Smart Money Moves for African Americans.Q: I'm a 32-year-old hardworking mother of a 15-month-old girl. I'm an accountant, but I've never been good at handling my own finances. How do I make a $30,000 salary work for me when I can't afford my company's medical insurance? Nor can I afford to buy life insurance for myself, so that my daughter can be taken care of should something happen to me. Roslyn McNeill, St. Albans, N.Y. A: Life insurance and medical coverage should take priority. But the problem may be that under your current spending plan, you can't handle deductions in your paycheck. Perhaps you can stop paying so much into debt repayment in order to find money to afford life and medical insurance. Glinda Bridgforth, a financial counselor in Oakland, Calif., places self-care items such as life insurance, medical coverage and entertainment fourth on her list of priorities, topped by food, shelter and transportation, in that order. Last is debt repayment. Bridgforth, author of The Basic Money Management Workbook work·book n. 1. A booklet containing problems and exercises that a student may work directly on the pages. 2. A manual containing operating instructions, as for an appliance or machine. 3. (510-430-1820; $20), says, "I'm assuming she has debt and that's part of the reason she can't afford her compqny's medical and life insurance policies. She might consider going to consumer credit counselors to help her reduce the monthly debt payments so that she has the cash flow available to pay for health and life insurance." In New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of you can find consumer credit counselors by contacting Budget and Credit Counseling Credit counseling (known in the United Kingdom as debt counselling) is a process offering education to consumers about how to avoid incurring debts that cannot be repaid. This process is actually more debt counseling than a function of credit education. Services (212-675-5070), a nonprofit debt reduction and financial management group. Outside of New York, contact the state banking department for a nonprofit credit and debt counseling center in your area. What about life insurance? Consider asking your employer if there's a group plan available. It would be a low-cost way of getting a small amount of insurance, about $10,000 or $15,000, and usually it costs a few dollars a month. Another option is to ask a life insurance agent about term insurance, which has a lower monthly premium compared to other types of policies. RELATED ARTICLE: READINGS FOR PROFIT Book pinpoints profitable way African Americans African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. are relatively new to high finance, but now there's a book that can help make the task of money management as simple as 1-2-3. Kelvin kelvin, abbr. K, official name in the International System of Units (SI) for the degree of temperature as measured on the Kelvin temperature scale. A unit of measurement of temperature. Boston, host of the syndicated television show The Color of money, examines the basics of financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against from an African American perspective in his new book, Smart Money Moves For African Americans (G. P. Putnam's Sons; $21.95). The book addresses issues related to years of economic oppression The term economic oppression, sometimes misunderstood in the sense of economic sanction, embargo or economic boycott, has a different meaning and significance, and its meaning as well as its significance has been changing over a period of time, and its contextual application. , innate fears of investing and our pursuit of the American dream American dream also American Dream n. An American ideal of a happy and successful life to which all may aspire: . Boston lays out a blueprint for how African Americans, even those who have a household income of between $25,000-50,000, can build wealth and increase their net worth to a minimum of $250,000. The ultimate smart money move, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Boston, is entrepreneurship. With just a half million African American entrepreneurs in this country, Boston says, this is one area where black people are seriously underrepresented un·der·rep·re·sent·ed adj. Insufficiently or inadequately represented: the underrepresented minority groups, ignored by the government. . The book uncovers the myths and realities of entrepreneurship. "The misconception about wealth is either you're born with it or you don't get it," Boston says. The secret to success, however, lies not in making sophisticated investment plays but with establishing a detailed financial plan from the start. The book walks you through the steps, providing worksheets and helpful strategies for saving, setting financial goals and developing a budget. Another barrier to financial stability for many African Americans is credit card misuse. How can African Americans properly manage their credit and use it as a leverage to build wealth? Boston offers valuable suggestions on avoiding credit abuse and using credit to your advantage. The key is commitment. Anyone serious about becoming financially successful can benefit greatly from this book. |
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