Black Voices Blogs http://www.blackvoices.com/blogs Black Voices Blogs http://www.blackvoices.com/blogs/feedlogo.gif Black Voices Blogs http://www.blackvoices.com/blogs en-us Copyright 2008 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Food Fright: Tips To Save at the Supermarkethttp://www.blackvoices.com/blogs/2008/05/04/save-on-grocery-bill-tips/http://www.blackvoices.com/blogs/2008/05/04/save-on-grocery-bill-tips/http://www.blackvoices.com/blogs/2008/05/04/save-on-grocery-bill-tips/#commentsFiled under: ,

Reports of people stock piling food staples like rice have many remembering the stories that grandma used to share about food rationing during the depression.

Recently discount warehouse retailers Costco and Sam's Club put a limit on the amount of rice purchased by customers.

Price increases of this common food source found on tables around the globe have people panicking and purchasing rice in large quantities. Americans are feeling the pain at the supermarket checkout as the cost of staples like milk, butter and eggs continue to rise.

These perilous inflationary times can bust your budget if you aren't careful.

Planning, preparation and process can help you save big at the dinner table. Check out these tips below.


Grocery-Saving Tips

    Have a plan. First, take a look in the pantry and refrigerator to determine what you need and make a list. You will avoid purchasing items you don't need or already have.

    Take a look at what's in the sales circular and plan your meals accordingly.

    Buy fruits and vegetables that are in season and buy at the local farmers market. You'll have fresh produce that hasn't been shipped and it will cost you less.

    Avoid b.o.g.o or buy one get one free. Opt for sales that allow you to purchase several of the same item at a discount. You can buy one item and still get the discounted price.

    Keep walking pass the gourmet counter that offers prepackaged or prepared foods. You can marinate and season your meat using common ingredients like lemon juice and teriyaki sauce with the same outcome.

Deborah Owens is author of "Nickel and Dime Your Way To Wealth" and host of "Real Money" on NPR Affiliate Weaa 88.9 FM. Visit deborahowens.com

 

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]]>Deborah Owens2008-05-04T22:00:00+00:00Got Your Check? Stimulate Your Futurehttp://www.blackvoices.com/blogs/2008/04/28/bush-rebate-checks/http://www.blackvoices.com/blogs/2008/04/28/bush-rebate-checks/http://www.blackvoices.com/blogs/2008/04/28/bush-rebate-checks/#commentsFiled under: ,

President Bush wants you to spend the money. That stack of bills on your desk says deal with your debts.

And the kids, well you know their favorite words are "buy" and "me". So if you're one of the 130 million households receiving some of that economic stimulus money what are you going to do with it?

With gas prices approaching $4 a gallon some of you probably say that's a silly question. But hold on. ...


U.S. Job Woes

  • U.S. Job Woes

    Alan Greenspan, former head of the Federal Reserve, says the country is "in the throes of recession." His remark comes as he defends his chairmanship of the U.S. central bank, rejecting suggestions that his policies contributed to the current rough times. (Photo by Lauren Victoria Burke/ABC NEWS via Getty Images)

  • U.S. Job Woes

    Graphic charts monthly unemployment rate for the past 13 months.

  • U.S. Job Woes

    Commuters climb the stairs from a train station as they head to jobs in New York's financial district on Thursday, April 3, 2008. The Labor Department reported Thursday that the national unemployment rate rose from 4.8 percent to 5.1 percent, the clearest signal yet that the economy might already be shrinking. (AP Photo/Mark Lennihan)

  • U.S. Job Woes

    Job seekers use computers to search for jobs at the Marin Employment Connection April 4, 2008 in San Rafael, California. The Labor Department announced Friday that the national unemployment rate rose to 5.1 percent and nearly 80,000 jobs were cut in March as worries of a recession grow. (Photo by Justin Sullivan/Getty Images)

  • U.S. Job Woes

    SAN RAFAEL, CA - APRIL 04: Copies of the California Job Journal are displayed for people to browse at the Marin Employment Connection April 4, 2008 in San Rafael, California. The Labor Department announced Friday that the national unemployment rate rose to 5.1 percent and nearly 80,000 jobs were cut in March as worries of a recession grow. (Photo by Justin Sullivan/Getty Images)

The extra three hundred to twelve hundred dollars some of you are set to receive could be a starting point for getting your financial act together.

Is now the time for you to open that IRA account you've been talking about?

Could this be the seed money for your child's college fund?

What about the account you've been planning to open to begin saving for your first home?

These are the kinds of goals that many people put off allowing the most important asset of all to dwindle away----time. The hardest part is the getting started part and here are three tips to consider before your windfall is wasted in one of those emotionally driven shopping sprees we all fall victim to.

Stimulus Tip No. 1 Open a Roth IRA account and with the money and set up a monthly automatic investment program from your checking or savings account. Visit www.morningstar.com to find to research mutual funds that will allow you to invest small monthly sums.

Stimulus Tip No. 2 Get a jumpstart on saving for college. Visit www.savingforcollege.com

Stimulus Tip No. 3 Locate a local housing program in your community that will match funds toward a down payment on a home. Learn more at www.habitatforhumanity.org or www.ameridream.org

Remember this is not a free lunch. This economic stimulus will cost American taxpayers 168 billion dollars. So how about stimulating your personal economic situation to create a brighter financial future you can be proud of.

Deborah Owens is author of Nickel and Dime Your Way to Wealth and is host of Real Money personal finance talk show on NPR affilliate WEAA 88.9 FM visit www.deborahowens.com


 

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]]>Deborah Owens2008-04-28T12:19:00+00:00Wealth for One Dollar? It's a Gamble - Top Six Gambling Mythshttp://www.blackvoices.com/blogs/2008/04/27/top-gambling-myths/http://www.blackvoices.com/blogs/2008/04/27/top-gambling-myths/http://www.blackvoices.com/blogs/2008/04/27/top-gambling-myths/#commentsFiled under: ,

The recent Mega Million winners earlier this year epitomize the American dream -- wealth microwave style. Tonya and Robert Harris were the winners of $270 million from the mega million jackpot.

The question is will this windfall be a blessing or a curse? I believe it depends on whether or not the Harris's' learn the definition of wealth. ...

7 Ways To Save On Gas

    Find Cheap Gas

    Comparison shop. Be a proactive consumer. Don't just pay the high prices at the closest station. Shop around to find the most competitive price in town. For a little help, visit http://gasprices.mapquest.com to compare prices in your area. You can find the best deal by zip code and street name, as well as check out prices by grade of gasoline.

    Buy a Fuel-Efficient Vehicle

    Consider buying a fuel-efficient vehicle, a hybrid vehicle, or an alternative-fuel vehicle. It could save you a lot at the gas pump and not to mention help the environment. FuelEconomy.gov offers tips on buying a new fuel-efficient car or truck.

    Slow It Down

    Gas mileage decreases rapidly at speeds above 60 mph, costing an additional 10 cents per gallon. Aggressive driving can lower gas mileage by as much as 33 on the highway and 5 on city streets, resulting in 7 cents to 49 cents per gallon. Don't get too emotional driving, its supposed to be a time to relax and reflect. Next time you get in your car stay calm, cool, and collected put your car on cruise control.




    Stop Idling

    Idling gets you zero miles per gallon. The best way to warm up a vehicle is to drive it. No more than 30 seconds of idling on winter days is needed. Anything more simply wastes fuel and increases emissions. Be conscious of your environment and your pocket.

    Tune Ups

    Most motorists don't realize it's the little things that can make a difference. Fixing a serious maintenance problem, such as a faulty oxygen sensor, can improve your mileage by as much as 40. Dirty spark plugs can cause misfiring which can waste fuel. Replacing a clogged air filter can save gas mileage by as much as 10, saving you 15 cents per gallon. Tune your engine; it'll increase gas mileage by 4. Also, damaged, loose, or missing gas caps, under-inflated tires, poor wheel alignment, and worn spark plugs all contribute to poor fuel economy.

    Combine Errands

    Instead of making several trips to the cleaners, grocers, post office and the bank, do all of your errands at one time. Before you hop into you car, plan ahead. Keep a checklist if necessary. This will save you time and money.

    Park Your Car

    Take public transportation. Walk it'll save you money and help you shed a few undesirable pounds. Carpool. You and some of your colleagues can take turns driving each other to work. Talk to your supervisor about telecommuting one day a week.


Here's what I mean, on my radio show Real Money I decided to have an open discussion with my audience on the topic of wealth. My first caller said, "Ms. Owens we don't have to talk about making millions I just want to know how to start investing?" I rolled my eyes and thought to myself why do people feel uncomfortable talking about and using the word "wealth."

In its' most basic form wealth is simply a function of adding to what you already have---at whatever level. Think about this for just a minute. Wealth is not some abstract unattainable result nor is it a word that is limited to lotto winners or millionaires. My response to the caller was that by virtue of the fact he was interested in adding more to what he had accumulated he epitomized a wealthy person. His silence let me know I couldn't possibly be talking about him.

In the context of business, wealth can be defined as producing a product or service and selling it at a greater value than what it cost to produce. Creating wealth or adding value to customers translates into profits for organizations.

On a personal or individual level wealth means to accumulate money and possessions that have value. However, sustainable wealth creation requires that businesses and individuals consume less than the profit or income that they generate and then invest and earn a return on the excess. The point is that I believe it's time ordinary folks come to understand that "wealth" is not taboo or unattainable. Anyone and everyone can build wealth. This is what I know to be true.

The sad fact is that very few lottery winners are able to manage a big windfall. According to financial experts 1/3 of lottery winners end up bankrupt within five years of cashing in their lottery tickets. Here's what I know to be true---we don't value what we don't earn.

For more wealthy moves visit www.deborahowens.com and read an excerpt of Nickel and Dime Your Way to Wealth.


 

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]]>Deborah Owens2008-04-27T06:00:00+00:00Save Money at the Pump - 7 Wayshttp://www.blackvoices.com/blogs/2008/04/21/save-money-on-gas/http://www.blackvoices.com/blogs/2008/04/21/save-money-on-gas/http://www.blackvoices.com/blogs/2008/04/21/save-money-on-gas/#commentsFiled under: ,

With gas prices increasing everyday, drivers might have to start opening gas savings accounts in order to pay just for their daily commutes.

But thanks to our lovely friends at Mapquest we might be able to salvage our savings for other important investments.

7 Ways To Save On Gas

    Find Cheap Gas

    Comparison shop. Be a proactive consumer. Don't just pay the high prices at the closest station. Shop around to find the most competitive price in town. For a little help, visit http://gasprices.mapquest.com to compare prices in your area. You can find the best deal by zip code and street name, as well as check out prices by grade of gasoline.

    Buy a Fuel-Efficient Vehicle

    Consider buying a fuel-efficient vehicle, a hybrid vehicle, or an alternative-fuel vehicle. It could save you a lot at the gas pump and not to mention help the environment. FuelEconomy.gov offers tips on buying a new fuel-efficient car or truck.

    Slow It Down

    Gas mileage decreases rapidly at speeds above 60 mph, costing an additional 10 cents per gallon. Aggressive driving can lower gas mileage by as much as 33 on the highway and 5 on city streets, resulting in 7 cents to 49 cents per gallon. Don't get too emotional driving, its supposed to be a time to relax and reflect. Next time you get in your car stay calm, cool, and collected put your car on cruise control.




    Stop Idling

    Idling gets you zero miles per gallon. The best way to warm up a vehicle is to drive it. No more than 30 seconds of idling on winter days is needed. Anything more simply wastes fuel and increases emissions. Be conscious of your environment and your pocket.

    Tune Ups

    Most motorists don't realize it's the little things that can make a difference. Fixing a serious maintenance problem, such as a faulty oxygen sensor, can improve your mileage by as much as 40. Dirty spark plugs can cause misfiring which can waste fuel. Replacing a clogged air filter can save gas mileage by as much as 10, saving you 15 cents per gallon. Tune your engine; it'll increase gas mileage by 4. Also, damaged, loose, or missing gas caps, under-inflated tires, poor wheel alignment, and worn spark plugs all contribute to poor fuel economy.

    Combine Errands

    Instead of making several trips to the cleaners, grocers, post office and the bank, do all of your errands at one time. Before you hop into you car, plan ahead. Keep a checklist if necessary. This will save you time and money.

    Park Your Car

    Take public transportation. Walk it'll save you money and help you shed a few undesirable pounds. Carpool. You and some of your colleagues can take turns driving each other to work. Talk to your supervisor about telecommuting one day a week.

Now that prices seem to have skyrocketed to four dollars and more in certain parts of the country, Mapquest is trying to help users find stations charging the lowest prices nearest to them.


The site allows you to choose from a list of gas stations closest to your designated location as well as the price for your choice grade. Some days you might feel like being nice to your vehicle and want premium gas or there are those days when you only want to put in enough regular gas to get you home.

Next time you notice you're about to be on 'E' pull over to check out Mapquest and find out where you can fill your tank without emptying your pockets completely. Click here to test it out for yourself and tell us what you think about saving money at the pump.

 

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]]>Yodit Gebreyes2008-04-21T14:00:00+00:00The Wealthy Mindset Tango - Practice Makes Perfecthttp://www.blackvoices.com/blogs/2008/04/19/having-a-wealthy-mindset/http://www.blackvoices.com/blogs/2008/04/19/having-a-wealthy-mindset/http://www.blackvoices.com/blogs/2008/04/19/having-a-wealthy-mindset/#commentsFiled under: ,


Photo: ABC


I am absolutely hooked on the TV show "Dancing With The Stars" and love to watch how celebrities transform from stumbling lead foots to gliding gazelles. It's not easy being criticized brutally by the judges every week and then being subjected to elimination. R&B heartthrob Mario has been the most recent recipient of barbs from the judges.

Although many of the contestants are considered B-list performers they subject themselves to the ridicule recognizing exposure can reignite their careers. They take the risk because the potential rewards are so great.

This is also true when it comes to your finances.

The current state of affairs in the economy may look bleak -- falling home values, mortgage industry instability and volatility in the stock market. However, wealthy people understand that it is during these times that opportunities present themselves. ...

Having a wealthy mindset means finding opportunity in the chaos and recognizing that this too shall pass. For those of you who have been singing the I'm gonna wait song -- I'll wait til' home prices fall or I'll wait til' stock prices go down, your time has arrived.

And yet what I know to be true is that when markets decline people are less likely to invest because the fear of losing is what prevented them from taking action to begin with. The inability to take risks is what prevents most folks from achieving their dreams and ultimately their ability to create wealth.

If I'm walking down your street right now here are some strategies you can use to increase your risk tolerance without losing sleep at night

Wealthy Mindset Tip #1 Practice makes perfect.
On the program Dancing With the Stars they allow you to observe the stars learning the routines and it takes hours of practice. You can use the same approach to learn how to invest. You can establish a model or what I like to call a practice portfolio. Visit www.money.com to set up your own portfolio. You can research stocks and watch how they perform without risking your money. As you acquire more experience you will gain the confidence to make an actual investment.

Wealthy Mindset Tip #2 Set it and forget it.
Invest small sums periodically in order to take advantage of dollar cost averaging. If you are investing through your retirement plan at work through payroll deduction you are already using this method of buying shares of stock or mutual funds at various prices and minimizing your risk of buying the highest levels. In other words, you don't have to think about when to make a purchase and it becomes a habit that can pay rewards over time.

Wealthy Mindset Tip #3 Hedge your bet.
One of the most difficult decisions to make is when to invest a lump sum of money from a windfall. It's a good idea to invest a portion and to set up the same type of periodic investment plan in tip#2. If you are investing for the long term but are afraid of what can happen in the short term many investment companies will allow you to set up systematic withdrawals from a money market fund and direct them into other stock funds at a specific time of the month. This method will also allow you to average your costs and prevent you from forgetting to invest altogether.

For our 15th wedding anniversary my husband purchased dance lessons.

The first few sessions were deadly as we tripped over each other's feet and then laughed because we thought we were really good dancers. After several weeks with a professional instructor and several hours spent practicing on our own we were able to strut our stuff on the dance floor. No risk, no reward.

 

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]]>Deborah Owens2008-04-19T08:00:00+00:00The Rich Get Rich and the Poor Don't Get Shhh ...http://www.blackvoices.com/blogs/2008/04/18/ways-to-get-rich/http://www.blackvoices.com/blogs/2008/04/18/ways-to-get-rich/http://www.blackvoices.com/blogs/2008/04/18/ways-to-get-rich/#commentsFiled under: ,

While millions of Americans are trying to figure out how to weather a recession the wealthiest of Americans are flourishing. According to a recent report, "Wealth held by rich investors with assets over $1 million will grow their stacks 50 percent in the next five years to $75 trillion."

Is it the same old story as the rich get richer? In the past five years rich clients banked an average annual return of 12 percent which allows them to double their money every six years. Perhaps you believe rich folk have an advantage because of their access to the global private asset management world of hedge funds.

Get real! The truth is that if you had invested in an index fund mirroring the performance of the S&P 500 you would have earned an average return of 11 percent during the same period.
The problem most Americans have is finding the money to invest. In the book , "Nickel and Dime Your Way to Wealth" a parking attendant who worked at a bank watched how the wealthy got rich and followed suit.

Listen to an excerpt. "Nickel and Dime Your Way To Wealth."
What can you do to find the money to invest and build wealth?



www.deborahowens.com

 

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]]>Deborah Owens2008-04-18T10:00:00+00:00Refinancing Tips Rescue - Exploring All Optionshttp://www.blackvoices.com/blogs/2008/04/17/refinancing-tips-mortgage/http://www.blackvoices.com/blogs/2008/04/17/refinancing-tips-mortgage/http://www.blackvoices.com/blogs/2008/04/17/refinancing-tips-mortgage/#commentsFiled under: , ,

If your adjustable rate mortgage is a ticking time bomb that could explode in the very near future you should be exploring all options.

Lenders have tightened their standards and are requiring higher credit scores for conventional mortgages. In these troubling economic times stellar credit is difficult for the majority of folks needing to refinance. If you don't have an unblemished credit record there is still hope.

Recently the Federal government increased the loan limits on FHA loans for people living in high priced metropolitan areas like Washington DC, San Francisco and New York to a maximum of 729,750. Unlike conventional mortgages FHA loans don't rely on credit scoring for qualification and individuals can refinance up to 97% of their home's value. Mortgage brokers are starting to see their refinancing business increase as a result of these changes and the government hopes their actions will help to ease the housing crisis.

Here are some refinancing tips for you to consider. ...

1. Understand your options
Visit www.fha.gov to learn about FHA mortgages and understand your options.

2. Contact your lender
You need to determine if you can refinance your existing loan to an FHA loan.

3. Avoid the scam artists
These punks will promise you they can change your situation if you pay them.

You do not have to pay for foreclosure counseling. Contact a HUD approved housing counselor at http://www.hud.gov/foreclosure/index.cfm

If you are at risk of losing your home the worst thing you can do is nothing. Hoping for the best is not a strategy.

Deborah Owens is author of Nickel and Dime Your Way to Wealth and host Real Money personal finance talk show on NPR affiliate WEAA 88.9fm. www.deborahowens.com

Forclosure Crisis

  • Forclosure Crisis

    People demonstrate outside a HOPE NOW home ownership preservation workshop at the University of Pennsylvania in Philadelphia, Tuesday, April 1, 2008. Demonstrators hoped to draw attention subprime mortgage crisis. (AP Photo/Matt Rourke)

    AP

  • Forclosure Crisis

    Joseph Barratt, 55, and others demonstrate outside a HOPE NOW home ownership preservation workshop at the University of Pennsylvania in Philadelphia, Tuesday, April 1, 2008. Demonstrators hoped to draw attention subprime mortgage crisis. (AP Photo/Matt Rourke)

    AP

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: A foreclosure sign stands in the yard of a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: Sebastian Villalba mows grass and weeds to prepare a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: An Orange County Sheriff eviction notice hangs on a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: Sebastian Villalba mows grass and weeds to prepare a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: Sebastian Villalba mows grass and weeds to prepare a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    A crowd of protesters hold up anti-war signs Friday March 28, 2008, in Freehold Township, N.J., as one of the presidential helicopters lands near a company where President Bush was visiting to spotlight the administration's efforts to save struggling homeowners from foreclosure. The president plans to stop by a mortgage counseling company that's part of the "Hope Now" alliance. (AP Photo/Mel Evans)

    AP

  • Forclosure Crisis

    Bill Suky, right, points out the arriving helicopter of President Bush Friday March 28, 2008, in Freehold Township, N.J., to wife, Dolores Suky, second right, Lucille Cerbini, left and Francine Jordan, second left, as they stand with a gathering of Bush supporters. President Bush was visiting New Jersey to spotlight efforts to save struggling homeowners from foreclosure. The president plans to stop by a mortgage counseling company that's part of the Hope Now alliance. (AP Photo/Mel Evans)

    AP

  • Forclosure Crisis

    Diane Beeny holds up an anti-war sign as she stands with a large crowd of protesters Friday March 28, 2008, in Freehold Township, N.J., near a company where President Bush was visiting to spotlight efforts to save struggling homeowners from foreclosure. The president plans to stop by a mortgage counseling company that's part of the Hope Now alliance. (AP Photo/Mel Evans)

    AP

 

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]]>Deborah Owens2008-04-17T12:00:00+00:00Lessons From The Top 15 Tax Dodgershttp://www.blackvoices.com/blogs/2008/04/13/celebrity-tax-dodgers-hollywood-tax-cheats/http://www.blackvoices.com/blogs/2008/04/13/celebrity-tax-dodgers-hollywood-tax-cheats/http://www.blackvoices.com/blogs/2008/04/13/celebrity-tax-dodgers-hollywood-tax-cheats/#commentsFiled under: ,

Why do celebrities seem to be the targets of I.R.S probes? In my "The Tax Man Cometh" post I wrote about how the I.R.S. dogged Heavyweight champion Joe Louis for years.

Many a celebrity has learned they also need to have someone else overseeing the folks who are counting the money? But others in our Top 15 have even better excuses.



The truth is that celebrities who earn significant amounts of money have to recognize that they are not like the rest of us common folks.

They are the "product" and should have systems and processes in place which account for every dime they earn and subsequently spend. Unfortunately this requires hiring business managers and accountants with expertise in tax law and their hourly fees can be several hundred dollars an hour.

 

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]]>Deborah Owens2008-04-13T23:00:00+00:00Are You at Risk of Losing Your Job?http://www.blackvoices.com/blogs/2008/04/07/are-you-at-risk-of-losing-your-job/http://www.blackvoices.com/blogs/2008/04/07/are-you-at-risk-of-losing-your-job/http://www.blackvoices.com/blogs/2008/04/07/are-you-at-risk-of-losing-your-job/#commentsFiled under: ,

The month of March has been a hard time for many employers who have had to put a hault on hiring employees for vacant positions due to the unstable economy. But for those of you who are still employed you might want to excel in whatever your responsibilities are in order to save yourself from the ax.

It was reported by the Washington Post that employers reduced their payrolls by 80,000 jobs in March, the steepest loss in five years and the third straight month of decline.

This does not come as a surprise due to consumer spending cutbacks.Unfortunately as shoppers decrease, stores demand for employees decreases as well, which is why the number of retail jobs fell by 12,400.

Many working Americans were so anxious for extra income from their tax refunds that President Bush sent out additional tax refund checks to individuals who qualified due to the nations financial troubles.



U.S. Job Woes

  • U.S. Job Woes

    Alan Greenspan, former head of the Federal Reserve, says the country is "in the throes of recession." His remark comes as he defends his chairmanship of the U.S. central bank, rejecting suggestions that his policies contributed to the current rough times. (Photo by Lauren Victoria Burke/ABC NEWS via Getty Images)

  • U.S. Job Woes

    Graphic charts monthly unemployment rate for the past 13 months.

  • U.S. Job Woes

    Commuters climb the stairs from a train station as they head to jobs in New York's financial district on Thursday, April 3, 2008. The Labor Department reported Thursday that the national unemployment rate rose from 4.8 percent to 5.1 percent, the clearest signal yet that the economy might already be shrinking. (AP Photo/Mark Lennihan)

If you are in the following sectors you might be at risk of losing your position due to the recent job cuts: Professional and business is down by 35,000 employees, information firms cut 6,000 jobs, construction jobs fell by 51,000 due to the falling house market which in turn caused manufacturing jobs to fall by 48,000 employees

As unemployment rises there are still a number of sectors that are hiring, such as the education and health services, which added 42,000 positions; and leisure and hospitality, which added 18,000 jobs. If you are still unsure of your own job security make sure you discuss different alternates with your supervisor in order for you to be well prepared for your future.

 

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]]>job securityJobSecurityYodit Gebreyes2008-04-07T10:44:00+00:00Mortgage Crisis - No Money, No Problemhttp://www.blackvoices.com/blogs/2008/04/04/mortgage-crisis-no-money-no-problem/http://www.blackvoices.com/blogs/2008/04/04/mortgage-crisis-no-money-no-problem/http://www.blackvoices.com/blogs/2008/04/04/mortgage-crisis-no-money-no-problem/#commentsFiled under: , , ,

I never understood the whole premise of sub-prime loans.

You don't qualify for a conventional loan because of your credit history and or income so let's qualify you for a loan that's less affordable.

Now we know that those blaring commercials that flooded the airwaves at the height of the housing boom were used to purposely lure folks into ill fated loans for a large commission on the transaction.

A recent special report by CNN shows how unscrupulous sales practices are largely responsible for the mortgage mess. Watch "Lies Lenders Tell".



Forclosure Crisis

  • Forclosure Crisis

    People demonstrate outside a HOPE NOW home ownership preservation workshop at the University of Pennsylvania in Philadelphia, Tuesday, April 1, 2008. Demonstrators hoped to draw attention subprime mortgage crisis. (AP Photo/Matt Rourke)

    AP

  • Forclosure Crisis

    Joseph Barratt, 55, and others demonstrate outside a HOPE NOW home ownership preservation workshop at the University of Pennsylvania in Philadelphia, Tuesday, April 1, 2008. Demonstrators hoped to draw attention subprime mortgage crisis. (AP Photo/Matt Rourke)

    AP

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: A foreclosure sign stands in the yard of a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: Sebastian Villalba mows grass and weeds to prepare a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: An Orange County Sheriff eviction notice hangs on a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: Sebastian Villalba mows grass and weeds to prepare a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    LAGUNA HILLS, CA - MARCH 28: Sebastian Villalba mows grass and weeds to prepare a house to be sold in an upcoming 11-day foreclosure auction of more than 1500 southern California homes March 28, 2008 in Laguna Hills, California. Cleaning up foreclosed properties is full-time work as home foreclosures are booming in the wake of the sub-prime loan crises, leading to abandoned and run-down properties that suppress neighboring home values and lower property tax revenues. Sub-prime loans make up 14 of total mortgages but account for about 60 of foreclosures. (Photo by David McNew/Getty Images)

    Getty Images

  • Forclosure Crisis

    A crowd of protesters hold up anti-war signs Friday March 28, 2008, in Freehold Township, N.J., as one of the presidential helicopters lands near a company where President Bush was visiting to spotlight the administration's efforts to save struggling homeowners from foreclosure. The president plans to stop by a mortgage counseling company that's part of the "Hope Now" alliance. (AP Photo/Mel Evans)

    AP

  • Forclosure Crisis

    Bill Suky, right, points out the arriving helicopter of President Bush Friday March 28, 2008, in Freehold Township, N.J., to wife, Dolores Suky, second right, Lucille Cerbini, left and Francine Jordan, second left, as they stand with a gathering of Bush supporters. President Bush was visiting New Jersey to spotlight efforts to save struggling homeowners from foreclosure. The president plans to stop by a mortgage counseling company that's part of the Hope Now alliance. (AP Photo/Mel Evans)

    AP

  • Forclosure Crisis

    Diane Beeny holds up an anti-war sign as she stands with a large crowd of protesters Friday March 28, 2008, in Freehold Township, N.J., near a company where President Bush was visiting to spotlight efforts to save struggling homeowners from foreclosure. The president plans to stop by a mortgage counseling company that's part of the Hope Now alliance. (AP Photo/Mel Evans)

    AP

 

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]]>Deborah Owens2008-04-04T17:00:00+00:00A-Rod Makes More Than Marlinshttp://www.blackvoices.com/blogs/2008/04/01/a-rod-makes-more-than-marlins/http://www.blackvoices.com/blogs/2008/04/01/a-rod-makes-more-than-marlins/http://www.blackvoices.com/blogs/2008/04/01/a-rod-makes-more-than-marlins/#commentsFiled under: ,

AP

NEW YORK (April 1) - Alex Rodriguez makes more this year than his hometown Florida Marlins.

Boosted by his new deal with the New York Yankees, A-Rod tops the major league baseball salary list at $28 million, according to a study of contract terms by The Associated Press. The 33 players on the Marlins' opening-day roster and disabled list total $21.8 million.


"The Marlins? It's amazing," Rodriguez said. "And they still seem to find a way to be very competitive. They have a great pool of talent; they made some unbelievable trades, so they have great personnel people. To win two championships in 11 years, that's really admirable, and I'm very proud of that organization, being from Miami."

For the first time in baseball history, the average salary topped the $3 million mark. The 855 players on opening-day rosters and the DL averaged $3.15 million, up 7.1 percent from last year's starting average of $2.94 million.

Florida's highest earner doesn't even make the average. Pitcher Kevin Gregg tops the Marlins at $2.5 million.

"My best friend came into town, and he mentioned something about Johan Santana making $15 million more than our five starters combined," Marlins catcher Matt Treanor said. "It's something to laugh at, but at the same time, it is what it is. Those guys put on the uniform like us. When it comes time to start the game, it doesn't matter how much money the Yankees or whoever make."

Treanor's friend was exaggerating a bit - Santana makes $12 million more than Florida's rotation. Still, the Marlins' payroll was less than half that of the No. 29 team, Tampa Bay ($43.8 million).

"They've won a championship more recently than we have as an organization. So there's many different ways to skin a cat," said Yankees general manager Brian Cashman, whose team lost to Florida in the 2003 World Series. "Alex earned that contract in the negotiation. Right now, the Marlins are in a different place. But they've got a stadium coming on board and they're going in the right direction, and I think they've already proven they know how to build something."

The Yankees, not surprisingly, topped the payroll list at $209.1 million, and A-Rod was No. 1 in the majors for the eighth straight year. New York first baseman Jason Giambi was second at $23.4 million, followed by Yankees shortstop Derek Jeter ($21.6 million) and Boston left fielder Manny Ramirez ($18.9 million).

Boosted by the acquisition of Miguel Cabrera and Dontrelle Willis, Detroit shot up to second in the major leagues at $138.7 million. The Tigers' payroll at the end of last season was 12th at $98.5 million.

"This isn't one of those teams, 'I can't believe we didn't pick up this player, or this guy.' We've got no excuses," Tigers manager Jim Leyland said. "It's all about us, because the main man has done everything and more that you could ask."

The New York Mets were third at $138.3 million, up from $121 million at the end of 2007, and the World Series champion Boston Red Sox were fourth at $133.4 million.



Bunched together after that were the Chicago White Sox ($121.2 million), Los Angeles Angels ($119.2 million), Chicago Cubs ($118.6 million), Los Angeles Dodgers ($118.5 million) and Seattle Mariners ($118 million).

Although the average increased, the median salary - the point at which an equal amount of players fall above and below - remained at a record $1 million for the third straight opening day.

There were a record 434 making $1 million or more, breaking the record set in 2001 and matched last year. And there was a big boost at the top with 85 players reaching $10 million - up from 66 last year.

Payroll figures don't include cash transactions between clubs. Figures included salaries and prorated shares of signing bonuses and other guaranteed income, and for some players, deferred money was discounted to present-day value.

The average salary usually declines during the season as veterans get released and are replaced by young players. The final 2007 average, as calculated by the players' association, was $2.82 million.

AP Baseball Writer Mike Fitzpatrick in New York, and AP Sports Writers Larry Lage in Detroit and Tim Reynolds in Miami contributed to this report.

Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL.

 

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]]>alex rodriguezAlexRodriguezmlbCheryl Thompson2008-04-01T10:24:00+00:00With Benjamins Slippin', It's All About the Blinghttp://www.blackvoices.com/blogs/2008/03/18/bling-with-benjamins-slipping-its-all-about-the-karats/http://www.blackvoices.com/blogs/2008/03/18/bling-with-benjamins-slipping-its-all-about-the-karats/http://www.blackvoices.com/blogs/2008/03/18/bling-with-benjamins-slipping-its-all-about-the-karats/#commentsFiled under: ,

Gold seems to be the hot commodity for these perilous times.

Investors who are looking for a place to stash money have pushed the price of gold to an all time high of $1,000.00 per oz. What a difference a few years can make. In December of 1999 the price of gold was at 326.00 per ounce. In less than 10 years the price has tripled.

So what's behind the demand for gold?You can blame the falling dollar and fear of inflation on investor's current love affair with the precious metal. Rising prices and lower purchasing power are two of the main reasons why investors' hedge their portfolio's as gold prices have historically increased with inflation. .

You don't have to be a hedge fund manager to invest in gold. Here are a few ways you or your financial advisor can position some of your greenbacks into the precious metal:

Mutual Funds - Portfolio managers invest in mining companies which benefit from the rise in precious metals.

Exchange Trade Funds - Goldshares (GLD), which is an ETF which share price is based on the underlying price of gold bullion.

Gold Coins - Collectors buy coins for their antiquity and investors can purchase as a way of profiting from the price of gold.

Gold carries risk just like any other investment and the price can fall as precipitously as its' recent rise.

In other words, proceed with caution.

www.deborahowens.com

 

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]]>Deborah Owens2008-03-18T09:00:00+00:00 Black Farmers in the Dell or a Dilemma?http://www.blackvoices.com/blogs/2008/03/17/black-farmers-in-the-dell/http://www.blackvoices.com/blogs/2008/03/17/black-farmers-in-the-dell/http://www.blackvoices.com/blogs/2008/03/17/black-farmers-in-the-dell/#commentsFiled under: ,

The number of farms in the United States continues to shrink because of the industrialization of farming. These days when you think of a foreclosure it brings visions of shuttered vacant homes.

The crisis is spreading as black farmers and their families struggle to hold on to their land.

Land ownership by blacks has declined by more than fifty percent since the 1920's.According to USAToday, Blacks in the USA are losing farmland at a faster rate than whites. In 1910, blacks owned about 15.7 million acres; that had fallen to 2.2 million acres in 2002, the most recent statistics available from the National Agricultural Statistics Service of the U.S. Department of Agriculture. White-owned farm acreage declined from 580 million acres to 534 million acres.

Could this be a tragedy in the making as the families of black farmers who migrated away to the cities lose ownership as a result of unpaid property taxes or outstanding liens?

According to Henry Louis Gates' ancestral study of twenty prominent Black Americans, like Oprah Winfrey, Whoopi Goldberg and Jackee Joyner Kersey -- a majority had ancestors who owned land.

However, one group, led by state Rep. Joe Neal in South Carolina, wants to change that and teach people to pool resources in traditional farming cooperatives. Farmers would grow crops that tap two national trends: the demand for locally grown organic food and the shift toward alternative fuel production.


 

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]]>Deborah Owens2008-03-17T16:00:00+00:00Dollar-Dollar Bill Y'all -- Will it Get Better?http://www.blackvoices.com/blogs/2008/03/17/dollar-dollar-bill-yall/http://www.blackvoices.com/blogs/2008/03/17/dollar-dollar-bill-yall/http://www.blackvoices.com/blogs/2008/03/17/dollar-dollar-bill-yall/#commentsFiled under: ,

When I grew up in Detroit we loved driving across the Ambassador Bridge into Windsor, Canada to stretch our dollar.

Back in the day, American greenbacks could be exchanged for forty percent more -- $1.00 was worth a $1.40.

Imagine my surprise when I learned that the tables have now turned as the "loonie" has reached parity with the dollar. Canadians are crossing the bridge to Detroit to shop til' they drop.

The dollar's value is declining against just about every major currency -- Yen, Euro, and the Swiss Franc.

How low can the dollar go?

www.deborahowens.com

 

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]]>Deborah Owens2008-03-17T09:00:00+00:00When The Tax Man Cometh - Pay or Diehttp://www.blackvoices.com/blogs/2008/03/11/when-the-tax-man-cometh-pay-or-die/http://www.blackvoices.com/blogs/2008/03/11/when-the-tax-man-cometh-pay-or-die/http://www.blackvoices.com/blogs/2008/03/11/when-the-tax-man-cometh-pay-or-die/#commentsFiled under: ,

Who knew that Joe Louis the first African American Heavy Weight Champion of the world was dogged by back taxes for most of his life?

"Betrayed," an HBO documentary of Joe Louis, chronicles how the I.R.S. literally stalked and garnisheed most of this American icon's income until he married an attorney who was able to negotiate a fair settlement.

To this day, one of the major reasons people, celebrities in particular, experience financial difficulties results from not paying income taxes.

Most recently, Wesley Snipes and let's not forget another heavy weight champion Mike Tyson. However, tax liens are not limited to the rich and famous. If you are considering or have not filed taxes in a few years it could be a costly mistake and here's why -- PENALTIES!

Here's a primer on the on the types of penalties that the I.R.S. can levy ...

Failure to File
Let's take the first penalty----failure to file. According to the I.R. S. most folks who don't file actually would have received a tax refund. You only have three years to file for a refund so you could be leaving money on the table. If you are someone who procrastinates you can also file for an extension. You will need to send the I.R.S. a check for what you believe you owe. The failure to file penalty is 5% per month or a maximum of 25% on the amount owed.

Failure to Pay
If you don't file and owe money the penalties on the back taxes can really add up. The amount is 0.5% per month until the balance is paid in full. The I.R.S. recommends that you file and negotiate a payment plan. Yes, you can pay back taxes on an installment plan and you will have to pay interest and penalties.

Interest
If you owe back taxes the I.R.S. will charge you interest on the unpaid balance and the rate changes every three months.

The impact of the combination of penalties is how Joe Louis' situation went from bad to worse as his tax bill ballooned from 500,000 to over a million dollars. The longer you wait the more it will cost you in the long run. If you have a complex situation it makes sense to obtain representation from an attorney who specializes in tax law. You know what they say -- the only thing guaranteed in life is death and taxes.

www.deborahowens.com

 

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]]>Deborah Owens2008-03-11T08:00:00+00:00Two Africans Make Billionaire Listhttp://www.blackvoices.com/blogs/2008/03/11/two-africans-make-billionaire-list/http://www.blackvoices.com/blogs/2008/03/11/two-africans-make-billionaire-list/http://www.blackvoices.com/blogs/2008/03/11/two-africans-make-billionaire-list/#commentsFiled under: , ,

For the first time ever, black Africans have made it onto the Forbes list of the world's wealthiest billionaires. While one hails from South Africa, the other rules his enterprise in Nigeria.

This exclusive club includes Warren Buffett, the world's richest man, who has a fortune estimated at $62 billion. He's banked $10 billion more since last year.

Aliko Dangote (from Nigeria, pictured left) and Patrice Motsepe (from South Africa, pictured below) have wealth of $3.3 billion and $2.4 billion respectively, and represent some of the richest black people in the world.


At the age of 21, Dangote became a stock trader off an uncle's loan. After he built his company, The Dangote Group, into a conglomerate with interests in sugar, flour milling, cement and salt processing, he struck gold when his sugar production company was listed on the Nigerian stock exchange last year

The Dangote Group dominates the sugar market in Nigeria and is the country's largest Industrial group.

He is ranked the 334th richest man in the world and the the second richest black person in the world after Ethiopian-born Mohammed Al Amoudi. Al Amoudi is the richest black person in the world with a total net worth of $9 Billion followed by Oprah Winfrey ($2.5 billion), Mo Ibrahim ($2.5 billion) and of course Patrice Motsepe ($2.4 billion).

Motsepe, has been dubbed the "prince of mines" by some because of the vast fortune he has amassed through his company African Rainbow Minerals (ARM). Not only is he the executive chairman of ARM, but he also holds a 42 percent stake in the company, allowing him to join the 226 other new billionaires to join this list this year.

Over 15 years Motsepe, preaching free market capitalism, turned a low-level mining services business into the country's first black-owned mining company, African Rainbow Minerals, with 2007 revenue of $875 million. Driven by the Asian commodities boom, ARM's share price has rocketed in the past year from $12 to $24, pushing Motsepe's net worth to $2.4 billion.

 

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]]>Denver Louis2008-03-11T06:00:00+00:00Pocket Book Issues: State of Black America 2008 Releasedhttp://www.blackvoices.com/blogs/2008/03/06/pocket-book-issues-state-of-black-america-2008-released/http://www.blackvoices.com/blogs/2008/03/06/pocket-book-issues-state-of-black-america-2008-released/http://www.blackvoices.com/blogs/2008/03/06/pocket-book-issues-state-of-black-america-2008-released/#commentsFiled under: ,

The National Urban Leagues' 2008 edition of the State of Black America is hot off the presses and this year's focus is women. The report, "In the Black Woman's Voice," enlists top female scholars and accomplished thinkers who examine economics, politics and health in Black America.

Susan Taylor, former editor of Essence Magazine, Dr. Julianne Malveaux, president of Bennett College for Women and former Secretary of the Department of Labor Alexis Herman weigh in and provide their insight.

So the question is why does the report focus on women in particular? According to census statistics 45% of African American households with children are headed by women.


This report seeks to expose the tremendous psychological, economic and physical tolls experienced by all black women and propose solutions in the form of public policy and lifestyle changes.

The report includes data and statistics which illustrate disparities in income, education and its' impact on the growing wealth gap of African American households.

Read The National Urban Leagues' 2008 edition of the State of Black America

www.deborahowens.com


 

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]]>Deborah Owens2008-03-06T06:00:00+00:00How Will You Pay for Your Baby to Go to College Now?http://www.blackvoices.com/blogs/2008/03/03/how-will-you-pay-for-your-baby-to-go-to-college-now/http://www.blackvoices.com/blogs/2008/03/03/how-will-you-pay-for-your-baby-to-go-to-college-now/http://www.blackvoices.com/blogs/2008/03/03/how-will-you-pay-for-your-baby-to-go-to-college-now/#commentsFiled under:

By Yodit Gebreyes

Due to the recent credit problems from the economy many parents will need to think of alternate means for monetary funds rather than college loans to get their children through school next semester. With higher costs to borrow money for popular fixed rate loans many college students are out of luck when trying to stay out of debt. Unfortunately many banks and other financial intuitions have to raise fees due to the credit crisis.

As a student I understand that paying for college is not always a walk in the park for many people trying to attend the school of their dreams, but there are some other ways to fund you or your children without being effected too much by the current state of the economy.