Personal Finances
“when Whites get the
sniffles, Blacks get pneumonia” and White folk have the flu right now. So
what should we do?
To
paraphrase Federal Reserve Chairman Ben Bernanke, one should de-leverage,
raise good capital and implement quality risk management strategies. These
remarks were made to senior officials from the financial sector. However,
they will apply to your household as well. The first step is to
de-leverage which means to unwind your credit position. Evaluate your
household to determine what is absolutely necessary to start saving money
and eliminate your debt. There are many details and nuances to the first
step so be mindful of your objective.
Click to read
ECON 101: Credit Crunch for Dummies
A Step-by-Step Look at What Caused the Nation's Economic Troubles
For troubled mortgage borrowers, FDIC Consumer News reports on a December 2007 agreement by a number of lenders and loan servicers to freeze interest rates for five years for certain homeowners who could lose their homes if payments reset to a higher interest rate. Homeowners having difficulty paying their mortgage should contact their loan servicer to find out if they qualify for loan modification or other plans or options for revising or renegotiating their loans.
The Winter 2007/2008 issue can be read or printed online at www.fdic.gov/consumers/consumer/news/cnwin0708.
Summer Programs for High School and College Students: 2008
Go to: http://www.blackexcel.org/summer-programs-high-school-college-students-2008.html
These powerful links will direct you to hundreds of summer positions and internships across the United States . The Ventures Program link will direct you to colleges and universities across the country and their programs in "leadership," pre-college, liberals arts, writing, math, and many other areas. Many of the other links will direct you to science, math, or engineering related possibilities. These are helpful, powerful gateways. --Isaac Black, Founder, Black Excel
1. Ventures Scholars Program
Ventures Scholars Program and
Gateways. Black Excel Founder
has meet with Jessica Arkin National Director Ventures Scholars Program
and highly recommends this program and its resources
Summer Gateways featured:(with links)
http://www.venturescholar.org/hs/enrichment.html
2. Summer Opportunities for Minority Undergratuate Students
This is a powerful resource that
Black Excel has pointed minority (and
other students to) for a number of years. It goes 120+ pages and is filled
with many excellent resources. It's a comprehensive listing..
http://www.doorsofopportunity.org/
3. Over 250+ Summer Enrichment Summer Programs
This is a free summer and school year enrichment search listing recently created by adedicated school counselor. It's a very useful site with great hep gateways.
http://www.enrichmentalley.com
4. Math Gateways for High Scool Students
Summer Math Programs and Camps for High School Students
http://www.ams.org/employment/mathcamps.html
5. Summer Medical and Dental Programs & More
This is a major site with possibities at elite schools. Free full tuition, housing, and meals for six-week summer medical and dental school preparatory program that offers eligible students intensive and personalized medical and dental school preparation
6. Summer Progams/Camps
These Pre-college summer camps are offered throughout the country, often through Universities to provide high school students with experiences in science, mathematics, technology, engineering, or medicine
http://www.careercornerstone.org/pcsumcamps.htm
7. Making Engineers "Cool" Website
Gateway to nationwide Resources and Programs. A strong info portal with many opportunities for learning and summer.
http://www.engineeringk12.org/educators/making_engineers_cool/search.cfm
8. Another Sciences Gateway for Summer GREAT
A substantial number of programs specifically target minorities, women, and other groups traditionally underrepresented in the sciences.
http://www.engineeringedu.com/summercamps.html
9. Summer Programs Gateway
http://www.studenteducationprograms.com
10: Peterson's Summer Programs
Money Smart partners -- from banks to local government agencies to nonprofit organizations -- are helping low- and moderate-income people learn the basics of saving, budgeting and borrowing so they can acquire the assets and the skills to buy their first home. In the latest installment of our "Success Stories," we feature examples of how financial educators are helping students learn the fundamentals about homeownership so they can take the next steps in the home buying process. Our report also features tips for using Money Smart or any other curriculum to teach about homeownership. (Read the stories and tips.)
Financial educators who know of students facing foreclosure also should consider referring them to a trained homeownership counselor. To find a reputable counselor, contact the Homeowner's HOPE Hotline at the Homeownership Preservation Foundation (1-888-995-4673 or http://www.995hope.org/) or the U.S. Department of Housing and Urban Development for a referral to a HUD-approved homeownership counseling agency (1-800-569-4287 or www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm).
Help for Homeowners Facing Unaffordable
Mortgage Payments
On December 6, 2007, the U.S. Treasury Department and the HOPE NOW alliance -- a
collaboration of credit and housing counselors, mortgage servicing companies,
investors and lenders -- announced a plan to help certain homeowners with
subprime loans avoid losing their homes when their payments reset to
unaffordable levels. In a statement on the plan, FDIC Chairman Bair discussed
the importance of preventing unnecessary foreclosures and said she is
"optimistic that national agreements on systematic loan modifications, combined
with reporting templates for effective monitoring, are coming to fruition." (Read
more.) In addition, an article in the FDIC Quarterly (2007 Volume
1, Number 3) issued January 10, 2008, further outlines the case for a systematic
and streamlined loan modification process to help avert foreclosure for
borrowers who are current on their loans but who cannot refinance or afford the
higher payments when interest rates reset. (Read
the article - PDF. (PDF Help))
FDIC Issues Updated Version of Computer-Based
Money Smart Curriculum
The FDIC has updated and expanded the computer-based instruction (CBI) version
of Money Smart that enables students to complete the educational
curriculum at their own pace and anywhere they have access to a computer. The
new version is easier to use and more informative than the previous one. In
particular, the new CBI incorporates improvements to the curriculum in areas
such as shopping for a mortgage, avoiding identity theft, and saving money for
the future. It also reflects recent changes in law and industry practices. The
English version is available now, and the Spanish version will be released in
mid-2008. (To visit or order the new CBI version online go to:
Click to here.)
Careers with little education requirements
Nobody tells you what a
big, unruly role money will play in your marriage.
Click to read
According to the Public Interest Research Group, one in four credit reports has errors that are serious enough to disqualify consumers from opening a bank account, purchasing a home or even getting a job! Resolving any mistakes and improving your credit score should be priority resolutions.
Dec. 20, 2006 - A quick peek into the future: You are hung-over from the highs of financial gluttony caused by the holidays. Your kids have more toys than Santa, but your wallet is in the the intensive care unit at the local hospital and using your credit card one more time might get you arrested. How did this happen? How do you recover? Click to read
Planning For April 16 Can Save You Money Click to read
If there's an error on your credit report, or if you haven't structured your debt very wisely, your credit score may not be as high as it could be. Rapid rescoring is a service offered by local credit bureaus. Unfortunately, it's not directly available to consumers. You'll have to go through your mortgage broker or lender. Click to read
While nearly 2.5 million couples married last year and divorce rates have slowed, marriages tend to hit the rocks for one major reason: debt. Click to read
"If the word budget is a nasty word, don't use that word anymore," said Dorothy Rosen, a CPA and former Dollar Diva for Bankrate.com...Experts say that a successful budget is the path to accumulating wealth, getting rid of debt and reaching financial security. It's critical to a person's financial future.
Different Career Paths Can Lead Friends to Varying Income Levels, But Don't Let Money Problems End a Friendship
If you believe differing finances are affecting a friendship, the issue is likely with you and not your friend. Ultimately, it is important to make peace with your own situation. You need to avoid comparisons and instead focus on what you have in common. Click to read more
Should You Lend Money to a Family Member?
America's 'Consumption Ethic'
In the last decade, while the average family's income grew by 9 percent, credit card debt has increased 81 percent; student loan debt is up 137 percent and mortgage debt jumped 154 percent.
Life Insurance Shopping http://abcnews.go.com/Business/story?id=875244&page=1
As long as demand continues to outpace supply, the price
of oil will continue to increase… What Can Be Done?...http://abcnews.go.com/GMA/MellodyHobson/story?id=556006
Blend three ingredients -- a paycheck, discipline and
time -- and, you, too, can be a millionaire. It's not always easy, but it's
simple. And you have no excuse not to do it.
http://moneycentral.msn.com/content/Investing/Startinvesting/P62459.asp
"Our goal is to make them aware," says Dante Lee,
president of Diversity City Media. "We launched BlackStudents.com because many
African-American students simply don't know what's out there. There are so many
scholarships and internships that they overlook." ...Lee continues, "We feel
that our site will play a key role in increased college enrollment amongst
Blacks, and in better jobs for Black college graduates." ...BlackStudents.com
launched in mid-April of 2004 and already has 20,000 subscribers. Interested
students are only required to provide their email address, and from them on,
they will receive free notices about new opportunities. For more info, visit
www.BlackStudents.com
http://blackstudents.com/
Summer Opportunities for Minorities -
http://www.doorsofopportunity.org/
Bankruptcy Reform Hits Women Hard -
http://abcnews.go.com/Business/CSM/story?id=638195&page=1
New threats to your credit score. Everyone knows that an unpaid creditor can leave a mark on your record for years to come. But now, even your health club or local librarian can lower your score. Full Story
Sell real estate for fun and profit. It sounds almost too easy. You drive around clients for a day or two. You show them several nice houses. Then -- boom -- hello fat commission. No wonder there are now some 2 million licensed real estate agents in the United States, according to estimates from the National Association of Realtors, and more signing up every day. (Source: CNN/Money) Full Story
The single most important step in raising a money-wise child is simply for parents to be money-wise adults themselves. And that’s where so many well-intentioned moms and dads seriously drop the ball. Look, we all know that kids are sponges. They don’t do as you say, they do as you do. Kids study your every move, and unfortunately I see plenty of parents imparting some pretty awful financial moves. (Source: Yahoo! Finance) Full Story
The Armchair Millionaire's Checklist for Newlyweds
Change your beneficiaries. Every investment account and many of the insurance policies that you own have a beneficiary associated with them. Assuming that you want your new spouse to have those assets if you die, contact each to change the named beneficiary.
Deal with your debt. Take stock of the debt that each of you brought to the marriage and make a plan for paying it down, focusing on your high-interest consumer debt first. In addition, if you have multiple credit card accounts between the two of you, consider closing some of them—there's little reason for a couple to have more than three credit card accounts (one in each name to preserve an independent credit record and one joint account for shared expenses).
Review your insurance. Check for gaps or duplications in your insurance coverage. For example, if you've combined homes, make sure that your new homeowner's or renter's policy has sufficient coverage to protect your pooled belongings.
If both of you have health insurance provided by your employer and are able to add your spouse to the plan, take a close look at whether one offers more comprehensive and cost-effective coverage or if it makes more sense to just keep both policies. If you plan to have kids, don't forget to consider coverage for pregnancy and childbirth.
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Create (or update) your will. See an attorney and get this important item out of the way. Everyone tends to put off this task, but you'll probably find that it's easier than you thought.
Split up the chores. Who's going to pay the bills? Balance the checkbook? Prepare the tax return? Whoever is primarily responsible should report back regularly to the other so that everyone is on the same page.
THE BOTTOM LINE: Achieving financial tranquility can be one of the most challenging aspects of marriage. Give yourself the best odds for getting there by mapping out an overall financial plan with spending, saving and investing goals that will work for both of you.
http://money.cnn.com/2005/01/11/pf/armchair_windfall/index.htm