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

 

Click here to listen to Dr. Boyce Watkins discuss whether or not college is a good investment during a recession.

How Mass Incarceration Affects the Marriage Market for Black Women

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

In a very compelling article, The Economist Magazine stepped away from its standard delivery of international political updates to dig deeply into the experience of the African American woman. In the article, economists analyze dating for black women as a market, where men and women enter the market to search for a suitable mate.
The author starts off with a simple example to help make his point. He says "IMAGINE that the world consists of 20 men and 20 women, all of them heterosexual and in search of a mate. Since the numbers are even, everyone can find a partner. But what happens if you take away one man?"
Then, citing the work of Tim Harford, an economist in England, the author says that because one out of the 20 women faces the possibility of never finding a husband, she tries harder to get a man, perhaps by dressing more seductively or doing things the other women might not do. She may even steal a man from someone else. This then affects what other women do to find and keep their own men, and also the behavior of the men themselves.

 

Click to read.

Oldest Black Church in Georgia Now Facing Foreclosure

 

 

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

 

The oldest black church in DeKalb County had to recently shut its doors after facing foreclosure proceedings on its building. Flat Rock Community Church is 150 years old. According to Binita Miles, a senior pastor, the church is now having to deal with significant financial problems as a result of declining membership.
The church's mortgage is $6,500 and parishioners are now meeting in a local elementary school.

The challenges being faced by Flat Rock are being felt nation-wide. Quite a few black churches have found themselves to be victims of the recent foreclosure crisis and are working to find a way to pay the bills. African Americans at large were disproportionately impacted by the economic downturn and many of us are on the brink of homelessness. Not only do African Americans have the highest unemployment rates in America, we have less wealth to fall back on in the event of economic problems.

 

Click to read.

Gap Between the Rich and Middle Class Keeps Growing

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

It turns out that the gap between the rich and the middle class is larger than it's been in recorded American history. Much of the growth in the gap is due to the recent housing crisis taking place over the past three years.
According to the Economic Policy Institute, the wealthiest 1% had an average net worth that was 225 greater than the average American. That's higher than the previous record, which was 190 times in 2004.
An intriguing aspect of the divide is that it occurred while the wealth of all Americans declined on average. The richest households lost 27% of their wealth between 2007 and 2009, while middle class Americans lost 47% of their wealth during the same time period. So, the growth in the gap was mainly due to the fact that the middle class and poor suffered more during the recent recession than the wealthy.

 

Click to read.

 

 

 

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

What would you do if the love of your life up and left you days before your wedding? Well, you couldsue his butt off.
Dominique Buttitta, a lawyer in Chicago, is taking her ice-footed former fiancé to court for bailing on their big dayjust four days before the ceremony was supposed to go down. The jilted bride claims that by calling it quits, the groom "intentionally inflicted emotional distress" on her. She's reportedly seeking more than $95,000 from her ex -- money, she says, that she'd already spent on the wedding.
I think she may have a case, and not just because people sue for less than this every day. I've had neighbors sue other neighbors when their dog crapped on the lawn. Buttitta's fiance crapped on her life. Not only is she now being portrayed as a bitter, spurned woman, she's in the hole for a whole lot of zeros.
Planning a wedding is a big, long, intricate process. I know; I'm in the middle of planning mine. Pick up any issue of "The Knot" and they'll tell you: planning a wedding takes about nine months to a year. And those are a packed nine to 12 months of making lists, touring venues, tasting cakes and spending thousands of dollars in nonrefundable deposits. There's the dress, the rings, flowers -- Buttitta says she spent over $12,500 on those -- invitations, escort cards and a ton of other things that take up a whole lot of time and even more of your money. It's ridiculous.

Click to read.

Black News: Woman Sues Tobacco Company and Wins $152M Verdict

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

Marie Evans grew up in a housing project in Boston. In those projects, the children in the neighborhood were given free samples of Newport cigarettes, which Marie first received at the age of 9. By the time she was 13, she was a regular smoker, and in 2002, she died of lung cancer.
Marie's family decided to confront the maker of Newport cigarettes for their negligent behavior and won a stunning $152 million lawsuit against the company. The judgement consisted of $81 million in damages and another $71 million that had been awarded earlier this week. It took quite a few years to get there, but justice has been served. This is the largest judgement in history against anyone in the tobacco industry.
"It was her wish to sort of bring this suit, and I've honored that wish. It's been my mission to see this to completion. I'm sure she feels vindicated. I'm sure she feels thankful for the 14 members of the jury that they ruled that they committed these offenses," said William Evan's, Marie's son.

Click to read.

 

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Wesley Snipes Should Not Be Going to Prison

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

I've been sitting on the sidelines during the tax trial of actor Wesley Snipes, primarily because I didn't quite know what was going on. I wasn't sure if Snipes was guilty or innocent, since I've seen a lot of wealthy folks who've lived as if they were above the law. Part of me wants to believe that the justice system works if you're rich, so I figured that nature would simply take its course.
I took the time to watch Wesley appear on CNN to plead his case to the public. I was honestly skeptical, since I've rarely met a man on his way to prison who didn't try to convince me that he was innocent. In fact, I've received countless letters from prison inmates, many of whom want me to believe that they didn't do it. In most cases, I choose not to judge, but I know the game quite well.

 

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The Importance of Owning Your Own Business – Dr. Boyce Video

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

In case you didn't know this, one of the things that most people think about every single day is how they are going to make enough money to get by. Life is tough and finding enough money to live can be even tougher. What's worse is that the black community's struggle to build economic institutions and obtain financial security are things that keep us from being truly liberated in a fundamentally and historically racist society. The link between civil rights and economic prosperity was the seminal reason for my book, "Black American Money."
The commitment I made to the black leadership and the audience at the "Measuring the Movement" forum this year (hosted by Al Sharpton and the National Action Network) was to promote the idea of black entrepreneurship. Entrepreneurship is not just a matter of having your own business. It can also be as simple as finding some extra streams of income in order to obtain critical financial security. In this economy, you have no job security if you've only got one job. You have to find (what I would call) "a side hustle."

 

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The Invested Life – 10/29/10

 

Chicago:

(video) Tom Forde talks about whether a Roth IRA is right for him, and what he’s learned as he’s researched it:

http://bit.ly/aGO9uC

(text) while Matt Sapaula says that financial security is important, but insuring yourself is every bit as vital:

http://bit.ly/bhh8eC

Portland:

(video) Kathleen Lansing explains why her road to retirement is scary, but it makes the small business owner proud to hear about the value of her life’s work:

http://bit.ly/9XdF7n

(text) While Jenn Meacham looks back on the most important financial lesson she learned, at age fourteen:

http://bit.ly/cY3cUS

Los Angeles:

(video) Lisa and Brandon Schindelheim explain how switching roles taught her about finance, and him about he difficulties in being Mr. Mom:

http://bit.ly/bkM7w5

(text) While Candace says that’s it important to educate not only yourself about finances, but your kids as well:

http://bit.ly/aDm6yX

New York:

(text) Jennifer Sherwood explains why shopping in fancy stores might be a rush, but so is saving money:

http://bit.ly/cAQsyV

(text) While Dr. Boyce Watkins says that you don’t need to have big money to build a portfolio:

http://bit.ly/a4e8YR

Colorado:

(text) Michael Jake is glad to hear that his business has grown enough to start hiring, but has his concerns:

http://bit.ly/ajLbzk

Dallas:

(text) On our show, we’ve seen former NFL star Winfred Tubbs thinking about buying a house. In this new blog, he reveals that he’s had to scrap those plans and live in his condo instead until the real estate market improves:

http://bit.ly/bZNNn6

(text) While Ed Butowsky talks up the value of utility stocks:

http://bit.ly/cQiuZW

Miami:

(text) Suzan McDowell reveals her list of the 10 must-by priorities she can’t live without, and what she learned about herself while compiling it:

http://bit.ly/bWYiX7

(text) While Ben Tobias explains that if you don’t know what’s important to you, you’ll never effectively maximize your happiness:

http://bit.ly/9e6k3c

Dr. Boyce Gives More Coaching on MSN’s “The Invested Life”

 

A new episode of our MSNBC special is out.  You can watch it by clicking here.

Lack of Funding is a Huge Hurdle for Black Entrepreneurs

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

Danielle Douglas, an entrepreneurship expert and CEO of Inspire Enterprises, conducted a survey of African Americans interested in owning their own businesses. The survey,which can be found here, was qualitative in nature, asking questions about the pitfalls that people run into when trying to become either full-time or part-time entrepreneurs.
Douglas made it clear that the greatest obstacle that African Americans face when trying to start their own business is a lack of access to capital. In an interview with AOL Black Voices, Douglas said this:
"Overwhelmingly, respondents number one frustration is lack of financial resources as it relates to start up capital , access to capital in general, and identifying viable resources to help them attain capital."

 

Click to read.

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

 

Click here to watch Dr. Boyce Watkins on CNBC

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

 

Click to watch Dr. Watkins’ episodes.

Did Eddie Bernice Johnson Take Scholarships from Deserving Black Youth?

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

I watched 'Anderson Cooper 360' last night, and saw a black woman's face on the screen. Like most other African Americans, this was my cue to turn the volume up to find out what might be going on. As I watched Anderson stare at the screen with his piercing, cold, concerned eyes, I could see that he and his guests had made the Congressional Black Caucus their target for the night. The arrows hit the bull's-eye, and Anderson seemed to keep throwing them.

The subjects of their disdain were Eddie Bernice Johnson (D-Texas) and Sanford Bishop (D- GA). Both of the legislators are being accused of using CBC Scholarship funds as their personal family gift bag. Johnson was made into the worst of the culprits, giving $31,000 in scholarship money to her relatives. She also signed two letters written to the CBC Foundation specifically requesting that the funds be sent directly to her two grandsons and grand nephews, instead of their universities. Rep. Bishop is accused of giving three scholarships to his stepdaughter and wife's neice in 2003 and 2005.

Click to read.

Your Black News: HBCU TV Network to Launch This Fall

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

NewsOne.com is reporting that there are plans to launch a 24-hour network dedicated to HBCUs. The network is set to be focused on "edutainment" and lifestyle for Historically Black Colleges and Universities. The company behind the platform, C3 Media LLC says that the network is set to fill a niche within the cable industry that has barely been reached in the past.

Much of the programming will also feature various sports teams sponsored by black colleges all across America. "The idea and vision behind the creation of the HBCU Network is to preserve and celebrate the African American colleges and universities, while also providing opportunities for their growth and further prosperity," CEO Curtis Symonds told NewsOne. "At the same time, we are passionate and excited about building a strong media brand and network from the ground up."

 

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Black Scholars Watkins and Metzler on CNBC – 9/15/10

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Black Scholars Dr. Boyce Watkins and Dr. Christopher Metzler Discuss "Keeping The Bush Tax Cuts" on CNBC

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. 

 

Click to read.

Dr. Boyce Watkins: 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.

 

Click to read.

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

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Some think it's too much that Diddy's son got a $350,000 car for his 16th birthday - do you agree?

Did Gary Coleman's Wife Kill Him?

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Did Gary Coleman get murdered by his wife? ;