Dr Boyce Watkins to join AOL Black Voices

Syracuse, NY – Dr. Boyce Watkins of Syracuse University has recently joined America Online as a financial writer and expert commentator.  He will be the resident Financial Expert for AOL Black Voices, the premier Black news website in America, with over 100,000 readers per day.  Dr. Watkins has been on the faculty at Syracuse University for 8 years and has worked with many major media outlets, including CNN, BET, ESPN and CBS Sports.  He is also the author of “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good”.

In his role with AOL Black Voices, Dr. Watkins will provide analysis on the economy, employment issues, celebrity finances, and money management. He will use his unique style of informative, compelling, yet down to earth financial analysis to promote financial literacy within the Black community.  The site will syndicate his popular financial series' "Financial Lovemaking", co-hosted with S. Tia Brown (formerly a Senior Editor with "In Touch Weekly" Magazine) and "Get Your Paper Straight", a radio segment hosted with George Kilpatrick of Power 106.5 and WSYR radio.

Click to read.

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Financial Lovemaking 101: Mel Gibson’s Wife Wants Half a Billion

In this episode of Financial Lovemaking, Dr. Boyce and S. Tia Brown discuss Mel Gibson’s Half billion dollar divorce, Beyonce and Jay-Z and whether men are uncomfortable earning less money than women.  Click the image to watch!

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Russell Simmons Responds to Dr Boyce Watkins in the New York Times

 

To the YourBlackWorld family:  Some of you saw my recent critique of the RushCard, the new prepaid debit card issued by Russell Simmons.  Some took my article about the RushCard and interview about the Rushcard on BBC World news and The New York Times to imply that I have serious problems with the way Russell Simmons does business.  While I do not feel that Russell, nor anyone else, is above being critiqued by the Black community, it should be made clear that I respect much of Simmons’ work, especially what he has done to reduce the severity of the drug laws that incarcerate so many Black men across America. 

I must admit that I’ve been disturbed by the recent trend of African American urban role models lending themselves out to companies such as Rent-a-Center to encourage people of color to participate in arguably one-sided financial transactions.  But I must be clear when I say that the RushCard is not necessarily a bad deal for those who need it.  My greatest challenge to President Obama is to find ways to ensure that all Americans have access to basic services, such as bank accounts, so they are not forced to pay high fees in order to access their own money.  I cannot endorse an argument which states that Russell is necessarily a philanthropist (as his ads claim) because his company provides an option that improves upon the horrific options already in place.  So, while I agree 100% that the RushCard is better than check cashing venues in the Black community, my greatest concern is that many members of the urban poor are still paying the high cost of poverty in America.  It is my hope that Russell sincerely fulfills his role as philanthropist, leader and financial enabler by genuinely working to solve critical liquidity and financial literacy problems in urban America.  I have complete faith that he can accomplish whatever he puts his mind to.

So, out of fairness to Russell, I want all of you to see his response to the New York Times piece, which is written below.  My goal is not to think for you, it’s to encourage you to think for yourself.

 Click to read.

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Black Money Expert Dr Boyce Watkins Talks Money in the New York Times

In a speech today, the Federal Reserve chairman Ben S. Bernanke talked about the need to “strike the right balance: to strive for the highest standards of consumer protection without eliminating the beneficial effects of responsible innovation on consumer choice and access to credit.”

Where exactly regulators think that “balance” lies has varied greatly over time. Throughout American history, politicians and their constituents have viewed access to credit as alternatively empowering and exploitative. We can’t seem to decide: Is making credit available to “subprime” borrowers helping them, or taking advantage of their ignorance?

In the 1970s, efforts to deregulate the financial industry began in earnest. Regulators began repealing or amending laws that restricted banks’ activities (such as the rates of interest they could charge on a loan or pay on a bank deposit). With more freedom to tailor their financial products to the risks potential borrowers presented, banks experimented with new credit terms for different types of customers. This led to much greater access to credit across the board.

Click to read.

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Hulk Hogan Divorce Leads him to Sympathize with OJ Simpson?

Pro wrestling legend Hulk Hogan, embroiled in a bitter divorce with his wife, Linda, told Rolling Stone magazine he can "totally understand" O.J. Simpson, the former football great found liable for the deaths of his wife and another man.

Linda and Hulk Hogan enjoy happier times at the 2006 MTV Video Music Awards in New York in 2006.

"I could have turned everything into a crime scene like O.J., cutting everybody's throat," Hogan said in the interview for a feature that will run in Friday's edition of the magazine.

"You live half a mile from the 20,000-square-foot home you can't go to anymore, you're driving through downtown Clearwater [Florida] and see a 19-year-old boy driving your Escalade, and you know that a 19-year-old boy is sleeping in your bed, with your wife... .

"I totally understand O.J. I get it," Hogan said

A spokeswoman for Rolling Stone magazine confirmed the quote to CNN.

Click to read.

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Russell Simmons’ New Prepaid Card – Helpful Philanthropy or Predatory Lending?

Dr. Boyce Watkins, one of the world’s leading Financial experts and Black Social commentators, spoke with BBC World news about the RushCard, which has been heavily adopted in Black communities.

Watkins wrote this commentary about the Rushcard and you can click the image below to listen in on the interview.

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Russell Simmons Should Stop Selling the Rush Card

Dear Mr. Simmons:
My name is Ryan Mack and I have followed your career for most of my life. I have been a long-time admirer of your work, a tremendous fan, and believe that millions are inspired by the paths that you have created in the field of Hip-Hop. More importantly, as an advocate for financial literacy myself, I believe that the work that you have been doing through the Hip-Hop Summit Action Network as it relates to financial literacy has been second to none. However, I must admit to being somewhat disappointed with your recent pre-paid debit card venture - the "Rushcard."

The pre-paid debit card industry has always been an industry that is built upon a lack of knowledge within the community. It is an industry based upon the legal phrase which demonstrates that "false imprisonment is an intentional tort." In other words, if I put someone in a room and do not lock the door but tell them that the door is locked, they will remain in the room because they believe the door is locked. As a result of my action, I have committed a punishable crime. I view pre-paid debit cards in the same light. Those who know the strategies to empower the community have a moral obligation to those, who may not be as knowledgeable, to fully inform them. There are other more efficient means to empower those in our communities than pre-paid debit cards and other financially destructive establishments such as check cashing facilities. The typical bank offers free debit cards that if used properly do not have any fees affiliated with them and can be used for the same purpose as the pre-paid debit cards.

If we compare the fees affiliated with the Rushcard compared to the typical bank offered debit card, we can clearly see the advantage of the cards offered by the banking institutions.

Rushcard vs. Typical Bank Card
Activation Fee: Rushcard = $19.95 Typical Bank Card = Free
Convenience Fee: Rushcard = $1.00 Typical Bank Card = Free
ATM Cash Withdrawal: Rushcard = $1.95 Typical Bank Card = Free (At Branch)
ATM Balance Inquiry: Rushcard = $.50 Typical Bank Card = Free
Bill Payment: Rushcard = $1.00 Typical Bank Card = Free
Inactivity: Rushcard = $2.95 Typical Bank Card = Free
Refund of Rushcard/Bank Card via Check: Rushcard = $5.00 Typical Bank Card = Free

Click to read.

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S. Tia Brown: Speaking to Co-Workers and Commanding Respect

This week I look at issues of respect from both co-workers and your nearest and dearest.
I am 28-years-old and work in an office full of 45-56 year-old women. My issue is how to talk to them when they say things I do not like without being disrespectful. - Young & Angry In The Office

Dear Young & Angry In The Office,
I’m a firm believer of showing deference to elders, however the office isn’t the place to act out societal roles— you’re there to do your job. I firmly believe that the only way to get respect is to demand it. Some people have that certain thing about them that ensures people, whether they’re older or younger, never test them. Other people have to go get it. So how do you command respect? First, you always make sure that you’re on top of your game, for the work environment that means being efficient, punctual and dependable. Second, you have to speak up for yourself and address every infraction in a stern, tactful, professional way. That may mean giving a soliloquy about respect (such as, “we’re all on equal footing here, I give respect and I expect it,”) or taking people aside an individual when they say something that you deem is inappropriate. Only you can determine which approach will work best. Overall you want to make sure that you leave personal roles at home, these ladies are not your aunties, and they’re your co-workers –who likely take issue with working with someone 20 years their junior – so treat them as such.

My fiancé and I are planning a big, lavish, wedding and we have restricted our families to only inviting a certain number of people, so as not to exceed my parent’s budget. My fiancé’s family is insisting on inviting many more people than they are allotted and it has caused the price of the reception to soar. Do you think that I should demand that his family pay for some of the reception, or at least the head count of the additional people that they are inviting, or does that break some etiquette rules? – Breaking the Bank for the Big Day

Dear Breaking the Bank for the Big Day,

Etiquette was out of the door once your future in-laws stepped on your toes and didn’t respect your parents’ budget. Since they —like many others—love to plan with other people’s money I would like to tell you to just make them pay for their extra guests, but that could potentially cause long-term strife with your hubby-to-be. Consequently, you need to speak with him first and make sure you’re on the same page about the finances and the numbers. If both families were given an equal amount of guests then it is up to him to make sure that he stands firm by your side when you speak with his family. During the conversation make sure to reiterate that the day is you and your fiancé’s, but you understand why it is to the family, but your parents – who are paying – have given you a budget and it is disrespectful to expect them to pay any excess. Let them know the precise number of people that they are allowed to invite and that any extra guests must be pre-paid for by specific date if they are to be seated. You can also opt to include your parents in on the meeting. I doubt that your future in-laws will speak recklessly or be callous about spending your parents’ money in their faces. With that said…standing firm is only possible if you are financially independent of your in laws. You don’t want to play hardball with someone who’s helping to pay your rent/mortgage or watching your kids for free. So make sure that you’re in a position where you can’t be penalized for standing up for yourself – and your parents – or you may end up paying a bigger price later.

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Predatory Lending: A Scholar’s Perspective

by Charles Lewis Nier III

Responding to a controversy regarding incendiary remarks that surfaced in the media from his former pastor, Reverend Jeremiah A. Wright Jr., United States Senator and Democratic presidential candidate Barack Obama came to the City of Philadelphia to deliver a major address on the issue of race in the United States. In a remarkable and widely-praised speech delivered on March 18, 2008, Senator Obama grounded his examination of the "complexities of race" on an analysis of the historical legacy of discrimination faced by African Americans. After invoking the words of William Faulkner for the proposition that "'The past isn't' dead and buried. In fact, it isn't even past,"' he proceeded to explain that "... many of the disparities that exist in the African American community today can be directly traced to inequalities passed on from earlier generation that suffered under the brutal legacy of slavery and Jim Crow." He proceeded to elaborate on some of the specific historical reasons behind racial inequalities, explaining:

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How Much Does It cost to Have a Baby Anyway?

By: Sarah Horner
April 8, 2009
An article from MSNBC.com entitled, "Budgeting for Baby: What does it really cost?" outlines exactly how much having and raising a child will cost you.
"If you've never been a budgeter, now's the time for a financial reckoning. Experts recommend that parents-to-be and new parents dedicate themselves to whittling down their credit-card debt (ideally — and here's some tough love — to zero), while at the same time, building an emergencies-only savings account of six to nine months' worth of expenses. Do whatever it takes to meet this goal: Spend on a cash-only basis and write down every expense — or use a free online spending tracker like Quicken.Intuit.com or Wesabe.com — so you have a visceral idea of where your money goes. And be prepared to sacrifice. "If you want to prioritize the expense of a child, well, you may not need as many minutes on your cell phone and you may not need as many meals in a restaurant," says Chatzky. "And by the way, you're not going to be going to restaurants much once you have a child, anyway!""
To read the entire article, Click here

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