Black Couples and Money

Minority Business Programs in Jeopardy

2011-09-19T08:27:00.001-07:00

Black Unemployment Drops Slightly, Remains Steady for Black Men

2011-08-05T07:45:00.001-07:00

by Dr. Boyce Watkins, Your Black World – Scholarship in Action

The recent release of data from the Bureau of Labor Statistics indicates that Black unemployment declined during the month of July. It had reached 16.2 percent and dropped over the course of the month to 15.9 percent. While the number is an improvement, it is still nearly double that of white Americans.

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Getting the Wedding You Want with No Drama

2011-07-31T07:13:00.001-07:00

by George James

The summer is a time for warm weather, vacation, family reunions and weddings. Many couples plan their wedding during the summer and fall months. Planning a wedding can bring a lot of stress and drama to the couple. From deciding when and where to get married, to working on the guest list and to figuring out how you will pay for the wedding. Stress and drama can also come from what other people want for your wedding and from handling major conflicts such as faith, money or where to live after the wedding. It is possible to get the wedding you want and not have any drama, even with all the possibilities leading up to the wedding.

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38% of African Americans Have Lost Their Job in the Last Three Years

2011-06-15T05:00:00.001-07:00

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Yes, Bill Collectors May Be Following You on Facebook, Twitter and Everything Else

2011-05-31T15:23:00.001-07:00

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Banks Set to Start Increasing Fees Substantially

2011-05-06T05:40:00.001-07:00

It looks like banks are going to be increasing your fees soon. Buyer beware.

Regal Black Women from Around the World

2011-04-30T13:33:00.001-07:00

Click here to read about these women and others on Black Enterprise

Black Americans Not Getting Good Financial Advice

2011-04-29T08:44:00.001-07:00

by TEWire
Special to the Trice Edney News Wire from the Afro American Newspapers
Originally posted 4/27/2011

Only two out of every 10 African-Americans are on a path to achieve their retirement goals, according to a six-month-old survey of Blacks conducted by a major wealth manager.

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Should You Need a License to Braid Hair? A Woman Files a Lawsuit Over the Issue

2011-04-28T06:28:00.001-07:00

by Dr. Boyce Watkins, Your Black World – Scholarship in Action

Jestina Clayton is a woman in Utah who is originally from Sierra Leone in West Africa. She does African braiding part-time in order to make extra money. She is now being confronted with the loss of significant income, since a law in the state of Utah claims that you must have a full cosmetology license in order to braid hair.

Clayton filed suit this week in the court of law. She is being backed by the Institute for Justice, a Virginia-based organization that helps people like Clayton challenge unjust laws.

“African hair braiding is safe, and you shouldn’t need the government’s permission to practice this trade,” said Paul Avelar, her attorney. “Both the federal and Utah constitutions protect every individual’s right to earn an honest living in their chosen occupation free from pointless government interference. When the government imposes unreasonable regulations, as it has done here, courts must protect the individuals’ rights. No one should have to hire a lawyer or lobbyist just to braid hair.”

Clayton said that she’d originally called the Cosmetology Board to determine if a license was necessary for her to braid hair.

“They told me I did not need a cosmetology license as long as I was not using chemicals,” she said.

After someone reported her business, she is now faced with the daunting cost of trying to get the license, which can be as high as $18,000 and require 2,000 hours of coursework.

“Licensing laws are a convenient cover for protecting a regulated industry from competition,” explained Tim Keller, executive director of IJ-Arizona. “By forcing hair braiders to get an expensive license, cosmetology schools are
guaranteed tuition-paying students and licensed cosmetologists are protected from competition, forcing consumers to pay more.”

This case is an important one for Ms. Clayton to fight, because hair care is an important industry for slews of black women all across America. Additionally, black women should be insulted by the fact that the hair care industry that they put billions of dollars into is controlled by people who are not black. Ms. Clayton is right to fight fire with fire by taking this case to court, and other black hair care providers would be wise to take note to learn how to gain a greater stake in the industry that drains money out of the pockets of black women everywhere.

My God daughter went to “hair school” after she graduated from high school. Although I’d voted for her to attend college, I eventually embraced the idea and started doing my research. Once I found out about the massive amounts of money being spent by black women in this industry, I encouraged my God daughter to accompany her hair stylist training with a few lessons on entrepreneurship. This would hopefully position her to be able to independently provide for her family in an industry that is not going to disappear any time soon. Many black women would rather starve than to let their hair go south, so the money will likely be flowing in perpetuity.

The point in all this is to say that we’ve got to be more creative in how we live our lives. Black people have long been free, but we still haven’t learned how to be independent. As long as we’re depending on others outside our community to provide us with the things we need (especially jobs), we will always remain vulnerable.

Dr. Boyce Watkins is the founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here.

A Black Prof Discusses Racial Bias in Financial Decisions

2011-04-27T05:22:00.001-07:00

Your Black World reports

Have you ever tried to get a loan, and felt that you weren’t being treated the same as if you were white? What about watching that promotion at work being given to the white guy down the hall when you were the one slaving night and day for 20 years? Well, this feeling is not uncommon. A recent survey at YourBlackWorld.com showed that nearly 90% of African Americans feel that they’ve experienced some kind of discrimination in the workplace. In spite of our having a black president and attorney general, new laws have not been introduced to help people of color fight discrimination in the workplace.

Another prominent type of discrimination is the racial bias in other kinds of financial decisions. Millions of black people were victims of predatory lending during the recent financial crisis, leading to a massive decline in black family wealth over the last decade. Additionally, the ability to build a business, get government contracts or do other things to create financial security for your family can be impacted by the color of your skin. Prof. Stephanie Yates Rauterkus at The University of Alabama Birmingham speaks on the topic in the video below.

Click here to watch the video

To join the Your Black World Coalition, please visit YourBlackWorld.com.

Tonya McDowell in ColorLines magazine

2011-04-26T06:25:00.001-07:00

From Colorlines Magazine

A homeless Connecticut mother has been arrested and charged with larceny for allegedly stealing her son’s education from a public school police say he had no right to attend. Tanya McDowell is a 33-year-old Bridgeport resident who used her babysitter’s address in Norwalk, where the schools were better, so her five-year-old son Andres Justin Paches could go to school. A.J. was enrolled in Brookside Elementary School’s kindergarten from September to January. They’ve been living out of her van.

And for her supposed crime, McDowell is facing a 20-year jail sentence for making off with $15,686 in education funds from the Norwalk school district, the Stamford Advocate reported. What’s more, McDowell’s babysitter Ana Rebecca Marques has been evicted from the public housing complex she lived in for helping McDowell. McDowell is set to be arraigned on Wednesday morning.

“I had no idea whatsoever that if you enroll your child in another school district, it becomes a crime,” McDowell told the paper after she was arrested and charged with first-degree larceny.

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Black Family Wealth Has Virtually Disappeared

2011-04-23T06:59:00.001-07:00

by Dr. Boyce Watkins – YourBlackWorld.com

The first decade of the new millennium brought a lot of things that the world didn't expect: the ability to order a pizza on your home computer, cell phones that allow you to talk to your friends face-to-face, and our nation's first black president.

One other unexpected event of the last decade is the disappearance of a century's worth of progress in reducing the wealth gap between black and white Americans. AsRex Nutting at Market Watch so accurately notes, wealth levels of the black family in America have declined dramatically during the past decade, and they show no evidence of getting better any time soon.

According to Nutting, "In a country where access to capital is everything, most blacks have nothing."

First, Nutting mentions that African Americans have the highest unemployment rates in the country, which stand at an average of 16.5%, compared to 9% for whites. What is most daunting is that soaring black joblessness, combined with higher foreclosure rates, bankruptcies, and declining home values have seriously cut into the wealth of the black family in America. in other words, we are the first to lose our jobs, have the least wealth to protect our families when times are tough, and a greater reliance on declining home equity as a source of economic security. This economy has provided the perfect storm of black economic destruction.

According to Nutting, the median net worth for black households dropped from $9,300 in 2007 to $2,200 in 2009, much lower than the median wealth of $98,000 for white households. He also mentions that incomes dropped in black homes by 7.2% between 2007 and 2009, much greater than the 4.2% decline for white families.

Nutting's article reminds us that the United States has a long way to go when it comes to wealth distribution. Over 80% of the nation's wealth is controlled by just 20% of its citizens, and the richest 1% of Americans controls one-third of the nation's wealth. Roughly 40% of Americans have no wealth at all. African Americans are disproportionately represented in the group of Americans with zero or negative wealth, which is a problem that most of our elected officials are inclined to ignore, and something that our nation's citizens don't spend much time getting upset about.

Nutting is correct to mention that most Americans have their wealth tied up in their home values. So, when home prices dropped so dramatically during the economic downturn, this led to the wealth of many black families disappearing as quickly as it had arrived. Most of the economic disparities in the United States don't exist because whites are more responsible with their money or possess economic intelligence that black people don't have. The primary reason for the gap is that for hundreds of years, African Americans added to our nation's net worth, but were not being properly compensated for it (similar to how the NCAA operates). Being left out of the growth of America's economic engine has kept African Americans at the bottom of the ladder of institutional opportunity: Our school systems are not well-funded, we can't find jobs because we don't own the businesses that take applications, and we continue to be utilized as for-profit commodities by the prison industrial complex.

According to Nutting's research regarding the Survey of Consumer Finances, black families were three times wealthier (in real terms) in 1983 than they were in 2009. As white families saw their net worth grow from $124,000 in 2001 to $143,600 in 2007, blacks actually saw their net worth drop from $12,500 to $9,300. By 2009, white families saw their wealth levels drop to $94,600, but African Americans's levels dropped even more to $2,200. So, between 2001 and 2009, African American families went from having a disgraceful one-tenth of the wealth of white families to an even more horrific ratio of one-fiftieth.

I am not sure how to process the Obama Administration's blind, deaf and dumb response to the persistent wealth and opportunity gaps in America that pertain to race. While the president continues to be popular among African Americans, I would encourage members of his administration to remember that leading with courage is an important part of making African American history (not just holding a fancy title that adds almost nothing more than symbolic value for the black community at large). Courage means sometimes doing things that are not popular and working to make America better.
Given that I haven't heard the president or his team use the words "black man," "black woman," or "black families" in public over the last two years, I am concerned as to whether or not our first black president has been or is willing to do much to fight on issues that matter to black people who didn't go to Harvard University. For example, it's interesting that President Obama would speak up for Henry Louis Gates in a meaningless and ambiguous scuffle with a police officer, but wouldn't say a word about Kelley Williams-Bolar, a black woman who was sent to jail for trying to get her kids into a good school. The latter case was far more significant in the fight against inequality, but Kelley's housing projects were apparently not close enough to Harvard Yard.

There is the added complication that perhaps, because of being a black man, President Obama could "get in trouble" with white voters for advocating on issues that matter to African Americans. This argument has been used by supporters of Hillary Clinton, who might be far less sheepish or self-conscious about advocating for women and minorities. I'm not sure if the Clinton supporters are correct, but the last two years have made many African American families wonder if it even matters who sits in the White House.

Dr. Boyce Watkins is the founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here.

Technorati Tags: black wealth,african american wealth,black scholars,african american scholars

Deborrah Cooper Explains What It Means for a Woman to “Submit” To Her Man

2011-04-21T17:15:00.001-07:00

by Dr. Boyce Watkins, Your Black World

Given the importance of the critical theme of black relationships (which we’re hitting from various angles this week on YBW), I had to get another perspective on some of the things that folks are quoting from the bible as it pertains to how black relationships need to be structured. What does it mean for a black man to “lead” in his relationship? What does it mean for a woman to “submit?” One thing that many of us can agree on is the fact that black relationships have been falling apart for a very long time. The majority of our homes are being run by a single parent, and far too many children are growing up without their fathers in shouting distance. What some don’t acknowledge is that there is a direct correlation between the break down of the black family and the growth of the prison industrial complex. Locking up men for decades for the sale of drugs that were brought into our communities has devastated many of us, and urban decay in the 1980s led to job losses with few viable alternatives to illegal activity. A recent study in The Economist showed that a one percentage point increase in the incarceration rate leads to a 2.4 percent decline in the percentage of black women who eventually get married.

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CNN: Plane Carrying Michelle Obama Comes Too Close To Another Plane and Aborts Landing

2011-04-19T17:39:00.001-07:00

Washington (CNN) -- A plane carrying Michelle Obama had to abort its landing on Monday after it came too close to a military C-17 cargo plane, according to a senior administration official and the Federal Aviation Administration.

The planes were three miles apart, when they are supposed to be five miles apart, the official told CNN. The Federal Aviation Administration is investigating what went wrong, as it is believed to be an air traffic controller mistake, the official said.

The White House does not believe the first lady's life was ever in danger, the senior official said.

Black Couples and Money

Minority Business Programs in Jeopardy

Black Unemployment Drops Slightly, Remains Steady for Black Men

Getting the Wedding You Want with No Drama

38% of African Americans Have Lost Their Job in the Last Three Years

Yes, Bill Collectors May Be Following You on Facebook, Twitter and Everything Else

Banks Set to Start Increasing Fees Substantially

Regal Black Women from Around the World

Black Americans Not Getting Good Financial Advice

Should You Need a License to Braid Hair? A Woman Files a Lawsuit Over the Issue

Dr. Boyce Watkins is the founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here.

A Black Prof Discusses Racial Bias in Financial Decisions

To join the Your Black World Coalition, please visit YourBlackWorld.com.

Tonya McDowell in ColorLines magazine

Black Family Wealth Has Virtually Disappeared

Dr. Boyce Watkins is the founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here.

Deborrah Cooper Explains What It Means for a Woman to “Submit” To Her Man

CNN: Plane Carrying Michelle Obama Comes Too Close To Another Plane and Aborts Landing

Dr. Boyce: The Depth of Forest Whitaker’s Tax Problems

Dr. Boyce Spotlight: Black Female Entrepreneur Teaches Math to Make Her Money

Black Female Entrepreneurs Give You Virtual Assistance

Dr. Boyce Watkins Spotlight: A Couple Makes Both Money and Love

Dr. Boyce: Two Nigerian Men Makes the Forbes Billionaires List

Nwenna Kai Gives the Value of Eating Healthy

Dr. Boyce: Does Education Always Lead to a Better Job? Nope

Dr. Boyce Note: Single Black Women and the Church

Is the Oprah Winfrey Network a Failure Already? Some are Trying to Say that it Is

Young Black CEO Created $60,000 Per Month Business by Making Phone Calls

Ephren Taylor Gives Interview about Bishop Eddie Long Financial Mix-Up

Sex, Church and the Single Black Sister

Should Black People Reject Valentine’s Day?

S. Tia Brown: Dating a Black Entrepreneur

Dr. Boyce and Rev. Jesse Jackson Discuss the Fundamental Problems with the Economy

Can You Stay Fly and Keep In Your Budget? The Frugalista Says You Can

Dr. Boyce on NPR: Is College Still a Good Investment?

Black Men in Prison and How It Affects The Ability to Get Married

Dr. Boyce Spotlight: Black Relationships Guru Builds Career from Giving Advice

Three Things Obama Can Do for Black People

Black Couple Allegedly Cheated Out of $800K on a Game Show

Julianne Malveaux: Surviving and Thriving During the Holidays

From AOL - Should You Be able to Sue Someone for Dumping You At the Alter?

Wells Fargo Says It Plans to Be Nicer to Black People: Oh Really?

Singer Jermaine Jackson Loses Drivers License Over Back Child Support Payments

Should You Be Able to Sue Someone for Taking Your Fiancee?

Black Unemployment Keeps Going Up

HOW WOULD YOU HANDLE THIS, IF THIS HAPPENED TO YOU?

How are Black Women Making It in the Workplace?

What Black America Can Learn from the Arrest of DC County Executive Jack Johnson

Black Celebrity Gossip Blogger Necole Bitchie Shares Her Celeb Money Insights

Boyce Watkins on CNBC: Why are Republicans Fighting So Hard for the Wealthy Already?

Black Entrepreneurship: The Key to Our Survival

Survey: Lack of Capital is Top Barrier to Starting a Black Business

Why are Corporations Not Hiring the way we need them to?

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

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

Obama Ditches His Top Economic Advisor

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

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

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

African American Unemployment Rises 700% More Than White

Kodak Pays $21 M for discrimination

Kodak Set to Pay $21.4 Million in Racial Discrimination Lawsuit

Regina King to the Emmys: Racist as Ever

Tom Joyner Helps HBCUs to Start Online Programs

Sean Bell's Fiancee May Run for City Council

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

How to Teach Your Kids About Money

Bad Financial Decisions of Fantasia

Diddy's Son Gets a $350,000 Car - Is that too much?

Diddy's Son Gets a $350,000 Car - Is that too much?

Did Gary Coleman's Wife Kill Him?

Did Gary Coleman's Wife Kill Him?

Do Tiny and Toya Promote Prison Love?

Do Tiny and Toya Promote Prison Love?

LeBron James' Mother and Her Son's Teammate: Overkill?

LeBron James' Mother and Her Son's Teammate: Overkill?

Boyce Watkins on ABC News - Love and Money Questions to ask Your Partner

Dr. Boyce on ABC News: Asking the right questions of your partner

Dr. Boyce on ABC News: Asking the right questions of your partner

Dr. Boyce Watkins Talks About Financial Effects of Divorce on ABC