own lives.

Fantasia wrote a book called 'Life is Not a Fairytale.' This is the lesson she is teaching with her life for all of those who think that the fairytale experience of entertainment success is going to get you to the economic mountain top. When it comes to your financial success, the only path to get there is through education. Getting educated is every bit as easy as working at McDonald's every day, shooting 300 jump shots in practice, or working on your vocals at church. Even if you win American Idol, get selected in the NBA draft, or sign a blockbuster contract with a music label, you'll find yourself at the bottom of America's capitalist food chain if you don't develop your mind.

Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action Resident of the Institute for Black Public Policy. To have Dr. Boyce commentary delivered to your email, please click here.

 

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]]>black celebritiesfantasiafantasia suicide attemptBoyce Watkins, PhD2010-08-30T03:13:00+00:00Meet Phil Ivey, the Top Poker Player in the Worldhttp://www.bvonmoney.com/2010/08/29/meet-phil-ivey-the-top-poker-player-in-the-world/http://www.bvonmoney.com/2010/08/29/meet-phil-ivey-the-top-poker-player-in-the-world/http://www.bvonmoney.com/2010/08/29/meet-phil-ivey-the-top-poker-player-in-the-world/#commentsFiled under: ,


If you're looking for Poker's version of Tiger Woods (last year's Tiger, of course), his name would be Phil Ivey. Ivey, a black man in a sport without many prominent black faces, has become the most dominant poker player on earth. He intimidates the field like Tiger (well, before the sex scandal). He has Tiger-like intensity in his eyes and even looks a little like Tiger.

Ivey has won eight World Series of Poker bracelets, which is only two less than the most ever won by any player. He tied the record for the most bracelets won during a one-year period, winning three of them in 2002. He is also the all-time leader in earnings from tournament poker. The fact that he is only 34-years-old makes his achievements that much more phenomenal.

Ivey learned to play poker at the age of three. Since he was a teenager, he's always wanted to be a professional poker player. At the age of 18, Phil Ivey started playing poker in Atlantic City with a fake ID. He then became a master at many variants of the game, which helped him to become the man many consider to be the most well-rounded poker player around.


Howard Lederer, one of the leading figures in the poker world, says that Phil Ivey has a chance to become the greatest poker player in history. Other opponents admire Ivey's intelligence. Nearly all of his opponents fear him.

Poker participation has grown dramatically since 2003, when Chris Moneymaker won the World Series of Poker after starting off by qualifying on the Internet. Since that time, millions of Americans have joined the poker revolution, using the Internet as their portal for communication. The Web has dramatically changed how players come to develop their expertise. Instead of spending hours traveling around the country to smoke-filled poker rooms, players can now become poker experts quickly by signing onto websites that host thousands of players at any given time, day or night. There's no longer any waiting to find a good tournament. You can simply log in and find a tournament that's been created by someone across the world whom you've never met.

In the face of finding new ways to create revenues, Congress is reconsidering its ban of online gambling. There are many who argue that poker is a game of skill rather than luck, and that it should have its own exemption. Many argue that banning online gambling only sent the companies and potential revenue overseas, thus creating an unregulated black market that has scammed a large number of Americans. The Treasury Department would regulate the industry, while the IRS would have the ability to tax it. Congress expects that changing the law would generate $42 billion in tax revenues over the next 10 years.

Whether poker becomes legal or not, Phil Ivey is set to dominate the "sport" for years. I was concerned to read that part of the reason Ivey plays so well is because he has "a complete disregard for money." This leads to him producing both massive gains and incredible losses to the tune of several million dollars. But thus far, he has become one of the leading faces of poker, and one of the few black poker faces you're sure to see on TV.

Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action resident of the Institute for Black Public Policy. To have Dr. Boyce's commentary delivered to your e-mail, please click here.

 

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]]>black poker playersphil iveyPhilIveypokerpoker tournamentpokerstarsPokerTournamentBoyce Watkins, PhD2010-08-29T17:27:00+00:00Stephon Marbury To Do Big Business in China With 'Starbury'?http://www.bvonmoney.com/2010/08/27/stephon-marbury-starbury-business-china/http://www.bvonmoney.com/2010/08/27/stephon-marbury-starbury-business-china/http://www.bvonmoney.com/2010/08/27/stephon-marbury-starbury-business-china/#commentsFiled under: , ,


Stephon Marbury has often been in the news for infamous antics. Could a series of business moves in China be yet another strange decision from a basketball star known for shocking activities? Sbnation.com reports:

If you thought Marbury was just playing in the basketball backwater that is the Chinese pro league because NBA clubs blackballed him following his bizarre breakdown last summer on UStream, think again. Marbury is over there to become a Global Icon (taking notes, LeBron?). Making moves. Hustling.

After all, as Marbury explained, over 350 million people in China play basketball, and China just recently surpassed Japan as the world's second-largest economy. You do the math. That's a lot of sneakers, as Starbury told the New York Post:

"The NBA has deals to build arenas in China. It just takes time. Owning and investing there, how can I go wrong business-wise?"...

After initially balking at re-signing with his Shanxi club unless they offered him $2 million, Marbury will return after the team promised to help get his nascent sneaker business off the ground in the Middle Kingdom.


In a rather innovative self-marketing move, Stephon Marbury is not looking to earn major endorsement dollars from a huge sporting goods company. He would rather make his Starbury line into a hot new billion dollar brand on his own. By parlaying his stardom in a gigantic nation like China in tandem with the development of his own stores, Marbury is truly poised to make billions.

China is definitely one of the most important countries in the world in terms of the future of global economic development. Stephon Marbury is smart to take a "first-to-market" approach with his Starbury line in one of the biggest markets in the world. Plus, the consumer base in China is growing exponentially compared to the slowing economic markets in the west. If Marbury wasn't famous for being incredibly unpredictable -- to say the least -- it would be easy to brand his business acumen as pure sports marketing genius. But, because of the severely disturbed nature of his past behavior, it's best not to make any snap judgements about Stephon Marbury's potential for business success in China.



Only time will tell whether Stephon Marbury's Starbury line will be a hit in China. But we wish him the best, and definitely commend Stephon for coming up with such an amazing idea. It takes crazy courage to turn a downward turn in one's career into a possibly lucrative comeback.

 

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]]>ChinashanxistarburyStephon MarburyStephonMarburyAlexis Stodghill2010-08-27T16:26:00+00:00U.S. Department of the Treasury Wants Your Advice on Financial Literacy & Financial Educationhttp://www.bvonmoney.com/2010/08/27/financial-literacy-treasury-department/http://www.bvonmoney.com/2010/08/27/financial-literacy-treasury-department/http://www.bvonmoney.com/2010/08/27/financial-literacy-treasury-department/#commentsFiled under: , , ,

Of all the lessons learned during the Great Recession, perhaps the biggest one is that Americans are woefully lacking in financial literacy. If that wasn't the case, there wouldn't have been so many millions of people in foreclosure, deep in debt, or living on the edge after a job loss because they had no savings.

Fortunately, we can all do something about this -- even if you feel like you need a money-management lesson yourself. The federal government wants your opinion about how to improve financial literacy in America. The Department of the Treasury, in its capacity as Chair of the Financial Literacy and Education Commission, has invited the public to comment on a proposed set of financial education basics known as "core competencies."

Specifically, the government wants your feedback on whether its list of Core Competencies is complete and whether there are portions that should be deleted, revised, or expanded. Here is the Federal Register Notice that explains the proposed Core Competencies and the public comment process in greater detail.


Please do make your voice heard on this matter. It's so easy to do and it will take just a few minutes. Even if you don't know what curriculum-type additions should be made, tell the government what personal finance information you wish you had learned before this economic downturn began.

You must submit your comments on or before September 12, 2010. You can email your comments to:

FLECstrategy@do.treas.gov

Alternatively, you can mail written comments to:

Department of the Treasury
Office of Financial Education and Financial Access
1500 Pennsylvania Avenue NW
Washington DC, 20220

I plan to email my own suggestions because after reviewing the list of Core Competencies, I saw sections about saving, spending, earning and borrowing money, but nothing there about investing or donating money. Those are two areas that should be added. Also, I believe the section on borrowing should be greatly expanded and broken down into specific categories, such as home loans, car loans, student loans, credit cards and so on.

Americans often complain that government doesn't listen or that our tax dollars go to things that we don't support. Well, who can argue with increased financial education and promoting financial literacy? This is a no-brainer on which we can all come together. If we do, hopefully we'll help avoid another financial meltdown like the one we're currently trying to escape.

Follow The Money Coach(R) on Twitter!

Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'

 

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]]>Department of the TreasuryDepartmentOfTheTreasuryeconomyfinancialeducationfinancialliteracyrecessiontreasury departmentTreasuryDepartmentLynnette Khalfani-Cox2010-08-27T15:45:00+00:00Baby Boomers and Retirees Turn to Their Children for Financial Helphttp://www.bvonmoney.com/2010/08/27/baby-boomers-retirees-children-help-social-security/http://www.bvonmoney.com/2010/08/27/baby-boomers-retirees-children-help-social-security/http://www.bvonmoney.com/2010/08/27/baby-boomers-retirees-children-help-social-security/#commentsFiled under: , , ,

Older Americans and Baby Boomers alike are having a lot more trouble making ends meet. And increasingly, when they run into economic difficulty, many middle-age people and retirees are turning to their adult children for help. Some of the country's elderly are living with their kids -- or grandkids. Others are getting cash from their offspring to help buy food, medicine and to meet their daily needs.

On the housing front, U.S. Census Bureau data show that 3.6 million parents were forced to move in with their adult children in 2007, a 67% increase from 2000. And since the Great Recession officially began in December 2007, it's a sure bet that those numbers have risen in the past three years.

Even individuals age 50 and older who aren't necessarily cash-strapped are turning to their children for something the kids have: good credit. According to LeaseTrader.com, a nationwide car leasing marketplace, there has been a 28.9% increase over the last two years in the number of middle-age parents asking their children to co-sign for them when getting an automobile lease.

LeaseTrader.com executives say the surge in parents using children as co-signers is most prevalent among individuals with shaky credit who have been through recent hardships, such as a layoff or a foreclosure.

"Each day people find a way to cope with the effects of the housing situation and recession that damaged their credit status," said Sergio Stiberman, CEO and founder of LeaseTrader.com. "People can afford to take over the lease payment but have issues qualifying for credit. Credit is still the most important aspect when getting a car lease, so many of these customers have been turning to their children for help."

All of this represents a switch from times past when children traditionally turned to their parents for monetary help. And to be sure, there are still a larger number of young adults -- mainly in their 20s and 30s -- who have gone back to Mom and Dad during these tough economic times.

But many retirees are living on a fixed income. Plus, millions of people age 65 and older get by only on Social Security. So the current state of affairs for America's middle-age and older population should be of concern to us all. After all, you never know when an aging relative might call you for a helping hand.

Has any of this already happened in your family? Have your parents, grandparents or other relatives had to rely on you for economic assistance? If so, how has that impacted your own finances and your family's relationships?

Follow The Money Coach(R) on Twitter!

Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'

 

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]]>BabyBoomersfamilyfinancesmoneymanagementretireesSocialSecurityLynnette Khalfani-Cox2010-08-27T15:18:00+00:00Black Farmers Face Financial Famine Waiting For USDA Settlement For Class Action Lawsuithttp://www.bvonmoney.com/2010/08/27/black-farmers-settlement-claim-class-action-lawsuit/http://www.bvonmoney.com/2010/08/27/black-farmers-settlement-claim-class-action-lawsuit/http://www.bvonmoney.com/2010/08/27/black-farmers-settlement-claim-class-action-lawsuit/#commentsFiled under:

African American farmers were awarded $1.25 billion following the settlement of a class action discrimination lawsuit against the U.S. Department of Agriculture in 1999. More than 70,000 claims have yet to be resolved in this case, and it is now 2010. As you can imagine, in the nearly ten year span that has elapsed between the awarding of the black farmers' settlement and the failure to administer to black farmers' claims, many of these farmers have died or gone bankrupt.

Government inaction is being blamed for the lack of payment of the black farmers' claims in the form of partisan politics. Approval for the funding needed for the black farmers' settlement has failed to pass more than a half dozen times in the Senate, in part because the funding has often been tied to other bills that are blocked as politicians play their reindeer games.

This federal "dragging of feet" ironically feeds the conventional wisdom that the government systemically discriminates against black farmers -- what the U.S.D.A. was sued for in the first place. The black farmers' settlement stems from a 1997 lawsuit against the U.S.D.A., Pigford vs.Glickman, which alleged that the agriculture department discriminated against black farmers between 1981 and 1996 when they applied for federal loans for farm ownership, equipment and operations, and then failed to investigate their complaints. The U.S. Department of Justice actually found the U.S.D.A. guilty. But somehow, the federal government still hasn't been able to "find" the money needed to pay the black farmers' claims.


However, White House Chief of Staff Rahm Emanuel has promised to award $1.5 billion in agricultural disaster relief for losses caused by last fall's heavy rains to affected farmers as part of new small business legislation. It's having no difficulty getting pushed through. It's baffling that past debts to farmers aren't being settled first before new promises are made to another group of farmers. Plus, there does not seem to be any question as to where Emanuel's disaster relief will come from.

Black farmers that have waited nearly a decade to be vindicated are still waiting, many losing their property and even their lives in the process, while other farmers are getting the assistance they need promptly. The founder and president of the National Black Farmers Association, John Boyd, told the Grio: "They call it politics, but I call it discrimination." The racism the black farmers faced is still being displayed by the government, and now it is costing these black farmers everything. Will the $50,000 a piece black farmers were awarded in 1999 even begin to cover their growing losses?

The courts put a $1.25 billion price tag on the U.S.D.A.'s previous acts of race-based negligence. That amount is no longer enough. The government will never be able to repay these black farmers for the subsequent, permanent losses of lives and livelihoods caused by this disgraceful administrative disaster.

 

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]]>black farmers claimsblack farmers class action lawsuitblack farmers lawsuitblack farmers settlementBlackFarmersClaimsBlackFarmersClassActionLawsuitBlackFarmersLawsuitBlackFarmersSettlementUSDAAllison Monyei2010-08-27T14:40:00+00:00Slumped Economy Creates More Problems for President Obamahttp://www.bvonmoney.com/2010/08/27/slumped-economy-creates-more-problems-for-president-obama/http://www.bvonmoney.com/2010/08/27/slumped-economy-creates-more-problems-for-president-obama/http://www.bvonmoney.com/2010/08/27/slumped-economy-creates-more-problems-for-president-obama/#commentsFiled under: , ,

One of the greatest indicators of a president's popularity is the state of the economy. When people have jobs and can feed their families, they love the person in charge. If not, they are looking for a scapegoat. Right now, President Obama has become the target of disdain for millions of Americans who are struggling to get what they need.

The state of the economy was the reason that Obama was elected, and it is also the reason he may not be re-elected. During the election when the economy crashed, Americans realized that it doesn't make sense to have a president (John McCain) who admitted that he knows nothing about the economy by supporting the tactics of Bush. So, Obama became their hero to lead them through dark times.


Like many of the first black college football coaches, Obama is being allowed to run the team that nobody wants. The economy is in it's worst shape in decades, and with every new bad piece of economic news, people are looking to pin it on the president. It doesn't help, however, that the president has economic advisors like Lawrence Summers from Harvard, who are simply unqualified for the job. Nobel Prize winner Paul Krugman would have been a far better choice.

According to the most recent Rasmussen Poll, only 27 percent of all voters strongly approve of the way President Obama is running the country. Another 44 percent of Americans strongly disapprove. Additionally, voters now trust Republicans more than Democrats on nearly every important issue for our country. This is bad news for Obama and bad news for his party.

Making matters worse for Obama is the recent adjustment in economic data, now claiming that the economy only grew by 1.6 percent last quarter. This is a modification from the previous estimate of 2.4 percent. Even the prior assessment of the economy earned Obama quite a bit of criticism, while the new data will surely make his critics that much bolder.

In some ways, President Obama is in the same shape as Tiger Woods. When Tiger is winning, America thinks he's Superman. When he's losing, he's just another unqualified black man. President Obama was the golden goose of the Democratic Party a little over a year ago, and now he's the goose that has political salmonella. While Obama won't publicly admit that racism plays a role in how people perceive him, I am sure he sees it every single day.

The only hope for the president is that the economy will recover at some point. When it does, Obama can position himself to take all the credit. One has to wonder, however, how the results of the mid-term elections are going to impact his ability to be effective when having to deal with so many Republicans who hate his guts. It's going to be a long two years for the president, so if you have his back, you might want to make sure you get out and vote.

Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action Resident of the Institute for Black Public Policy. To have Dr. Boyce commentary delivered to your email, please click here.

 

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]]>african american politicsafrican american scholarsbarack obamablack politicsblack scholarsBlackScholarseconomic stimulusEconomicStimuluseconomyPresident Barack Obamapresident obamaPresidentBarackObamaPresidentObamaBoyce Watkins, PhD2010-08-27T12:09:00+00:00St. Lucian Woman Runs Hotel Biz That Caters to African Americanshttp://www.bvonmoney.com/2010/08/26/bay-gardens-resorts-joyce-destang/http://www.bvonmoney.com/2010/08/26/bay-gardens-resorts-joyce-destang/http://www.bvonmoney.com/2010/08/26/bay-gardens-resorts-joyce-destang/#commentsFiled under: ,

Thinking of traveling to the Caribbean? Well, look no further than St. Lucia -- known for its scrumptious food, Nobel laureates and volcanic sulfur baths. It's also the place where 'The Bachelor' proposed over a red horizon.

Not only does St. Lucia boast of all these things and the majestic Piton mountains, but the island nation also houses a hotel chain that is black owned and wants to cater to African Americans.

Joyce Destang, of the Bay Gardens properties, owns three thriving hotels in St. Lucia -- Bay Gardens Beach Resort & Spa, Bay Gardens Hotel and Bay Gardens Inn. She and her two general managers, Berthia Parle and Waltrude Patrick, prove that women can run the show in a traditionally male- and foreign-run business.

"In St. Lucia, I think women are really doing a good job," says Destang. "I don't want the men to think that we want to take over; it's not that. I just feel that the women are more reliable. If they tell me they are going to get something done, trust me, they will."


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Bay Gardens Resorts

View from Bay Gardens Beach Resort & Spa oceanfront suite.

Bay Gardens Resorts

Bay Gardens Beach Resort & Spa pool, located directly on world-famous Reduit Beach.

Bay Gardens Resorts

Couples treatment room at La Mer Spa

Bay Gardens Resorts

Pedicure at La Mer Spa.

Bay Gardens Resorts

La Mer Spa beachside cabana massage

Bay Gardens Resorts

Beachfront wedding at Bay Gardens Beach Resort & Spa

Bay Gardens Resorts

Oceanfront balcony at Bay Gardens Beach Resort & Spa.

Bay Gardens Resorts

Mrs. Berthia Parle; General Manager, Bay Gardens Beach Resort & Spa

Bay Gardens Resorts

Pool at Bay Gardens Inn.

Bay Gardens Resorts

Bay Gardens Resorts



In a classic Caribbean tale, Destang went from civil servant to successful entrepreneur. At the age of 39, Destang, who taught secondary school for 15 years, wanted to take a year sabbatical (without pay) but was informed by the school that it could not promise to keep her position open. Destang decided to take an early retirement and figure it out.

"It was during this time that I started to look around," she explains. "I had no plans. During my second year without pay, I decided that I had better find something to make up for retirement. And I went into the fabric business. During that time, I also went into constructing houses and renting them out. And within a year or two, I had quite a few properties I had bought and sold."

Destang then expanded into the hotel business, but not without some resistance.

"My brother [a former hotelier] didn't want me to go into the hotel business because of the stressful nature of the industry," Destang recalls. "Before my mother died, she also discouraged me. But by then, I had already made up my mind. And I have had no regrets."

Tourism is one of St. Lucia's most lucrative industries, making up half of its gross domestic product. Although no official statistics exist, most of the resorts on the island are foreign owned. Parle, general manager of the Bay Gardens Beach Resort & Spa, says that the executive team there decided to target a niche market when they opened up the properties.

"Traditionally, hotels did not treat black people very well, which I heard from travel agents, as well as other people in the Caribbean," notes Parle, who happens to be one of Destang's former students. "We decided to target that niche. We started serving the foods and drinks [that African Americans and Caribbean people liked], and we killed them with love and kindness. We made them feel like it was home they were coming to."

"In no time, we built up nearly 80 percent of our business by targeting that niche," Parle continues. "So Bay Gardens built up this phenomenal reputation across the Caribbean as the place to be, but also we showed other islands what it is to run a small, locally owned hotel that provides all the amenities of a major hotel."

The newest of the three properties, Bay Gardens Beach Resort & Spa, boasts 72 spacious suites and first-class amenities, including a pool, water sports and the brand-new La Mer Spa. It is located in Rodney Bay, a sleepy harbor town with a lively strip of land that offers colorful nightlife with dance parties and bars where you'll hear everything from classic R&B to rousing karaoke.

The entire Destang family lives in the Rodney Bay area, and they meet weekly to pray together. Destang says it is her strong faith in God that keeps her from being weighted down by the demands of business and life.

Being a woman on a mission doesn't hurt either.

"In St. Lucia, although it's changing a little, it is thought that the man should always be leading the business. For instance, we have a business downtown, and when someone comes in and asks for the boss, he's asking for my husband," says Destang without the slightest bit of rancor. "Maybe they will talk to me, maybe they won't. Gradually it is changing, but as a woman, you have to work harder."

Jet Blue flies directly to St. Lucia a few times per week. For information on flights, go to http://www.jetblue.com.

To book a suite at the Bay Garden Resorts, click here http://www.baygardensbeachresort.com/.

For the Inn, go to Bay Gardens Hotel & Inn http://www.baygardensinn.com/ or http://www.baygardenshotel.com/.

 

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]]>St. LuciaSt.LuciaAngela Bronner Helm2010-08-26T16:07:00+00:00A Free Mortgage Advice Service That Helps You Avoid Sub-Prime Loans: Offer Angel Mortgage Helphttp://www.bvonmoney.com/2010/08/25/offer-angel-free-mortgage-advice-service-avoid-sub-prime-loans/http://www.bvonmoney.com/2010/08/25/offer-angel-free-mortgage-advice-service-avoid-sub-prime-loans/http://www.bvonmoney.com/2010/08/25/offer-angel-free-mortgage-advice-service-avoid-sub-prime-loans/#commentsFiled under: , , ,

If you're lucky enough to get approved for a mortgage, or even get a pre-approval for a home loan, how do you know if you're getting the best possible terms? One way to know a terrific deal from a so-so one, is to get an outside, professional opinion of your mortgage offer. Fortunately, this is now possible with the emergence of a handful of companies that will review your loan offer and give you feedback on it. They'll even tell you if the loan is suitable for you, based on certain criteria you've set.

One firm that provides home loan evaluations is Offer Angel, an online mortgage advice site launched in May 2007. "We are completely consumer driven," Meghan Burns, co-founder of OfferAngel.com told me when I interviewed her for my book Your First Home. "We're most concerned about educating the public and making sure they understand not just the rates and terms associated with their mortgages, but also the suitability of the loans they have."

According to Burns, during the housing boom, far more people were stuck with sub-prime, predatory loans than was necessary. This was especially true for minorities and women, according to data from the Federal Reserve. "When you say 'sub-prime loans,' people immediately think those loans are going to uneducated or low-income people, but that's just wrong," Burns says. "There are doctors and lawyers making tons of money that have sub-prime credit." She adds that predatory lending isn't just being charged a high interest rate, or being assessed a pre-payment penalty. "Essentially it's somebody taking out a loan at a cost that's higher than what they qualified for," Burns says.

To fight that problem, and to educate you about your mortgage, OfferAngel.com will evaluate your loan free of charge, or for a nominal fee. Here's how it works. Offer Angel is an open access site, accessible to consumers and loan originators. Your loan officer fills out a form that contains information about your proposed mortgage. OfferAngel.com asks for details - what Burns calls the "nitty gritty of the loan being offered." The loan officer must indicate information such as whether or not the loan is fixed rate or adjustable, and whether it has a pre-payment penalty or not.


"We want factual data," says Burns, who is a former mortgage loan officer. "Our system is not easily manipulated. The answers are either yes or no." Based on the information your lender presents, Offer Angel gives you a free report that analyzes your mortgage. The company's complimentary side-by-side mortgage report lets you compare up to four loan officers. The free report also includes explanations about basic loan terms.

For $24.95, Offer Angel gives you more detailed analysis, in the form of a Personalized Mortgage Report. "We never say: this is the lender you should go with," notes Burns. However, the company does warn you about mortgages that might not meet your stated needs and goals. For instance, if you say you plan to live in the house for just three years, and the loan contains a five-year pre-payment penalty, OfferAngel.com will alert you to that fact.

Or let's say you've indicated that you want a fixed interest rate, but the loan being offered is a 7/1 ARM. In such a case, OfferAngel.com would flag this and tell you that this loan's interest rate is likely to change. The Personalized Mortgage Report is designed to alert you to high costs in your loan or terms that might make your loan unfavorable right now - or down the road.

To use Offer Angel, simply submit your name, email, and the state in which you live. You don't have to disclose personal information, like your social security number, address, or phone number. Equally important, Offer Angel does not push one lender over another, sell or share your information, make mortgage loans, or act as a "lead generator" for others trying to sell you a mortgage.

So if you're not sure whether you're getting a suitable mortgage, get help from a neutral, third-party source like OfferAngel.com.

Follow The Money Coach(R) on Twitter!

Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'

 

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]]>mortgageOfferAngelrealestatesubprimeloansLynnette Khalfani-Cox2010-08-25T18:15:00+00:00Alpha Kappa Alpha Sorority Helps Students: AKA Scholarships Make Top Grants & Scholarships Listhttp://www.bvonmoney.com/2010/08/25/alpha-kappa-alpha-sorority-student-grants-scholarships/http://www.bvonmoney.com/2010/08/25/alpha-kappa-alpha-sorority-student-grants-scholarships/http://www.bvonmoney.com/2010/08/25/alpha-kappa-alpha-sorority-student-grants-scholarships/#commentsFiled under:

Alpha Kappa Alpha Sorority, Inc. offers a variety of student scholarships that you might be interested in if you or someone you know is looking to fund a college education in the coming months. The Alpha Kappa Alpha Sorority, Inc. has a special organization called the Education Advancement Foundation, which offers a few scholarships and grants based on different criteria. In a recent article called, "20 Popular Grants and Everyone Should Apply For" on Schoolgrantsblog.com, Alpha Kappa Alpha Sorority, Inc. was highlighted for its student grants and scholarships along side better-known grants such as Pell Grants. The Alpha Kappa Alpha Sorority Education Advancement Foundation explains on its Web site:

At the heart of EAF's commitment is the idea that academic excellence comes in many forms. There are three ways in which the Foundation carries out its mission: Academic Scholarships, Fellowships and Community Assistance Awards.

In 2009, EAF awarded more than $197,732 in scholarships and Community Assistance Awards. This included 136 general scholarships, 12 Youth P.A.C. awards and 16 Community Assistance Awards.


All the grants and scholarships listed on Schoolgrantsblog.com are worth looking into as an alternative to student loans, or a money-saving way to supplement student loans. Alpha Kappa Alpha Sorority, Inc. is given a special mention here, because it is wonderful to see an esteemed African American organization that has celebrated black women and education for 100 years prominently featured on this list. We often accuse more affluent members of our community of not giving back. Here we have a prime example of a black organization doing its best to uplift others as its own members climb.

 

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]]>Alpha Kappa Alpha SororityAlphaKappaAlphaSororitygrantsInc.pell grants scholarshipsPellGrantsScholarshipsScholarshipsstudent grants and scholarshipsstudent loans scholarshipsStudentGrantsAndScholarshipsStudentLoansScholarshipsAlexis Stodghill2010-08-25T15:42:00+00:00Thinking of Moving? Here's How to Really Check Out a Neighborhoodhttp://www.bvonmoney.com/2010/08/24/thinking-of-moving-heres-how-to-really-check-out-a-neighborhood/http://www.bvonmoney.com/2010/08/24/thinking-of-moving-heres-how-to-really-check-out-a-neighborhood/http://www.bvonmoney.com/2010/08/24/thinking-of-moving-heres-how-to-really-check-out-a-neighborhood/#commentsFiled under: ,

Anytime you're thinking about moving into a new place -- whether it's an apartment, condo or house -- you should always take the time to cruise the neighborhood before you sign a contract. Surfing the Internet can tell you a lot about a community, like the quality of the schools or the general characteristics of a particular neighborhood. But that's no substitute for you scouring the neighborhood carefully. Just because all is peaceful and quiet on a Sunday afternoon when you first saw a house or apartment, doesn't mean it's the same way on Saturday nights or weekday mornings.

So drive around a neighborhood at different times and different days of the week to get a feel for whether or not it's a place you'd really like to live. Take a lunch break from work if you have to, and visit the area during the middle of the day. Hit a local coffee shop or diner to see how people in the area treat you.

When you walk down the street, do people look the other way or do they greet you with a hearty "hello"? Do neighbors and community members seem snooty and stuck up, or are they warm and friendly? A good place to experience the locals is to go to the local supermarket - again, during the middle of the day - and do a little people watching.

First eyeball the people and cars that you see in the parking lot. Are people shopping for basic groceries in designer clothes or are they casually comfortable? Is the parking lot full of luxury cars and convertibles or do you see a lot of "buckets" and "hoopties" everywhere you look? Either way, it will tell you a lot about the area you plan to live.

Also, take notice of what kind of stores are in the neighborhood. Do you see any pawnshops or payday lenders nearby, or do high-end retailers dominate the area? Visit your intended area from different routes. People are creatures of habit and tend to travel the same route over and over. You need to know, however, if there's a penitentiary or a psychiatric ward just three minutes away on the road less traveled. Also, where are essential services? How far away is the closest hospital and what is the quality of that hospital? Ditto for schools in the area. If you have kids, or intend to, you definitely want to check out the local school district.

Bottom line: moving is serious business. And it requires a big financial investment too. Don't buy a home out of your price range or rent in a neighborhood you know you can't really afford just to impress your friends and family. No matter what other people think, you have to go with your gut instincts and select the home or apartment that is most appropriate, affordable and best-suited for your needs.

For anyone buying a home, the stakes are even higher because you have to think about the possibility of selling that home down the road. To best position yourself, avoid buying a home in any area that is:

1. Economically depressed (perhaps because of a lack of decent transportation, inadequate infrastructure, or a shortage of good jobs and local businesses to hire people).

2. Completely crime-ridden (even if the community is "coming back," that renewal could take many years).

3. Situated in a poor location (as in near power lines, a very busy intersection, or adjacent to noisy commercial businesses).

All of these situations can negatively impact your home's value and make it more difficult to sell later. Even though you might not be bothered by living right next to a major highway or a street with a lot of traffic, many other prospective buyers will.

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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'

 

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]]>buying a homebuying a housebuying guideBuyingAdviceBuyingAHomeBuyingAHouseBuyingGuidehomeownershiprentingLynnette Khalfani-Cox2010-08-24T16:46:00+00:00Tyler Perry Buys 58-Acre Georgia Estate to Tear it Down, Rebuildhttp://www.bvonmoney.com/2010/08/24/tyler-perry-buys-58-acre-georgia-estate-to-tear-it-down-rebuild/http://www.bvonmoney.com/2010/08/24/tyler-perry-buys-58-acre-georgia-estate-to-tear-it-down-rebuild/http://www.bvonmoney.com/2010/08/24/tyler-perry-buys-58-acre-georgia-estate-to-tear-it-down-rebuild/#commentsFiled under: ,

Tyler Perry has just purchased a 58-acre Georgia estate and plans to bulldoze it in preparation for brand-new construction. The original asking price for the Johns Creek property had been $40 million, which seems fair for a home that boasted everything from formal gardens to its own private band shell -- but it went unsold for 17 years. Tyler picked up this American version of Versailles for the bargain price of $7.6 million. Eurweb.com reports on the new Perry real estate deal:


The entertainment mogul says he plans to demolish the whole compound and build his own home, one that is environmentally friendly and made of concrete, according to the New York Times.

An estate sale was held Friday... by the previous owner, Larry Dean, 67, who grew up without indoor plumbing in a low-income section of Atlanta, founded a financial services software company, Stockholder Systems Inc., in the early 1970s and became a millionaire many times over.

He and his first wife, Lynda, spent four years and $25 million building their own private Versailles, which they called "Dean Gardens" and finished in 1992. Their architect, Bill Harrison, said each square inch of it was given the attention to detail of a Faberge egg.

The Deans' dream was to raise their four children here in an atmosphere like "Dynasty," "only happy," and then leave the grounds to a foundation that would open it to the public for charity events.

But in 1993, shortly after finishing the house, the Deans separated and the house went on the market. It has languished there for the last 17 years. One potential buyer, Dean said, was Michael Jackson, who wanted the place in 1994 as a surprise for his fiancée, Lisa Marie Presley. But when the media reported Mr. Jackson's plan and ruined the surprise, he did not sign the contract.

Let's hope that Perry can make this home a happy one. If his personal life is as drama-filled as his multimillion-dollar film productions, that may be difficult -- but we wish him the best!

Read the full story and see more photos at Eurweb.com.

 

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]]>7.6 million7.6MillionmansionTyler PerryTylerPerryVersaillesAlexis Stodghill2010-08-24T14:06:00+00:00Domino's Delivers Racist Receipt to Customer: 'N*GGER DON'T TIP'http://www.bvonmoney.com/2010/08/24/dominos-pizza-racist-receipt-n*gger-dont-tip/http://www.bvonmoney.com/2010/08/24/dominos-pizza-racist-receipt-n*gger-dont-tip/http://www.bvonmoney.com/2010/08/24/dominos-pizza-racist-receipt-n*gger-dont-tip/#commentsFiled under:

To all of those who believe that this is a post-race society, please explain this. How is it that a black woman in 2010 cannot order a pizza without getting called the N-word? The Consumerist blog reports (via Gawker TV):

A woman in Apex, N.C., had just taken delivery of two Domino's pizzas when her 10-year-old niece pointed out the words "N**GER" and "DON'T TIP" at the bottom of the receipt.

Not exactly thrilled with this level of customer disservice, she complained to the Domino's, and the driver was subsequently given the boot. Which might explain why she's now received over a dozen threatening phone calls.

Says the customer:

"They were saying basically the same stuff that was on the receipt. They were saying 'N-this, you got me fired. You did this, you did that,' just being real ugly to me, just being real mean... I'm thinking it is 2010, it's never good to do that. You can't do stuff like that anymore."

This is very interesting considering the fact that Dr. Laura recently tried to explain away how harmless the N-word is today. It may seem benign to some, but it is still frequently used by people seeking to emotionally and in some cases physically harm African Americans. No, America is not post-race at all, if African Americans can still be flagrantly disrespected as customers in this way, by even a Domino's pizza delivery boy.



Certainly Domino's is not totally responsible as a company for the racist word on a receipt delivered to one customer. But we have to ask what kind of employee training practices are in place at Domino's if this former employee felt comfortable doing such a thing? The question then becomes, whose responsibility is it to address the continuing racial prejudice in this country, and its effects? Do corporations like Domino's have a responsibility to train workers on how to deal with workplace frustrations and issues they may have with the many different types of people they come into contact with?

It would make sense for companies like Domino's to take the lead on educating people on how to deal with race differences. More than any other area of American life, workplaces are a melting pot of different nationalities, races, genders, sexual orientations and ethnicities. When you throw direct customer service into the mix, a whole new level of patience and understanding is required. To the company's credit, a Domino's representative has stated:

"I'm horrified this occurred. This was the action of a lone individual and it does not reflect my views. Upon learning of the incident, the General Manager of the store fired the responsible person immediately. I have reached out to the customer and offered my sincere apology."


But is saying "we're sorry" enough? Now that Domino's has exposed this African American woman to hateful racists who are making physical threats, is Domino's going to be there to protect her if the situation takes a turn for the worst? If Domino's had better screening and training practices, perhaps this African American woman would never have been insulted by seeing "N*GGER DON'T TIP" on her receipt -- and she would not be worrying for her safety today.

 

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]]>ApexDominosdominos pizzaDominosPizzaDominosPizzaDeliveryNCNGGER DONT TIPNggerDontTipracismracistracist slurracist slursRacistSlurRacistSlursAlexis Stodghill2010-08-24T13:08:00+00:00