Click the image below to hear what Dr. Boyce Watkins has to say about the new credit card legislation signed by President Barack Obama:
Sunday, May 31, 2009
Friday, May 29, 2009
Dr Boyce Money: What We Can Learn from Mike Tyson
The death of Exodus Tyson, daughter of former heavyweight champion Mike Tyson, brings immediate tears to the eyes. As a single father of three daughters, my heart becomes heavy at the thought of losing any of my precious little girls. I also fear what might happen if I were to suddenly pass on myself. While the pain of death is severe and complicated, there is always a lesson to be learned from the experiences of others.
In this case, there is the serious and gut-wrenching task of planning for the possibility that you may have to bury your child. In the black community, such issues are compounded by the alarming death rates of black teens in the inner city, higher infant mortality rates and reduced access to health care for African Americans. In light of our unique experiences and circumstances, we must be careful and intelligent in our financial planning.
How do you plan for your child's death? Is life insurance even necessary? Let's break it down and figure it out together.
Black Money: With GM Bankruptcy, is the American Dream Dead?
There was a time, not very long ago, when getting a job on the production line at a big automaker meant an instant ticket to the American dream, even for someone with little formal education. Not anymore.
"The minute you signed the paper, you were instantly vaulted into the middle class," said Mike Smith, director of Wayne State University's Walter P. Reuther Library in Detroit, named for the founder of the United Auto Workers, the union that represents auto workers.
A shrinking paycheck. As the auto industry undergoes a sea change, the government has demanded that Chrysler and General Motors (GM, Fortune 500) bring their labor costs in line with foreign competitors operating non-unionfactories in the U.S.
Today, an entry-level auto-worker will be making $14 an hour, compared to the $28 "base rate" the job had earned before, according to a summary of Chrysler's contract agreement.
Worker's benefits have also taken a hit.
"Workers coming in will have good benefits and a good wages but not necessarily what they were 20 or 30 years ago," said Smith.
Monday, May 25, 2009
Your Black Money: Finding a Job in this Economy
Even in the current job market, getting a pink slip doesn't always lead to long-term unemployment - especially if you're willing to do the extra legwork it takes to get hired these days.
When David Hudson was laid off from his computer programming job, he sharpened his skills, did his due diligence and took full advantage of the resources available to him.
Hudson, 40, was lucky enough to get a heads up before his employer gave him the ax. He was notified in early February that his firm would have to make cuts and his last day would be March 6. He made sure to use the time wisely.
"I put myself in the place of the employer," he explained. "What would the employer be looking for, what would catch their eye?"
Technorati Tags: black money,black news,african american news,african american money,black unemployment
Sunday, May 24, 2009
Dr Boyce Money: Ensuring that You Have Enough Life Insurance
For more financial advice, visit www.DrBoyceMoney.com.
It may shock you to read this, but you are going to die. Young people don't seem to believe they are ever going to leave the earth and even old folks aren't ready to accept it. Many of us become sole providers for our families under the assumption that we are going to be around forever. Well, there comes a time when we must realize that if we get into our car and head out to work one morning, we may never come back.
What happens to those we leave behind? They are left to clean up the messes that we've left, and you probably know at least one person who has gone to a funeral and watched their daddy's dirty laundry pour itself out all over the front row. The funeral is a day of reckoning, from both a personal and financial standpoint. The point of death is when the Grim Reaper makes us reap what we have sewn throughout our lives.
How do you determine whether or not you have enough life insurance? Let me break it down for you.
Continue reading Do Your Children Have a Plan for your Death? You Might Want to Think Again
Barack Obama Signs Major Credit Card Bill
U.S. President Barack Obama signed into law on Friday sweeping reforms that restrict credit card interest rates and fees, marking a victory for Democrats trying to help recession-weary consumers and a setback for banks seeking to retain sorely-needed revenues.
The law is expected to hurt profits of major card issuers such asCitigroup Inc, Bank of America Corp, JPMorgan Chase & Co andCapital One Financial Corp. Banks say the changes may cut the flow of credit to consumers because it will make it more difficult for issuers to set rates based on the risk their customers pose.
"With this bill we are putting in place some common sense reforms designed to protect consumers," Obama said at a signing ceremony at the White House.
"We're not going to be giving people a free pass and we expect consumers to live within their means and pay what they owe. But we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives," he said.
Enactment marks the crest of a backlash against the card industry after years of rate and fee hikes and aggressive marketing programs that have angered consumers, analysts said.
Thursday, May 21, 2009
Financial Lovemaking 101: What is the Man’s Responsibility in Behavior?
Hip-hop "mogul" Irv Gotti has gotten tremendous criticism for mistreating his estranged wife, Deb. Let's be real, Irv is mean and appears to be highly inconsiderate. He cheats on Deb openly, disrespects her and doesn't seem to care if she stays or goes.
"Irv Gotti treats his wife worse than an abandoned dog in a pound," says black celebrity gossip columnist, Lady Drama. "Any man who treats his wife like that should walk through hell with gasoline soaked pants."
But while Irv does his thing and does it wherever and with whomever he likes, his wife may not necessarily be an innocent victim. She has the opportunity to leave him and be with another man. She can draw boundaries on the relationship and not deal with his behavior. But she does not. Why is that?
In this episode of Financial Lovemaking with Dr. Boyce, we talk about Gotti and what he and his wife can do to make things right. We also answer some critical and important questions.
Continue reading Financial Lovemaking with Dr. Boyce: Is Irv Gotti's Way the Right Way?
Tuesday, May 19, 2009
Black Couple Breaks Down their Finances: Financial Lovemaking
In this episode of Financial Lovemaking, Dr. Boyce and S. Tia Brown speak with Jason Robertson, a former New York Yankee, and his fiance Marshawn Evans. Marshawn is a prominent attorney and sports marketing agent. Jason was a top draft pick and all-American baseball player, who learned the flaws of improperly managing his money. He has since recovered financially and become one of the top entrepreneurs in the United States. The couple discusses the challenges in their relationship and ways they plan to make good financial love. When is the best time to start talking about money in a relationship? What if your partner is not as comfortable talking about money as you are? What role does trust play in the formation of a financial lovemaking relationship with another person?
Monday, May 11, 2009
Black News: Man Sues Over Sex Boycott
A Kenyan man has sued activists who called on women to boycott sex to protest the growing divide in the nation's coalition government.
James Kimondo said the seven-day sex ban, which ended this week, resulted in stress, mental anguish, backaches and lack of sleep, his lawyer told the state-run Kenya Broadcasting Corp.
The lawsuit filed Friday claims lack of conjugal rights affected Kimondo's marriage and seeks undisclosed damages from the G-10, an umbrella group for women's activists, KBC said.
The women's caucus caused a national debate when it urged women to withhold sex to protest increasingly frosty relations between President Mwai Kibaki and Prime Minister Raila Odinga.
Citizens of the east African nation are frustrated by a shaky coalition government, which was formed after post-election violence killed more than 1,000 people in 2008. The wrangling between Kibaki and Odinga has sparked fears of more violence.
Gender activists say they are not worried about the lawsuit.
"I have not been served with the papers, but I was told they are coming and I am eagerly waiting," said Ann Njogu, executive, director of Centers for Rights Education and Awareness. "It will be interesting to see the face of a man who is not willing to abstain for the sake of his country."
Wednesday, May 6, 2009
Financial Lovemaking: The Money Behind Nas and Kelis
Dr. Boyce and S. Tia Brown break down the divorce between the rapper Nas and his wife Kelis. Are there any financial lessons to be learned for other couples or is this just another crazy celebrity marriage? There’s more to this divorce than meets the eye.
Click the image to listen!
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