Urban League: State of Black America 2005

TonyB06 · #1 04-07-2005, 09:49 AM

Urban League Report Says Black Progress Stagnant or Worsening
Date: Wednesday, April 06, 2005
By: Michael H. Cottman

Forty years after landmark civil rights legislation was enacted, economic and social progress for black Americans remains stagnant or is worsening, according to a new_study released Wednesday by the National Urban League.

The annual “State of Black America” report for 2005 analyzed a range of government statistics and concluded_the gap in racial disparities between blacks and whites is widening in the areas of economics, home ownership, health, education and social justice. The report also stressed the importance of blacks taking responsibility for their own financial future.

http://www.blackamericaweb.com/site....ws/ulreport407

Lady of Pearl · #2 04-07-2005, 09:14 PM

I once interned with the Urban League as a Graduate Student and worked on a survey research for their policymaking purposes. Sadly enough then -as well as now, nothing much has changed,and it has predictably gotten worse due to politics and policies put in place by others. We must do for ourselves!

AKA_Monet · #3 04-08-2005, 06:54 PM

I just wonder how given the current "living situation" that we are all in???

I know very few of my peers that massively invest large sums of money into the stock market, straight up. I.e. Right now, oil stocks are doing extremely well, folks stand to make a ton of money once summer rolls around. However, I doubt many of my peers are actively investing a $5000 start up fund with some investment broker, and $300 per month to keep the money rollin into the brokerage account...

I guess I want to know from most folks here, do you all seriously invest, given the risks associated?

Or do you all hope your benefits packages at work will save you when you reach retirement age?

I just don't think a lot of "US" have capital... We just don't have the legal loot to hook it up... And that some of "US" compromise ourselves by becoming capitalists...

I think alot of us are consumers... We bling ourselves out... But those are depreciating comodities (sp?)...

How many of you all know, you gotta pay to play?

Lady of Pearl · #4 04-08-2005, 08:19 PM

A wise nigerian proverb says Save money and money will save you, yes we are consumers but we must unlearn that mentality. We should all aspire to save at least six months of our income in the event of an unfortunate event- sickness, disability or unemployment. Afterall you can't take it with you- and when you die someone will be there to take what you have!

SummerChild · #5 04-09-2005, 05:25 PM

Answers embedded below

Quote:

Originally posted by AKA_Monet
I guess I want to know from most folks here, do you all seriously invest, given the risks associated?

soror, i invest ...now. i always had the money to do so but spent it on frivolous material things that are all gone now or at least are not appreciating in value so now i know better. stocks are really the riskiest. if one invests in mutual funds, they really are not as risky (unless you fill your mutual fund with stocks I guess)
i also have an ing savings account that pays 3.00 % (yes, 3.00 % - way better than any bank). go to ingdirect.com. they also have great cd rates (you can get a decent rate with only a 1000 cd) and home loans, etc. less over head than the bank on the corner so they can give the consumer more interest, better deals, etc.

Or do you all hope your benefits packages at work will save you when you reach retirement age?

well, i hope that no one is counting "social security" as part of the benefits package. i assume that you are referring to the 401k. i invest in that as well and am maxing it out (14,000 per year) although it is cutting real deep into my discretionary spending.
also, you can put up to 3000 in an ira each year and when you withdraw it (if you make less than 100,000 per year) you get to keep all the interest but at the old tax rate (or soemthing like that). if you make more than 100,000, you get a similar deal but the tax structure is different (sorry, i don't have the terms in front of me for either over or under 100,000 case but any bank can tell you).
little shelters like this are how the rich stay rich - that and real estate and investment in oil stocks. do you know that my boss was just telling me yesterday that he bought exxon stock two years ago and exxon has made *more in the history of the world than any other company ever*????? he informed me that all of this hype about the gas prices going up b/c it's harder for companies to get it is bogus. they do the same process now as in the past, yet an OIL company - exxon - has made more than any other company in history? although it might be kind of hard to invest in exxon *now* seeing as how the price of the stock is now trading at about $65.00 per share

I just don't think a lot of "US" have capital... We just don't have the legal loot to hook it up... And that some of "US" compromise ourselves by becoming capitalists...

soror, i think that *anyone* can save. my grandmother who is on disability and a fixed income has a nice savings even though she has always worked as a laborer.
****it's not what you make, it's what you keep.****
as evidence of how much discretionary $$ we have as a people, we are the biggest CONSUMER bloc in the country i.e. we buy more *stuff* than any other group. so clearly, we've got it. we are just not saving it. and i'm not just referring to people who are legally-challenged. how many of us - middle-income folk- are quick to run out and buy gucci, bmws and everything other name under the sun when we could save some of that money b/c guess what, gucci does not know me, i don't know him, and i ain't (excuse the grammar) making him rich. i ain't thinking about mr. gucci. the same applies to mr. nordstroms (with those high prices), mr. coach (although i'm guilty of buying from the outlet on occasion and need to check myself), ms. kate spade, whatever that woman's name is who makes all the pink and green designs, etc. we are all making them rich and they are laughing straight to the bank. fact is, we would all be ashamed to know how much $$ it truly takes to make some of the clothes ... we are generally only paying a premium over the non-designer clothes - *for the name* (so go non-designer from reputable stores and save money - and put it into an ira or a mutual fund or something).

I think alot of us are consumers... We bling ourselves out... But those are depreciating comodities (sp?)...

exactly!

How many of you all know, you gotta pay to pay?

TonyB06 · #6 04-10-2005, 05:55 PM

I co-sign Summerchild's comments. Saving really is an exercise in mental discipline and delayed gratification. Besides personal saving/investing, along with some chapter bruhs, a Nupe, and some other friends, I've been in an investment club we started nearly 11 years ago.

It really doesn't take a lot of $, just a lot of commitment to whatever the shared (group) goals are and reinvesting profits back into the enterprise.

...but I have not yet reached "baller" status like Summerchild.

SummerChild · #7 04-20-2005, 07:31 PM

Um, ahem. Who's reached baller status?

You're the one whose been investing for at least 11 years. Shoot at that rate of compound interest ...you're going to make someone a happy woman. LOL

Quote:

Originally posted by TonyB06
I co-sign Summerchild's comments. Saving really is an exercise in mental discipline and delayed gratification. Besides personal saving/investing, along with some chapter bruhs, a Nupe, and some other friends, I've been in an investment club we started nearly 11 years ago.

It really doesn't take a lot of $, just a lot of commitment to whatever the shared (group) goals are and reinvesting profits back into the enterprise.

...but I have not yet reached "baller" status like Summerchild.

AKA_Monet · #8 04-20-2005, 09:16 PM

Soror Summer,

When I said "US" having "capital"... I mean "real estate", true dyed in the wool, tradeable commodities... Not CLKs, CL65's and other bling-ting things--like you said...

Now I know many middle incomer's like myself and my husband had to make some hardcore choices about our financial futures when we got married and afterward. I pleaded, and I mean on the floor scrounged to my mother to hook my little "family" up with an "FHA approved bridal registry" with a mortgage company... Rather than the "Crate and Barrel"--we had enough blenders, we wanted a larger house (my husband already had a small townhome when I met him, which we currently reside). But my mother with her "infinite wisdom" told me that she refuses to ask her friends who live very phatly off their incomes as professionals to give us $$$ for a interest bearing account that will park money for about 5 years and do better than a CD or an ing account--like whatever the latest conventional mortgage security rates are these days~4-6%ish I think?

So I suffered for upgrades to our current home by getting Home Depot and Lowe's Cards... Still consumeristic, but useful.

Another thing I didn't realize after speaking to a certified Financial Planner was the retirement planning must include some sort of Life Insurance policy--get one when you're young and have NO problems... It get's a grandfathered rate after 4-5 years and when you havta change it due to changes in life circumstances, you ain't nayled for getting it too late...

Lastly, Roths are very, very nice to park money. You can give upto $4K (I think--speak to Rudey--he's the financial guru), per year and get that tax write off. Again, if I had refused to listen to my mother back in 1997 before the government changed the Roth rule by rolling over old tax funds without penalty, I would have been hooked up bigtime...

I think I have lost some money on Oil Stocks, but they are only gonna go up for the summer, that seems to be the latest trend... Then in September, you review your portfolio and rollover assets into another commodity--like consumer electronics, etc.

And Tony, how do you buy into to your investment club? What's the purchasing prices?

TonyB06 · #9 04-20-2005, 11:09 PM

Quote:

Originally posted by AKA_Monet
And Tony, how do you buy into to your investment club? What's the purchasing prices?

AKA Money, errr, I mean Monet

well, we don't make you pledge or nuthin, but....

Each year we set our monthly "dues" amount, taking into account factors like the # of continuing or new group participants, and whatever changes in investment strategy or goals we've agreed upon.

From there, we invest monthly, watch our buy/sell targets prices, and try to keep fresh data on prospective stocks, etc..

Rudey · #10 04-29-2005, 11:24 AM

Me a financial guru? I have never been so confused by the markets. Since the beginning of 2005, every time I make some money, things turn around and I lose it. The things I can tell people are:

1) Diversify. Don't buy one stock, don't buy one type of products (only stocks), don't buy one sector (oil), etc.

2) Invest what you know. Don't invest in oil because everyone is doing it. The price of something always includes those variables in it and you won't get anything out of it.

3) Some people say in this environment, the only way to get ahead is to trade and not invest. I am starting to agree. I set up barriers of how much I am willing to lose and how much I am willing to gain before I sell. My fees increase but luckily I use the cheapest trading service out there (brownco.com).

-Rudey
--That's all I gotta say about that

Quote:

Originally posted by AKA_Monet
Soror Summer,

When I said "US" having "capital"... I mean "real estate", true dyed in the wool, tradeable commodities... Not CLKs, CL65's and other bling-ting things--like you said...

Now I know many middle incomer's like myself and my husband had to make some hardcore choices about our financial futures when we got married and afterward. I pleaded, and I mean on the floor scrounged to my mother to hook my little "family" up with an "FHA approved bridal registry" with a mortgage company... Rather than the "Crate and Barrel"--we had enough blenders, we wanted a larger house (my husband already had a small townhome when I met him, which we currently reside). But my mother with her "infinite wisdom" told me that she refuses to ask her friends who live very phatly off their incomes as professionals to give us $$$ for a interest bearing account that will park money for about 5 years and do better than a CD or an ing account--like whatever the latest conventional mortgage security rates are these days~4-6%ish I think?

So I suffered for upgrades to our current home by getting Home Depot and Lowe's Cards... Still consumeristic, but useful.

Another thing I didn't realize after speaking to a certified Financial Planner was the retirement planning must include some sort of Life Insurance policy--get one when you're young and have NO problems... It get's a grandfathered rate after 4-5 years and when you havta change it due to changes in life circumstances, you ain't nayled for getting it too late...

Lastly, Roths are very, very nice to park money. You can give upto $4K (I think--speak to Rudey--he's the financial guru), per year and get that tax write off. Again, if I had refused to listen to my mother back in 1997 before the government changed the Roth rule by rolling over old tax funds without penalty, I would have been hooked up bigtime...

I think I have lost some money on Oil Stocks, but they are only gonna go up for the summer, that seems to be the latest trend... Then in September, you review your portfolio and rollover assets into another commodity--like consumer electronics, etc.

And Tony, how do you buy into to your investment club? What's the purchasing prices?