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

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

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

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Dr. Boyce Watkins joins MSN’s “The Invested Life”

 

Click to watch Dr. Watkins’ episodes.

Obama Ditches His Top Economic Advisor

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

President Obama's top economic advisor, Lawrence Summers, is finally. out the door. The former Harvard University President resigned from Obama's Council of Economic Advisors amidst questions about his performance. Summers came to represent the very worst of the economic crisis. He was the man in charge, next to the man in charge, as the world came to associate Harvard University economists with the financial destruction of America.
Summers wasn't a bad economist, but he was hardly an adequate representative of the American people. He was part of the academic aristocracy, the nephew of (not one, but) two Nobel Prize winners and the son of two Yale university professors. Needless to say, Summers was born with a silver spoon in his mouth and doesn't know a thing about economic struggle. He worked hard for what he ultimately received, but quite a few doors were open to him from birth. He personified the white male affirmative action program that has been in existence since slavery. At the very least, the chances of a black man having two Yale professors in his family (let alone a Nobel Prize winner) are virtually non-existent due to Jim Crow. So, if Lawrence Summers had been born as one of "us," we wouldn't even know his name.

 

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

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

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

 

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Dr. Boyce Writes an Open Letter to President Obama on AOL Black Voices

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

Dear Mr. President,

I write this letter with all due respect to yourself, as well as the office of the presidency. Your historic rise up the political ladder has been nothing short of inspirational, and your extraordinary vision has positioned you as one of the most celebrated leaders in the history of the United States. As a fellow scholar and African American male, I applaud your achievements. I am especially excited about how you, Michelle, and your beautiful daughters present such a magnificent image of the African American family.
While the black community remains inspired by your achievements and overwhelmingly sympathetic to your challenges from conservatives, there are concerns that the economic plight of black Americans has not been a priority for the Obama Administration. To be sure, opinions on this matter are far from unanimous. But the numbers tell a story that needs to be heard.

 

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

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

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

 

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African American Unemployment Rises 700% More Than White

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

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

 

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Kodak Pays $21 M for discrimination

• Kodak Set to Pay $21.4 Million in Racial Discrimination Lawsuit

  6:40 PMSep 4

  Source: BV on Money

  I'm not sure if the company's executives would consider this to be a Kodak moment, but it's certainly a moment in racial history. Kodak, the large film company based out of Rochester, New York, just had a racial discrimination suit settled for the ... Read More

• Regina King to the Emmys: Racist as Ever

  6:00 AMSep 4

  Source: Blackvoices Main

  From The Huffington Post: Since the Emmy ceremony, I have been going back and forth about whether or not I should compose this letter. I try hard in my daily life not to engage in uncomfortable situations regarding race. But sometimes it's very ... Read More

• Tom Joyner Helps HBCUs to Start Online Programs

  12:35 AMSep 4

  Source: BV on Money

  Radio show host Tom Joyner has decided to start making investments in the educational arena. Joyner has announced that he will help found a company designed to support Historically Black Colleges and Universities (HBCUs) in their quest to create ... Read More

• Sean Bell's Fiancee May Run for City Council

  8:26 PMSep 3

  Source: BV Black Spin

  Nicole Paultre-Bell, the young woman who lost her unarmed, would-be husband Sean Bell on the day before their nuptials nearly four years ago in an out-of-control hail of police bullets, is mulling over possibly running for the position of Queens City ... Read More

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

by Dr. Boyce Watkins, Syracuse University 

 

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

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

 

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How to Teach Your Kids About Money

by Dr. Boyce Watkins, Syracuse University 

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

 

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