Financial vulnerability may discourage positive negotiation strategies

People who feel financially vulnerable may be prone to believing incorrectly their success in negotiations must come at the expense of the other party, leading them to ignore the potential for more cooperative and mutually beneficial options.
Consumer Behavior News — ScienceDaily

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Will Smith Invests in App that Helps Teens with Financial Literacy

Will Smith recently became an investor in Step, a mobile-based banking service app for teenagers, through his Dreamers fund. Step allows teens to easily send and receive money from their family and friends, get real-time notifications, and they don’t have to deal with the monthly or overdraft fees and no minimum balance that traditional banking customers incur.

The platform’s lead investor is Stripe. Other investors include Nas, Jeffrey Katzenberg’s Wndrco, Ronnie Lott, Matt Rutler, Kevin Gould, and Moat founders Noah and Jonah Goodhart. Those investments translate into $ 22.5 million in funding.

This isn’t the company’s first round raised, however. Prior to this, the company closed a previous round with Crosslink Capital, Collaborative Fund, and Sesame Ventures.

“Schools don’t teach kids about money,” CJ MacDonald, the CEO, and co-founder said in an interview with TechCrunch. “We want to be their first bank accounts with spending cards, but we also want to teach financial literacy and responsibility. Banks don’t tailor to this, and we want to be a solution for teaching the next generation of adults to be more responsible with money in the cashless era. It was easy with cash to go to the mall but now everyone is using their phone for Uber and more.”

The funding will be used to bring Step’s first product to market, banking accounts with payment cards attached. This will be done in partnership with Mastercard and Evolve.

Will Smith

(Image: Step)

Step currently has a waitlist of over 500,000 potential users waiting for access to the product.

Step isn’t the first company attempting to tackle this problem. Other startups include Current and Greenlight. What makes Step different? The offerings. Step directly addresses teens by giving them ownership over their finances. The parents still have access but, Step puts the teen in control. Those under 18 can sign up for accounts without parental or guardian consent gaining access to an account with extremely limited functionality. The overarching goal for Step is to financially empower the youth.

 

Money | Black Enterprise

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Jim Cramer’s financial news company The Street has agreed to sell

The Street, the financial news company started by Jim Cramer, has agreed to sell its last remaining piece to The Maven, a publicly traded platform for online magazines, for $ 16.5 million. It is doubtful whether Cramer, the high-profile anchor of CNBC’s “Mad Money,” will stay with the firm under the deal. He’s been pulling in…
Media | New York Post

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Changing the Game of Financial Literacy for Black Kids

Goalsetter is a new financial literacy platform for kids. The platform lets the whole family get in on the savings action. Family members can use birthdays and holidays to send kids GoalCards instead of gift cards so kids receive real money towards real dreams.

Parents can also set up round-ups or auto-save to help kids save for big goals over time, and children can earn money via a Goalsetter Allowance.

“Goalsetter is a goal-based FDIC-insured savings, gifting and allowance platform made just for kids and powered by those who love them,” explained Tanya Van Court, founder of Goalsetter. “Goalsetter lets kids save in three big categories: saving for their future, sharing with others, and spending on things or experiences that matter to them.”

As an African American mother, Van Court understands the importance of teaching kids about money and saving early on. As per the company’s website, “The seed for Goalsetter was planted by Gabrielle, who told her mom, Tanya that she only wanted two things for her 9th birthday: a bike and enough money to start an investment account.”

“Kids who have savings accounts in their names are not only six times more likely to go to college; they’re also four times more likely to own stocks by the time they are young adults,” said Van Court. “Goalsetter’s mission is to get every household in America saving, one kid at a time.”

Forging relationships with national non-profits, school systems, and corporations — Goalsetter helps create the next generation of savers, investors, and wealth-creators. The company’s partners include Morgan Stanley, New York City, and Boston public schools, as well as the Center for Changing Lives.

Before creating Goalsetter, Van Court served as senior vice president of partner marketing at Discovery Education, where she launched digital textbooks to schools across the country. She also led Nickelodeon’s digital preschool and parenting businesses, including NickJr.com. Prior to Nickelodeon, Van Court served as vice president of new media products for ESPN, where she led the launch of ESPN3.


Black Enterprise Contributors Network 

 

 

Money | Black Enterprise

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First American Financial exposed private data

Newsy

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Subpoenas for Trump financial records on hold pending appeal: court filing

Deutsche Bank AG and Capital One Financial Corp will not have to immediately hand over the financial records of U.S. President Donald Trump, three of his children and the Trump Organization, according to a court filing on Saturday.


Reuters: Politics

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Subpoenas for Trump financial records on hold pending appeal -court filing

Deutsche Bank AG
and Capital One Financial Corp will not have to
immediately hand over the financial records of U.S. President
Donald Trump, three of his children and the Trump Organization,
according to a court filing on Saturday.


Reuters: Company News

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Judge says Deutsche Bank, Capital One can give Trump financial records to House Democrats

Deutsche Bank and Capitol One can turn over financial documents related to President Donald Trump and his businesses in response to subpoenas from House Democrats, a judge said.
Top News & Analysis

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The US is hurtling toward a potential financial breaking point, and no one seems to know how to stop it

The US government is hurtling toward a potential financial crisis, and no one in Washington seems to know how to stop it.


CNN.com – RSS Channel – HP Hero

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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Medical Financial Hardship: Estimated 137 Million Americans Struggling | NBC Nightly News

NBC News

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Prudential Financial Invests $180 Million for ‘Opportunity Youth’

Prudential Financial just announced a $ 180 million investment in what it calls ‘opportunity youth.” These are young people ages 15–29 who lack access to valuable resources including education and job training.

“Businesses like ours have a role to play in ensuring that global economic progress benefits all members of tomorrow’s workforce,” said Prudential Chairman and CEO Charles Lowrey via a press release. “Our goal is to improve young people’s lives by creating pathways for them to achieve financial wellness, strengthen their communities and ultimately help drive the global economy.”

‘Opportunity Youth’ is a global demographic of some 350 million young people who are either under or unemployed and who lack education. In the U.S., black and Native American young people comprise large segments of this population.

Prudential’s investment will extend into 2025. The financial services company is in partnership with several organizations dedicated to assisting at-risk youth including My Brother’s Keeper, YouthBuild—which teaches young people skills in the construction trades; Year Up, Andela, and its real estate investment arm, PGIM Real Estate.

Behind the numbers of the investment are real stories of people such an effort has helped. One person is Jay Hammonds, who was born to a drug-addicted mother; abandoned by his parents; and then dropped out of college.

Through Year Up, Hammonds scored an internship at Facebook. Currently, he provides IT services to Facebook executives including Mark Zuckerberg and Sheryl Sandberg.

“I’ve always been interested in technology, but I never thought that I could have a career in it. During the program, I was more motivated than ever. A lot of my family and friends didn’t understand what I was doing. They thought it was “too good to be true” and would say, “Where’s the scam?” They couldn’t fathom something that good, but when I got the internship at Facebook I was proof that the program was real,” says Hammonds in a statement on Year Up’s site.

Hear Jay Hammonds’ story: 



 

Said to be the largest private sector investment to date, Prudential’s senior vice president of Diversity, Inclusion and Impact, Lata Reddy, says that the company has seen “firsthand” how its work with its partners such as Year Up, has a “positive ripple effect.”

“Integrating this population into the workforce will drive revenue growth for businesses and the global economy. With the right skills and training, opportunity youth can be both an engine of growth and a catalyst for positive social change,” said Reddy.

Prudential was named on Black Enterprise‘s most recent “50 Best Companies for Diversity” list.

The post Prudential Financial Invests $ 180 Million for ‘Opportunity Youth’ appeared first on Black Enterprise.

Career | Black Enterprise

EMPLOYMENT UPDATE:

Trump sues in bid to block congressional subpoena of financial records

In a federal filing, the president claimed the House Oversight Committee is abusing its powers to damage him politically.
Politics

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

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Merrill Lynch bolstering its ranks of financial advisers

Just when many on Wall Street thought Merrill Lynch’s thundering herd of financial advisers were a thing of the past, the Bank of America wealth management arm is hiring hundreds, and ratcheting up plans to enlarge its branch network in Manhattan and the outer boroughs. “The thundering herd will be growing in and around New…
Business | New York Post

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Bittrex virtual currency license rejected by NY financial regulator

The New York Department of Financial Services said on Wednesday it has rejected the application of Bittrex, a U.S.-based digital asset exchange, for a virtual currency license that it needs to operate in the state.


Reuters: Technology News

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Don’t Let Just Anyone Handle Your Money: Use Caution When Choosing a Financial Adviser

African Americans may do well to check out a financial adviser’s credentials thoroughly before hiring one to manage their investments. New data shows what you need to know before choosing a financial adviser.

Some 48% of Americans mistakenly believe all financial advisers are required by law to always act in their clients’ best interest, a new survey by digital wealth manager Personal Capital shows. The finding comes after the Securities and Exchange Commission this month settled charges against 79 investment advisers who must return over $ 125 million to clients tied to mutual fund sales, with a large chunk of the money going to retail investors, DI Media reports.

The Personal Capital 2019 Financial Trust Report further disclosed that 65% of investors who work with a financial adviser incorrectly believe that financial advisers only make recommendations that are in a client’s best interest, a rise from 46% in 2017.

A startling discovery was that just 44% of Americans know the fee amounts they pay on all their investment accounts. And 20% do not know how their adviser is paid. Personal Capital claims hidden fees can add up to more than an eye-popping $ 400,000 in an investor’s lifetime.

This report stemmed from a CARAVAN survey by Engine among a sample of 2,007 adults—1,004 men and 1,003 women—18 years of age and older. The online interviews were conducted in December 2018 and entailed responses from 202 African Americans.

Though 30% surveyed think a financial adviser is likely to take advantage of a consumer, 97% trust that their own financial adviser will act in their best interests.

A Lack of Awareness When Choosing a Financial Adviser

Accentuating the lack of awareness pertaining to advisers’ legal obligations to clients, 18% were unable to identify if their adviser is a broker/dealer or a fiduciary. The 26% who indicated their advisers are broker/dealers should reconsider if they are receiving unbiased financial advice, Personal Capital says.

Questioned about who they would trust their money with, 28% said a registered investment adviser, 21% a big bank/brokerage firm, 14% a local advisory company, 8% an online platform. Thirty-three of the respondents said none of the above.

On the loyalty front, millennials surprisingly were the most devoted with 80% declaring they would follow an adviser to a new firm. Seventy percent of Gen Xers and 66% of baby boomers felt that way. Respondents reflected on the usefulness of technology in financial services and cybersecurity concerns.

The overall findings come after years of public debate among regulatory bodies over the fate of the fiduciary rule focused on arguing the definition of “best interest,” which Personal Capital claims may be contributing to the increased public confusion.

“While we hope all financial services professionals and firms are working with Americans’ best interests in mind regardless of fiduciary designations, this simply isn’t the case,” said Jay Shah, CEO of Personal Capital. “When it comes to wealth management, anything less than advice that meets the fiduciary standard simply isn’t acceptable. Investors deserve more.”

How to Find a Reputable Adviser

Responding to the Personal Capital report, Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors, said, “Broker-dealers and their registered representatives provide affordable, trustworthy financial services and products to clients at all income levels, from the wealthy to those with more modest means.” The NAIFA is the nation’s largest membership association of insurance and financial professionals.

Mayeux added,  “Fiduciary regulations, such as one imposed by the U.S. Department of Labor before it was struck down by a federal court, can create burdensome and costly requirements that make it difficult or impossible for advisers to provide individualized, human-on-human advice and services to middle- and lower-income consumers. Many registered investment advisers charge fees and require account minimums of $ 200,000 to $ 1 million or more while relegating people who cannot maintain those balances or afford those fees to one-size-fits-all computerized models or call-centers.”

“The truth is, insurance and financial advisers are highly-trained and licensed professionals. They are governed by state and federal securities laws, and every securities transaction they complete with a client is subject to compliance reviews by their broker-dealers and the Financial Industry Regulatory Authority.”

Mayeux pointed out NAIFA members agree to abide by a code of ethics that includes a promise to promote their clients’ interests. He says the vast majority of these advisers build and maintain enduring relationships with clients that often last decades and would not be possible if the advisers were not looking out for the best interests of their clients.

“Nonetheless, NAIFA supports an ongoing effort by the Securities and Exchange Commission that would further require advisers to serve in the best interests of their clients and is working with the SEC to ensure that the final rule benefits consumers of all income levels and allows them to continue to receive needed services and advice.”

A “Staunch Advocate”

Geoffrey Brown, CEO of the National Association of Personal Financial Advisors, said the findings from Personal Capital’s 2019 Financial Trust Report are not surprising. He said because of efforts to mislead and confuse the public by non-fiduciary financial services professionals, consumers often don’t have the clarity needed to evaluate the relationship they have with their chosen professional.

He added this leads to a lack of understanding about the true cost of the engagement and the duties owed to the client under the law. Since its inception, Brown claims NAPFA has been a staunch advocate for fiduciary principles, something he maintains is the most transparent way of serving the public. The NAPFA calls itself the country’s leading professional association of fee-only financial advisers.

“In today’s marketplace, it’s virtually impossible to distinguish a salesperson from an adviser, or between those advisers who are legally obligated to provide advice under a fiduciary standard versus those who are not. When working with an adviser or salesperson, consumers need to be clear about the nature of the relationship,” Brown says.

 

The post Don’t Let Just Anyone Handle Your Money: Use Caution When Choosing a Financial Adviser appeared first on Black Enterprise.

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If You Share A Bed, You Should Share Financial Responsibility: Here’s Why

Earlier this month, the New York Times highlighted a study published in the Journal of Consumer Research that shines further light on a problem many couples face: how to distribute responsibility for finances. The study’s author discovered that when couples divide money management unequally, the person taking a less active role is putting themselves at a financial literacy disadvantage over time.

WHY IS PUTTING ONE PERSON IN CHARGE OF THE MONEY SUCH A PROBLEM?

While such a division of labor may seem convenient, it comes at a cost. The authors of the study found that “people generally develop expertise on a “need to know” basis—they pay attention to what they think they need to know, when they think they need to know it—and that the need to know is at least partly determined by one’s social relationships.”

Simply put, when one partner is the money person, that person continues to grow and hone their financial literacy. At the same time, the other person doesn’t develop and maintain the same degree of knowledge about their household financial management. This results in a financial literacy – and financial confidence – gap that grows over time.

A Fidelity survey supports this finding. Among respondents who were married or in a long-term committed relationship, 93 percent of those who said they had primary financial responsibility in their household said they were confident managing money, while just 52 percent of the less involved partners said they would be confident doing so.

DO MOST COUPLES PICK ONE PERSON TO HANDLE FINANCES?

Yes. Over half of respondents in numerous surveys reported deferring to their better half when it comes to money. And women are more likely to step back from managing long-term household financial decisions – retirement accounts, mortgages, and insurance – even as we tend to be responsible for day-to-day purchases.

A UBS survey last year found that 56% of married women leave key financial decisions to their husband. Given that women have a longer life expectancy than men, this is especially problematic. And among younger generations, the trend is actually getting worse! The same UBS survey found that 61% of millennial women reported leaving financial decisions to their partner compared with just over half (54%) of women from older generations.

WHAT CAN LISTENERS DO TO AVOID FALLING INTO THIS TRAP?

One of the best ways to ensure you are both engaged in your joint finances is to have a shared financial plan that outlines your long-term vision. Discussing what you want to prioritize – buying a house, your retirement, your children’s education – and putting it on paper incentivizes each of you to be invested in achieving these goals.

You should also develop a joint budget each year that is benchmarked to this plan. Second, set aside time each month to review your shared financial accounts and assets, and make any necessary adjustments or decisions jointly. If you have shared goals and financial responsibilities, you will both have more peace of mind.


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7 Black Millennial Financial Experts to Follow on Instagram in 2019

Based on Bank of America’s research, millennials are more financially savvy than we give them credit. They are actively seeking ways to experience FIRE (Financial Independence Retire Early). As more mature adults continue to connect on Facebook, millennials are leaving this social platform and gravitating to other social networks, like Instagram.

Instagram is not just selfies and food pics. This social network is also a great place to access practical and fun tips about personal finance, credit, and investing. Since 90% of Instagram users are younger than 35, businesses are using this platform to connect with millennial spenders, savers, and investors.

Even financial experts are using Instagram as financial influencers to educate followers about economic empowerment. Here are a few financial experts that are changing the IG financial literacy game for millennials.

7 Black Millennial Financial Experts to Follow on Instagram in 2019

Ash Exantus: @IAMAshCash

Black Millennial Financial Experts

Image: Instagram @iamashcash

Ash Exantus, aka Ash Cash “The Financial Motivator,” is the author of numerous books, including The Wake Up Call: Financial Inspiration Learned from 4:44 + A Step by Step Guide on How to Implement Each Financial Principle and Making Sense of Kanye (West): A Spiritual Guide to Financial Freedom, Peace, Love, and Happiness. Exantus’s energy combined with his financial expertise excites everyone who listens to his personal finance and credit strategies.

“I blend psychology and personal finance with music, pop culture and relevant news to help people manage their money better in order to live the life that they want.” shares Exantus.

If you are in need of some serious money motivation, check out Exantus’s personal finance, credit, and mindset posts on Instagram at @IAmAshCash.

Anthony Copeman: @SharesTV

Black Millennial Financial Experts

Image: FinancialLituation.com

Anthony Copeman, a certified financial education instructor and founder of Financial Lituation, is the creator of $ hares TV. $ hares is an animated series dedicated to helping millennials make money work for them. The animated lessons are not only informative, but they are also funny and entertaining. $ hares TV uses original music and gives different money tips via weekly episodes on Instagram. Each episode shares money tips based on the characters’ individual storyline and experience.

“I believe that our mindset is the primary currency for building wealth and money is second,” explains Copeman. “Through my animated series, I help viewers start the journey toward financial freedom through mindset, movement, money, and maintenance.”

If you love animated television shows and movies just as much as I do, you will love learning about money with Copeman’s animated series on Instagram at @SharesTV.

Choncé Maddox Rhea: @MyDebtEpiphany

Black Millennial Financial Experts

Image: MyDebtEpiphany.com

Choncé Maddox Rhea, a certified financial education instructor (CFEI) and personal finance coach, has overcome many financial challenges. Rhea shares helpful tips to help ambitious millennials regain control of their money and live a life with more possibilities and fewer financial limitations. She uses her experience of paying off over $ 40,000 of debt to help people break through doubts and setbacks to restore financial confidence.

“I believe that we were meant to do more than just work and pay bills until we roll over and die. The real challenge is choosing your values and intentions for your future wisely,” explains Rhea. “Then, regaining control over your money so you can use it as a tool to create the life you truly want.”

For information, advice, and resources about improving your money mindset and managing your finances better, check out Rhea’s posts on Instagram at @MyDebtEpiphany.

Courtney Richardson: @TheIvyInvestor

Black Millennial Financial Experts

Image: Instagram @TheIvyInvestor

Courtney Richardson, the founder of The Ivy Investor, is an attorney and former stockbroker and investment adviser. Through “The Ivy Investor,” Courtney provides resources for women seeking to learn about the investment world in ways that are easy to understand. Her unique and engaging style of breaking down the stock market, retirement, and college savings encourages everyone to take action.

“I have fun giving Wall Street advice in simple terms,” says Richardson.

For easy to understand investment advice for women, check out Richardson’s posts on Instagram at @TheIvyInvestor.

Kevin L Matthews II: @BuildingBread

Black Millennial Financial Experts

Image: BuildingBread.com

Kevin L. Matthews II, a former financial adviser, is the author of Starting Point: How to Create Wealth that Lasts. Matthews has helped individuals and couples plan for their retirement in addition to managing more than $ 140 million in assets during his career as a financial adviser. Matthews, named one of the 2017 Top 100 Most Influential Financial Advisors by Investopedia, shares why he launched Building Bread® …

“My goal is to inspire millennials to set, simplify, and achieve any financial goal.”

If you are ready to take your finances to the next level, check out Matthew’s helpful investment and financial planning tips on Instagram at @BuildingBread.

Tela Holcomb: @TelaHolcomb

Black Millennial Financial Experts

Image: TelaHolcomb.com

Tela Holcomb teaches how to “Trade Your 9 to 5®” by trading on the stock market. Holcomb, a six-figure stocks and options trader, believes that “anyone can learn the stock market when it’s put in plain English.” She uses her knowledge, experience, and every encounter with people whose lives she has touched to show how anyone can do what she has done.

Holcomb shares, “I’m not a stockbroker. I’m simply an ambitious mom and wife who will stop at nothing to build a legacy of wealth for my family without hustling so much that I never get to spend time with the people who matter most to me.”

To learn more about how to “Trade Your 9 to 5®” through stock market trading, check out Holcomb’s posts on Instagram at @TelaHolcomb.

Eric Patrick: @Black_Market_Exchange

Black Millennial Financial Experts

Image: Facebook

Known as the Hip-Hop Stock Doc, Eric Patrick is the founder and chief investment educator of Black Market Exchange L.L.C. Patrick uses hip-hop and urban media to make investing fun and easy to understand.

“Whether I explain that choosing a broker is like choosing a music streaming service; or elaborate on how a company’s IPO (initial public offering) is like Lil Wayne dropping another Dedication or No Ceilings mixtape,” explains Patrick, “your boy has got you covered so you can understand the stock market and can start investing with confidence.”

For stock and investment tips with a hip-hop twist, check out Patrick’s posts on Instagram at @Black_Market_Exchange.

Black Enterprise Contributors Network 

The post 7 Black Millennial Financial Experts to Follow on Instagram in 2019 appeared first on Black Enterprise.

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US households see biggest decline in net worth since the financial crisis

Net worth dropped to $ 104.3 trillion as the year came to an end, a slide of $ 3.73 trillion, according to figures released Thursday by the Fed.
Economy

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Regina King, Her Rise to Hollywood Royalty, And How She Survived Financial Hard Times

Regina King delivered a tearful and moving speech on Sunday when she won the Academy Award for best supporting actress for her role in If Beale Street Could Talk. The 48-year-old actress thanked the film’s director, Barry Jenkins, and paid tribute to James Baldwin, who wrote the 1974 book with the same title.

“To be standing here, representing one of the greatest artists of our time, James Baldwin, it’s a little surreal,” said King. “James Baldwin birthed this baby; Barry, you nurtured her, you surrounded her with so much love and support and so it’s appropriate for me to be standing here because I’m an example of when support and love is poured into someone.”

At one point during her speech, the award-winning actress became emotional as she thanked her mother, who sat in the audience. “Mom, I love you so much. Thank you for teaching me that God is always leaning — always has been leaning in my direction,” she said.



 

King picked up her first-ever Oscar nomination and win and after more than three decades of working in Hollywood. She launched her career back in 1985 when she landed a role in the television sitcom 227. She then made her film debut in the cult classic Friday in 1995. Since then, she has starred in the blockbuster film Jerry Maguire and has appeared in a number of hit films and television shows, including Enemy of the State, Ray, How Stella Got Her Groove Back, and The Big Bang Theory.

Below is an exclusive interview with the actress from 2011. King, who today boasts a net worth of $ 12 million, opened up about her career, personal finances, and investments.

BLACK ENTERPRISE: As one of the few black actresses that has transcended race through your roles, what is the secret to your mainstream appeal?

It changes with time. When I was younger my unwillingness to compromise saved me from making choices that I might later regret. Then, I became a mother, which taught me patience and that has been a tremendous help in my career’s perseverance. It reinforced my belief that if you are truly committed to doing something and believe it will happen, it will happen in due time. Patience and obedience [to your craft] is key in this industry.

Indeed, and you credit that with helping you wait for the better roles after having been typecast as the devoted or no-nonsense girlfriend or wife in the past?

At one point I was stalled with only those types of roles and I could have continued the wife roles because the offers were there, but I had to believe that the universe would provide another role if I turned one down. I also had to make sure that my finances were in place.

Self-preservation can be difficult in such a fickle industry. What are some practices that have ensured your financial stability throughout the years?

Often we see the big check, but don’t take time to think that it might have to last you all year. The worst thing is living hand-to-mouth. While I’m definitely a shopper, I make smart choices. I’m a huge Target fan and not ashamed to admit that I keep up with what they have new each month (laughs). I do my best not to buy things for the moment and spend less money on trendy items, but invest in timeless classics such as a pump or a watch.

As an actress, what other personal investments do you make for the long haul?

The Screen Actors Guild has a pension plan that you can put money in, which is equivalent to an employee setting up a 401(k) with their company. Whenever I get a big check I make some type of investment. I’ve done many of them in small ($ 65,000 to $ 120,000) in 24-hour fitness gyms and the amount of return was genius. People are always going to work out. If you’re going to try to invest, it’s important to take your time and find someone you really trust who can help advise you. I’ve been with my business manager for 13 years and he’s great. Try to keep abreast of business opportunities that fall between the lines of conservative and liberal. You don’t want to be too progressive. When the stocks dropped, I lost very little because I didn’t have any money in stocks. Find different types of investments like a storage company. When folks went bankrupt and lost homes they had to find storage for their personals. Sometimes the most practical items and services are the ones worth investing in.

After your HuffPost op-ed “The Emmys: As White as Ever” did you receive any backlash or did it generate healthy dialogue between you and colleagues?

I think it generated healthy dialogue between people. Those that are around me (black and white) mirror my sentiments, so I wouldn’t say I received a lot of backlash.

 


Editor’s note: This article originally published on Jan. 25, 2011. It was updated by Selena Hill.

The post Regina King, Her Rise to Hollywood Royalty, And How She Survived Financial Hard Times appeared first on Black Enterprise.

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Federal ethics agency refuses to certify financial disclosure from Commerce Secretary Wilbur Ross

The government's top ethics watchdog refused to certify a financial disclosure report from Commerce Secretary Wilbur Ross, it was disclosed Tuesday.
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Special counsel says Paul Manafort deserves up to 24.5 years in prison for financial crime

Prosecutors on special counsel Robert Mueller’s team intend to file a sentencing recommendation in the Paul Manafort case Friday.


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Gannett refused takeover fearing rival’s financial backing

Newspaper giant Gannett, which rejected a $ 1.4 billion takeover offer from its cost-cutting rival MNG, said it believes MNG lacked adequate funding for the deal. Gannett said its suitor’s executives failed to answer “basic questions” about the bid at a meeting last week. Gannett, which owns more than 100 papers including USA Today, said on…
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The Four Financial Love Languages Spoken in Every Relationship

Financial fights are one of the leading causes of divorce. Many couples find it difficult to effectively communicate with each other about money matters because they are actually speaking different financial languages. That’s right! Finance is a language, and unfortunately, most people are not financially bilingual. It is actually more difficult to speak or understand someone else’s financial communication when you don’t really understand your own financial language.

In 2004, Gary Chapman introduced the concept of Love Languages to help people improve their relationships through communication. In my upcoming book, 4 Financial Languages, I explain that financial languages are identified by behaviors and words that represent an individual’s financial value systems. By understanding these behaviors and words, couples can improve communication and establish a collective financial value system.

Put the two concepts together and you have financial love languages.

Learning how to speak in your mate’s financial love language will not only help you avoid money misunderstandings, but it will help you and your mate enjoy the journey toward your financial goals.

The 4 Financial Love Languages

SAVING

Financial security is usually the primary concern of people who speak the dominant language of saving. A Saver primarily saves money because they like to see their money grow like a strong tree.

Some savers also save to protect themselves and their family from financial hardships and emergencies. It is vital for them to be able to help their loved ones financially — now, and in the future.

One of the best ways to communicate with Savers about money matters is to talk about how much money they will save or including them on a purchase to find the best deal.

For example: “You are the best at saving us money. Can you help me find the best deal on a big screen TV so we can stay within our budget?”

GIVING

People who speak giving have a philanthropist’s heart. For most givers, giving is an expression of love. They give their time, money, resources, etc. to help those in need.

Givers should be cautious if they find that they are giving out of an act of insecurity in exchange for an emotional connection or to be liked.

The best way to communicate with givers is to praise them for their giving spirit. In most instances, givers simply like to feel appreciated.

For example, “You have such a wonderful heart of giving. Let’s find some more ways to give where it will be a bigger impact.”

INVESTING

Those who speak investing take relative risks and enjoys watching their money grow as well.

They like to invest in the stock market, retirement, business opportunities, education, or other people.

The best way to communicate with investors is to discuss transactions or opportunities as “investments” and as well as share the potential return on those investments.

For example, “We could make some great contacts for our business if we invest $ 200 in attending this conference.”

 

SPENDING

Spending deals directly with the pleasure principle. Whether the spending is for someone else or themselves, spenders find ultimate pleasure in spending money, usually on stuff.

True spenders can be rebellious when they feel financially deprived or restricted.

The best way to communicate with a spender is not to judge, but rather give parameters of spending.

For example, instead of telling a spender they can’t spend because of the budget, tell them, “We have $ 200 to spend this month.”

Understanding financial love languages will aid in having more effective financial conversations with your mate. If needed, seek help from a financial professional to mediate your cash conversation. Finances, just like love, can be a beautiful experience when both partners respect and appreciate the other’s language.

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4 Ways to Help Loved Ones Dealing with Financial Hardships

After experiencing the longest government shutdown in history, many federal workers and contractors who experienced financial hardships are still trying to recover.

The government shutdown tested people’s financial preparedness, and many unfortunately failed. Also, with another possible shutdown looming, many people are frightened that this will catapult them into homelessness.

Approximately 1 in 3 Americans do not have emergency savings to cover a $ 500 emergency, according to personal finance website Bankrate. This statistic became a heartbreaking reality when real life financial hardship stories recently surfaced due to the federal furlough.

Unexpected emergencies like medical bills, the death of a family member, job termination, or an unwarranted furlough, are common causes of most financial traumas. The reasons people do not set aside money for these unexpected emergencies range from unlivable wages, sluggish salary raises with rapid inflation, unfair wage gaps, or even poor financial habits.

When a loved one is dealing with a temporary financial hardships, there are ways to provide assistance or relief.

4 Ways to Help Loved Ones Dealing with Financial Hardships

 

Lend money

If you have the financial ability to lend money to a loved one and are confident you will be repaid, offer a short-term loan. Treat the loved one with compassion, but explain the offer is a loan and is expected to be paid back.

Write up and sign an agreement between you (lender) and the loved one (borrower) to clarify the financial transaction as a loan.

Debt.org shares that a loan agreement between loved ones should include:

  • The names of the parties involved
  • The date of the loan agreement
  • The amount borrowed (principal)
  • Interest rate (if applicable)
  • Repayment terms (monthly payments over a specific period or a lump sum on a certain date)

In the event of nonpayment, the loan agreement should also include:

  • Modification of loan terms
  • Taking ownership of collateral
  • Possible legal action

Hard feelings and arguments between relatives and friends occur when money is lent in good faith but not repaid. So, take the advice I give to my clients who consider lending a loved one cash …

“If you can’t afford to give the money, don’t lend it.”

 

Give money

Instead of lending the money, give the loved one the amount of cash you can afford as a gift.  By giving money as a gift you release the possible future tension in the event the loved one does not pay you back. Consider it as a few early birthday or Christmas gifts.

When giving money, do it privately, discreetly, and without pity. Many loved ones suffer in silence, financially, because they do not want their business shared.

Assure the loved one that you will not share the monetary gift to anyone. Respecting the loved one’s need for privacy is important, especially if they are a very private or prideful person.

 

Pay a bill directly

Consider paying a specific bill or expense directly if you prefer not to give a loved one cash, or they do not want to accept your loan or monetary gift.

Paying a utility, car payment or insurance, or even a rent or mortgage payment, will release a significant financial burden.

Some companies, like PECO, formally Philadelphia Electric Company, allow people to help out and pay a bill on behalf of their customers.

 

Provide a service

Perhaps you may be unable to give a loved one money.

An act of service will go a long way when it comes to helping a loved one experiencing financial hardship. Sometimes, taking time to do something for someone is more helpful than giving money.

Some amazing acts of service can include:

Care for the kids

Offer to babysit or care for their elderly family member who requires special attention. This will free up some time for the loved one to work another job, or get some much-needed rest.

Cook a few meals

You may be aware of a loved one who is struggling to feed their family. Cook and deliver meals for a few days to offset their grocery bill, and relieve the burden of cooking.

Chauffeur for a day

If a loved one does not have transportation, be their chauffeur for one or a few days. Driving them to appointments, run errands, or their job will be much appreciated.

Clean up the house

Clutter can sometimes cause just as much stress as the financial trauma. Offer to clean a loved one’s kitchen, bathroom, bedrooms, or the entire home to eliminate that responsibility from their list. Often a clean environment can calm our consciousness to better deal with difficult situations.

IN CASE YOU MISSED IT: 


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How millennials can contribute to their financial futures while supporting their values

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Millennials have made headlines for everything from their tendency to job-hop to their fondness for avocados. There’s a reason the media has a laser-focus on millennial habits: In the not-too-distant future, the spending power of this avocado-loving generation has significant implications for governments, NGOs, and businesses the world over.

Financial experts are keeping a close watch on millennial investment data to gain insight into what this generation cares about and how it affects their long-term choices. According to a UBS Investor Watch report, millennials are optimistic about achieving their financial goals — even though they tend to invest conservatively. They also express interest in sustainable investments. This suggests that they’re more likely to put financial support behind initiatives that generate environmental, social, and governance resultsRead more…

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People Share Why They Don’t Use Financial Advisers; Some Alternative Ways to Get Financial Help

Many people just do not want to meet with a financial adviser despite the fact that using one may provide numerous financial advantages. Financial advisers provide objectivity of financial situations and give advice to help establish a more secure financial position.

A few personal finance professionals, authors, teachers and bloggers, from the Elevate Community, dedicated to uplifting people of color financially, shared their perspectives:

“Just Not Ready”

Just like weight loss, financial wellness is one of the top three new year resolutions and personal goals. Most people generally know what to do to improve their financial situation, but some are just not ready to do it.

“We like comfort!” says Andre Albritton of The Millennials Next Door. “A financial adviser will give recommendations outside of our comfort zone which can be a frightening experience.”

Money mantras like “save more and spend less” and “pay yourself first” have been stated by every financial expert. The reality is if a person is not mentally ready, they will not execute any plan.

Cost

On television, rich and famous people seem to be the only ones talking about meeting with financial advisers. This creates the perception that it takes thousands or millions of dollars to work with a financial adviser. The consumers living paycheck to paycheck with minimal or no assets (like a home, investments, etc.) may presume it is too expensive to meet with a financial adviser.

Many middle-class Americans are working hard to pay their bills and make ends meet. Paying to meet with a financial adviser may seem premature or unrealistic.

Denial

“People put off seeing a financial adviser for the same reason they avoid going to the doctor or dentist” shares Alfred Edmond Jr., BLACK ENTERPRISE Your Money Your Life Podcast host and co-author of Loving in the Grownzone. “They don’t want to deal with the choices, remedies, or lifestyle changes that will likely be necessary to improve their condition.”

People that practice avoidance in the hope that the problems will go away, or correct itself will deny the problem, and chose not to deal with the financial situation. Unfortunately, avoiding the dis-ease in the bank account will leave a person vulnerable to more financial hardships.

“People are embarrassed about their current (financial) situation and believe their choices got them in that predicament” explains Atiya Brown of Live Financially Savvy Podcast. “Since they don’t know the extent, they may tend to ignore and avoid.”

Pride

Almost 10 years ago, my pride almost put me in the poor house. I remember being ashamed to admit my major money mistakes and felt like a failure. I locked myself in a self-inflicted private prison of shame.

People suffer in silence because of their pride and the shame they feel because of making money mistakes. Making the decision to let go of the shame and ask for guidance will help to release the guilt.

Product Pushers

Julien Saunders of rich & REGULAR states, “Some financial advisers have a tendency to be pushy. Although well-intended, some (financial advisers) can make a person feel pressured. Consumers must fully understand the implications, alternatives, or cost to them as the investor.”

Some financial advisers are perceived as product pushers. Product pushing financial professionals turn off and scare away many consumers. Even though consumers know that financial advisers sell products, they do not want to feel pressured into purchasing products they don’t understand.

Stranger Danger

People do business with people they like, know, and trust. Sharing secret financial skeletons with  someone you don’t know can be extremely uncomfortable. It is even more frightening to give control of your money and assets to that stranger.

Patrina K. Dixon of It’$ My Money says, “Some people have trust issues. Therefore, if they do not trust the financial advisor, they will not be safe to share relevant information the adviser may need to assist the client.

 

Some Alternative Options to Using Financial Advisers 

Many are not ready for the financial commitment to meet or work with a financial adviser. Here are some alternative options and resources to help you “start where you are.”

Financial Blogs and Podcasts

Financial blogs are an excellent resource for free money tips and strategies. Here are a few blogs and podcasts to check out.

Tanya Rapley’s My Fab Finance Blog teaches millennial women of color how to regain control of their finances, overcome financial challenges, and pay off debt.

Talaat and Tai McNeely host the His And Her Money Podcast. Their podcast and blog aim to help married couples reach their financial goals together.

Marsha Barnes’ The Finance Bar Blog connects individuals to their financial wellness. She offers one-on-one coaching and an app that shows where your money is going.

Online Financial Tribes

John Hope Bryant, the founder of Operation Hope stated, “If you hang around nine broke people, you will be the tenth.” Connecting with people who have similar financial goals or have achieved the success desired is essential to financial success. Here are a few online financial tribes to check out.

The Live Richer Academy founded by Tiffany Aliche, who is known as The Budgetnista, is a membership-based online platform that offers courses designed to help participants take their finances to the next level.

Founded by Sandy Smith, of Yes I Am Cheap blog, Hustle Crew is a private Facebook group community that provides resources on entrepreneurship and starting a side hustle.

Financial Coaches

Financial coaches educate clients on the basics of money and credit management. They help their clients establish financial goals and create a customized plan to reach those goals. Financial coaches act as accountability partners to encourage and challenge their clients to success.

Financial coaching services range free through a non-profit programs to a few hundred dollars per hour to work with popular financial coaches privately.


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Your Money, Your Life: Episode 5 – ‘Biggest Threat to Financial Wellness’ with Ash Cash

Too much debt is the biggest threat to financial wellness. Financial motivator Ash “Cash” Exantus, co-founder and CEO of MindRight Money Management, explains why your mindset and lifestyle determines how you manage debt, and offers valuable actions you can take to get and keep it under control



The new personal finance podcast, Your Money, Your Life is sponsored by Prudential and hosted by Black Enterprise’s own Alfred Edmond Jr. This special series features a lineup of great guests including The Breakfast Club’s Angela Yee; DeForest B. Soaries Jr., founder of the dfree Financial Freedom Movement; Tiffany “The Budgetnista” Aliche; and Jacquette M. Timmons, president & CEO of Sterling Investment Management. The show will cover money topics ranging from how to control your debt to our psychological relationship with our finance. A can’t miss!

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UK Parliament votes to create financial obstacle to a ‘no-deal’ Brexit

British Prime Minister Theresa May suffered another setback to her Brexit withdrawal deal Tuesday as members of her own Conservative Party joined opposition Labour Party MPs in favor of a vote to curb the government’s spending powers if Britain fails to secure an agreement deal on its departure from the European Union.


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“Budgetnista” Helps Create Financial Literacy Law for Kids in New Jersey

Last Thursday, acting New Jersey governor Sheila Oliver signed a new law requiring financial literacy education for New Jersey’s middle school students. New Jersey assembly woman Angela V. McKnignt and personal finance expert Tiffany “The Budgetnista” Aliche were both key in getting the legislation passed.

According to NJ.com, the new law, (A1414) says “the lessons should provide students with knowledge to make ‘sound financial decision-making,’ with content on budgeting, savings, credit, debt, insurance, investment, and more.”

“Many young people go into adulthood knowing little about finances and end up making decisions that cost them in the long run,”  Assemblywoman McKnight said to NJSpotlight.com.

“Teaching our kids early about the importance of managing their money and making sound financial decisions can prevent them from making costly mistakes and set them on the right financial path.”

On her Instagram, Aliche outlined how she came to work with Assemblywoman McKnight on the bill.

“3 years ago, HISTORY was set in motion… Assemblywoman Angela V. McKnight @aswmcknight reached out to me and asked for my help with a financial literacy bill. That meeting took place at a Starucks in Dec. 2015, and yesterday after years of hard work, committee meetings, follow-ups, social media pushes, and an initial veto by our former Governor, WE HAVE A LAW! Angela is a POWERHOUSE and worked to make sure this day happened despite the many setbacks.The law takes effect during the next school year, Sept. 2019. Woot woot!”

Aliche, who most recently appeared as a guest on the BLACK ENTERPRISE personal finance podcast “Your Money Your Life,” says similar legislation is being considered in Texas and Maryland.

Currently, few states—only 17—require high school students to take a course in personal finance, yet the Council of Economic Education survey states that the country’s low level of financial knowledge exacerbated the effects of the Great Recession.

Black financial literacy is critical for African American economic well-being. For instance, nearly half (49%) of all black borrowers default on their student loans within 12 years of entering college.

-Robin White Goode contributed to this report.

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Manhattan real estate closes 2018 as worst year since the financial crisis

The number of home sales in Manhattan fell 14 percent in 2018, the steepest drop since 2009, according to new data. The median price for an apartment in New York City fell below $ 1 million for the first time in three years in the fourth quarter.
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US stocks suffer worst year since 2008 financial crisis

Yes, stocks do go down sometimes. After the sugar high of 2016 and 2017 — that saw the S&P 500 gain 9.5 percent and 19.4 percent, respectively — Wall Streeters tasted more bitter than sweet in 2018 amid historic volatility. The Dow Jones industrial average shed 5.6 percent during the roller-coaster year, which saw it…
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Your Money, Your Life: Episode 3 – ‘Key Questions To Ask Before Working With A Financial Adviser’

How to know when you are ready to hire a financial pro and what you need to ask to find the right one for you, with guest Tiffany “The Budgetnista” Aliche, founder of the Live Richer Challenge Movement.



 

The new personal finance podcast, Your Money, Your Life is sponsored by Prudential and hosted by Black Enterprise’s own Alfred Edmond Jr. This special series features a lineup of great guests including The Breakfast Club’s Angela Yee; DeForest B. Soaries Jr., founder of the dfree Financial Freedom Movement; Tiffany “The Budgetnista” Aliche; and Jacquette M. Timmons, president & CEO of Sterling Investment Management. The show will cover money topics ranging from how to control your debt to our psychological relationship with our finance. A can’t miss!

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Q&A: Smart Year End Financial Moves

With unemployment at historic lows, rising wages and consumer confidence at an 18 year high consumers are understandably in good cheer and ready to go out and spend this holiday season.

But for you, the thrill of the deal can quickly turn in to despair over the debt if you go overboard with your holiday gift giving.

Here’s how to keep your budget in check during the holiday shopping season.

What’s the best way to approach holiday shopping if we don’t want things to get out of hand?

Well, if there’s one thing that I hope people ask for, and get, this Christmas, it’s discipline. All the budgeting “tips and tricks” in the world won’t help you if you can’t control yourself.

Yet, relying on willpower alone won’t be enough to get the job done. You need a system.

Here’s what I suggest:

 

  1. Build a Budget– This sounds simple, but on one likes to do this. You have to go into shopping season with a set amount that you’re committed to not outspend. When you do this, be sure to include ALL of your costs such as wrapping, shipping, travel, etc.

 

  1. Save All Year– You do realize that Christmas happens at the same time every year, right? So why do you seem so surprised when Black Friday rolls around and you haven’t set aside any money for gifts?

 

Americans are expected to spend $ 1000 on average during the holiday shopping season.  That’s $ 80/month or $ 20.00/week you should save in advance.

 3Create a Separate Account – Don’t keep your “gift” money in the same account as your “bill” money. Open a free checking account or put money onto a prepaid debit card that will only be used for your holiday shopping. When it’s gone, it’s gone.

4. Never Use Credit – Buying something on sale, but using credit to do so and paying the minimum each month totally defeats the purpose of getting the deal in the first place. Only use your credit card if you’re getting points or rewards and you’re going to pay it off in full when the bill comes.

Ok, but what if we didn’t save up much money for Christmas, what should we do then? 

In that case, it’s time to think about generating some extra cash. Luckily, since there’s so much spending going on during the holiday season, there should be lots of opportunities to do this.

For example you can:

Convert Old Gift Cards – Check your wallet for unused or partially used gift cards. Use the balance for gifts, or use a site like CardCash.com to convert those balances to cash.

Sell Your Junk! – Go through your garage and your closet to find things that still have tags or haven’t been used in a while.  Sell these things on eBay, Poshmark, etc.

Donate Items – Donate the things you can’t sell to Goodwill, etc.  You’ll get the advantage of the tax deduction, which may put extra cash in your pocket at tax time.

Ok, what if people are expecting expensive gifts?

Look, you have to take charge and set the expectations up front.

With Your Kids – This is a great time to discuss needs vs. wants and priorities with your kids.  They may not be able to get everything they want, so give them a say in what is most important to them.

With Your Family – Perhaps set up a Secret Santa gift exchange where each family member only has to buy one gift. Try secretsanta.com or Elfster to set up your exchange.

With Yourself – Buying great presents won’t make you a better friend, spouse or parent. Have a real discussion about what the most important people in your life really want, and you might find that it may not cost you anything at all.

 

Rob Wilson is the Chief Insight Officer at Wilson Insight and a frequent contributor to CNN, CBS, NBC and Fox.

For more important lessons on improving your finances, connect with Rob on Twitter @robwilsontv or at his website http://www.robwilson.tv

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Your Money, Your Life: Episode 3 – ‘Key Questions To Ask Before Working With A Financial Adviser’

How to know when you are ready to hire a financial pro and what you need to ask to find the right one for you, with guest Tiffany “The Budgetnista” Aliche, founder of the Live Richer Challenge Movement.



 

The new personal finance podcast, Your Money, Your Life is sponsored by Prudential and hosted by Black Enterprise’s own Alfred Edmond Jr. This special series features a lineup of great guests including The Breakfast Club’s Angela Yee; DeForest B. Soaries Jr., founder of the dfree Financial Freedom Movement; Tiffany “The Budgetnista” Aliche; and Jacquette M. Timmons, president & CEO of Sterling Investment Management. The show will cover money topics ranging from how to control your debt to our psychological relationship with our finance. A can’t miss!

The post Your Money, Your Life: Episode 3 – ‘Key Questions To Ask Before Working With A Financial Adviser’ appeared first on Black Enterprise.

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If you are suffering from ‘stress brain,’ you might be making some bad financial decisions

To safeguard or drive financial portfolio gains, it's key to pay attention to how stress caused by everyday life affects our financial decision-making.
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Mizuho Financial Group H1 Profit Up 13.4%; Affirms FY18 Outlook – Quick Facts

Japanese lender Mizuho Financial Group (MFG, MZHOF.OB) on Wednesday reported that its profit attributable to owners of the parent for the six months ended September 30, 2018 increased 13.4 percent to 359.36 billion Japanese yen from 316.65 billion yen in the year-ago period. Earnings per share were 14.16 yen, up from 12.47 yen a year ago.
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Spending Rehab: 3 Steps To Avoid A Financial Hangover

In an economy like ours—driven by consumer spending and near-ubiquitous advertising designed to get you to spend, and then spend some more—even the most financially disciplined among us can fall prey to overspending. For example, most of us are especially vulnerable during the holiday shopping season, during which many of us spend more money in 30 days than we have in the previous six months combined. To avoid a financial hangover after a serious shopping binge, here’s a plan—let’s call it a spending rehab intervention—to sober up your finances and get your budget back under control.

Spending Rehab Step 1

You have to be woke—more conscious and aware—when it comes to how you are spending your money. Most of us spend money mindlessly, without really considering the impact on our financial health, or even whether we really need or want what we purchase. That’s the very definition of impulse spending.

So, to begin the spending rehab regimen, for one month you’re going to track your spending (which is a good idea to do two to three time a year even if you don’t overspend). Keep a record of every penny you spend, and what you spent it on. Also, note how you made each purchase—with cash, credit card, debit card, personal check, automated payment, whatever. You can track your spending using a pen and small notepad, or your mobile device or computer. Using an app like Spendr might also help. Do whatever works to have a complete record of your spending for one month.

Spending Rehab Step 2

This is where we test your commitment to getting your spending under control: Continue to track your spending for a second month, with one change—no using credit cards. That’s right; you have to go cash only for the entire month. Debit cards are OK, too, since you are just using plastic to spend cash. But no using credit cards or other tools to borrow money to finance expenditures for the entire month.

As with the previous month, keep a record of every penny you spend, and what you spent it on. Use a pen and pad, your mobile device, whatever works to have a complete record of your spending—without using credit cards.

—Be sure to catch Alfred Edmond Jr.’s personal finance podcast: “Your Money, Your Life” sponsored by Prudential. 

For those who have become accustomed to treating their available credit balance as if it were income, this might be the toughest part of spending rehab. Brace yourself for the withdrawal pains of giving up the plastic. If you literally can’t make it through one month without using credit cards, you need emergency intervention. Make an appointment with a qualified credit counselor immediately. You can find one in your area at DebtAdvice.org.

Spending Rehab Step 3

Sit down and look at your spending choices over the two months. How did your spending differ from one month to the next? Have you been too reliant on credit cards, or using them needlessly when you could have used cash and avoided wasting money on paying interest on credit card balances? Where in your budget can you eliminate spending (or at least avoid paying interest and fees), and where can you better apply that money to more beneficial, financially healthy uses—such as paying down debt faster, increasing contributions to your retirement savings, building a stronger cash emergency fund or financing a new money-making venture?

The point of this exercise is to make you more conscious of how you spend, what you buy, and most importantly, why—so you can challenge and change your thinking and adopt a healthier financial lifestyle. To get started, you want to identify and eliminate three kinds of spending—confused spending, compensatory spending, and conspicuous spending—if you are serious about improving and maintaining your financial wellness:

Confused Spending

This is when you make purchases without giving any real consideration to what you are getting for your money—or whether you even really want or need what you are buying. Confused spending almost always results in overspending.

Are you repeatedly surprised when you bounce a check, the ATM gives you a negative balance message or your credit card is declined at a store? That likely means that you are either operating without a spending plan—also known as a budget—or you have one, and are ignoring it, and instead, you are trying to keep track of it all in your head. The result: sloppiness, disorganization—and confused spending.

Compensatory Spending

This is when you spend as a form of self-medication in order to cope with emotional pain or discomfort, such as boredom, feelings of unworthiness, sadness, or repressed anger. The problem with this so-called “retail therapy” is that when you’re done, the bad feelings return, often more intensely, requiring more spending to cope—and leading to shopping addiction.

At its worst, compensatory spending leads to a vicious cycle: You feel bad, whether sad, angry, lonely or just plain bored. You go shopping to feel better—spending money you don’t have on things you have not budgeted for. When the high of getting so-called great deals wears off, you now have shopper’s remorse and guilt, on top of the original bad feelings. What do you do? Unless there is an intervention—more compensatory spending. If this is you, get help; a good place to start is the nonprofit self-help organization Debtors Anonymous.

Conspicuous Spending

This is when you spend in order to buy social status—to try to impress others, “keep up with the Joneses,” or maybe do a little frontin’ for the ‘Gram. If you rock nothing but luxury brands but have horrible credit, this is likely you.

Your friend or neighbor has the new custom kicks or latest smartphone, so you have to have it, too—whether you can afford it or not. This tendency can be exacerbated by engaging social media, where it is easier than ever to see the latest shiny new things that seemingly everyone but you has, including tons of approval in the form of likes, favorites, and shares.

Statistics show that you’re likely racing each other to the poor house. Unfortunately, too many of us spend money we don’t have to buy things we can’t afford, to impress people we don’t know and may not even like. Stay in your lane and live according to what you can afford, not by what others have.

How do you determine affordability? By continuing to monitor your spending, being more organized, sticking to a real spending plan, and otherwise staying woke when it comes to your money. The more diligent, consistent, and conscious you are, the lower the odds that you will relapse into overspending, and the less likely you’ll need another round of spending rehab.

—Be sure to catch Alfred Edmond Jr.’s personal finance podcast: “Your Money, Your Life” sponsored by Prudential. 

 

The post Spending Rehab: 3 Steps To Avoid A Financial Hangover appeared first on Black Enterprise.

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The post Your Money, Your Life: Episode 1 – “Achieving Financial Freedom and Leaving A Financial Legacy” appeared first on Black Enterprise.

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