I am going to meet with one of the major networks about a Financial show they have in development. As soon as I am given the green light to share what is going on, I will do that. I am honestly hesitant about dealing with the major networks however, since I enjoy making my own money and remaining independent. But if the terms are right and there's (in my friend Vigalantee's words) "no-jangling", I might consider doing such a show.
Barack Obama has my respect and I am going to vote for him. Here is a link to his 30 minute prime-time presentation for those of you who have not had a chance to take a look:
I spoke on a few media outlets on this topic and called for the President of the university to realize that it is the lack of true commitment to cultural diversity which created the social incubator that allows these incidents to happen. Racial incidents occurred at The University of Kentucky when I was in college, and they continue to happen to this day. It will never stop until the university makes an honest commitment to creating real diversity by allowing progressive African Americans to become involved in the decision-making structure of that campus. Most progressive Black faculty (myself included) left the state of Kentucky due to racism, and some were forced out by academic departments that, quite frankly, don't respect or appreciate Black scholarship. Perhaps the president can show his commitment by asking some of them to come back. I encourage the students and faculty to also stand strong and demand the fairness that the university has been promising (and delaying) for the past 40 years. It is time to be strong so that the next generation doesn't have to come to school to find their cherished leaders hanging from a tree.
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It appears that my alma mater, The University of Kentucky, hasn't changed a bit. Below is a statement issued by the President of The University of Kentucky, Dr. Lee Todd, regarding an effigy of Barack Obama that was found hanging from a tree on campus. I don't blame Dr. Todd for what has happened, but the fact of the matter is that these incidents have been occurring on this campus (which I call "The Ultimate Plantation") for over 120 years. When someone sent me this written statement, I replied with a statement of my own to the student:
Thanks for sending this Rosalynn. Perhaps President Todd should put that energy and sentiment into finding more diversity within his senior faculty and teaching real and meaningful lessons on diversity to the student body. The problem is that UK has, for the most part, only paid lip service to its commitment to African Americans, which has caused us to endure over 120 years of this kind of abuse.
This happened to me when I was a student there, and it's the reason I did not send my daughter or God daughters to UK. The President and his administration must show true leadership on this issue and not simply distribute carefully written statements. Hopefully the students will challenge President Todd to back up his words with action.
Be well and thanks for sending this, Boyce
Unfortunately, this morning an effigy of Senator Barack Obama was discovered hanging in a tree on campus. I am personally offended and deeply embarrassed by this disgusting episode. This is not reasonable political expression; it is just malicious. And it is unacceptable.
On behalf of the University of Kentucky I apologize to Senator Obama and his family. I will personally assure them that this is not who we are as a University or as a state.
As President of the University of Kentucky, I feel outraged and hurt. I am outraged because we work very hard, every day, to build bridges across the divides. Diversity and inclusion are among our most precious core values. Episodes like this serve only to erode our confidence in and respect for one another.
Regardless of your political opinions or the candidates you support, a University such as ours must be a place where spirited discussion can take place, but within the bounds of civility, common sense, and respect for the views and feelings of others. We have insisted - and we will continue to insist - that we as a University and as a state rise above hatred and acts of malice or ignorance. The line separating civil discourse from unacceptable behavior has been crossed, constituting a clear violation of the University's code of ethics, and possibly constituting criminal acts, which would also violate University regulations. Such acts will not be tolerated. Those found responsible will be subject to the full force of university, state, and federal rules and regulations.
There is an on-going investigation into this incident, which includes federal authorities. If you have any information that would assist in this investigation you have a responsibility to contact the UK Police Department (257-1616).
The response I received from you guys on the new CNN show, “DL Hughley Breaks the News” was overwhelming. Within 20 minutes of sending out the email statement, we had an entire inbox full of messages expressing extreme disappointment in CNN and this offensive new show. This helped me realize that we need to do something about it.
Our goal is to present an intelligent, dignified and firm response to CNN, letting them know that programming based on racial stereotypes is not acceptable. Political satire can be quite funny, but it must be intelligent, balanced and conscientious. This is not the brand of humor presented in “DL Hughley Breaks the News”, which went back to the same degrading media stereotypes and disturbing images that scholars and consumers have been upset about for decades. Senator Obama opened the door for us to see ourselves as educated, enlightened and empowered, so the last thing we need is to be readmitted to the asylum of pimps, thugs, criminals and buffoons. A sample letter you can use to contact CNN is presented below. You can get the contact information at this link. You can also forward this link and email to anyone you believe to share your sentiments regarding how our community should respond to this painful and disappointing new show.
Finally, don’t forget that we are going to “Get our paper straight in 2008”, so if you wish to join our group for Dr. Boyce Financial Advice, please click here.
The sample letter is below. You can get contact information for key decision-makers at CNN by clicking here. Remember: Change won’t start with Obama or McCain. Meaningful change is going to start with US.
To CNN and its key decision-makers,
As a member of the Your Black World coalition, I am writing to inform you that I found your recently released show, “DL Hughley Breaks the News” to be a tremendous disappointment. While I certainly respect CNN’s effort to develop itself as “The most trusted name in news”, I did not find the new DL Hughley show to be consistent with the degree of trust that CNN has worked to obtain with the American public.
The 2008 Presidential campaign represents an amazing landmark for change within our country by allowing an African American male to present himself to the world as a dignified and educated member of our society, an image which lies in stark contrast to media representations confining Black men to being criminals, rappers, athletes and entertainers. I found it disheartening that this progress was reversed by CNN’s decision to create a show which relied on the very same stereotypes to build a consistent stream of laughs at the expense of African Americans everywhere. The show was also degrading to those in the broader community who support the candidacy of Senator Barack Obama, and who wish to see our great country move past the deep and painful wounds created by our nation’s legacy of racial inequality.
We ask that you discontinue the show, “DL Hughley Breaks the News”, and consider a brand of political humor that is respectful to all ethnicities and shows greater appreciation for the tremendous gains made in the 2008 Presidential election. Perhaps then, CNN can regain its status as “The most trusted name in news”. Sincerely,
OK, I am not a hater on CNN or DL Hughley, but I have to call it for what it is. As I mentioned before, I could not comment immediately on the new CNN special "DL Hughley Breaks the News" because I honestly didn't know what I would say. However, it's sunk in a bit, and I am ready to move on this.
It's time to ride on CNN and on this terrible show.
For those of you who know what I mean, you understand that when I say "it's time to ride", that means it's time to stand up and be heard. This is not about hate, it's about expressing to CNN that this kind of programming simply doesn't work. So, expect to hear from me within 2 or 3 days on this, because I've got some action planned on how we can share our point of view.
My commentary is below. Respect to everyone who reads my blog.
By Dr. Boyce Watkins
www.BoyceWatkins.com
I continue to be irritated by Fox News, which is why I don’t watch it.We know clear racism when we see it, and it should not be legitimized by our viewership.However, I’ve always given CNN a pass.I’ve overlooked the fact that nearly every financial analyst on the network is a White male, since that tends to be the norm in almost every academic department in America.I could almost overlook the atrocious spectacle called “Black in America”, which presented African Americans to the world as pathetic lab rats to be studied and pitied.When it came to CNN, I presumed that they are simply victims of the same institutionalized racism which plagues nearly every other corporation, university and media outlet in our country. I don’t get mad at every racist I see, since I truly, and perhaps naively, believe that most Americans strive to be good people.
But the new CNN show, “DL Hughley Breaks the News” was something I simply cannot forgive.
In Hughley’s new show, he attempts to add a comedic spin to the presidential election with “commentary” by characters such as “Freddie Mac”, a pimp who apparently caused the financial crisis.In the interview with Freddie Mac, the pimp makes typical pimp-like comments such as “bitch betta have my money”, and “pimps up, hoes down” in reference to the 2008 Presidential election.There are also segments which explain that President Obama’s healthcare plan would include “gold grills for everyone”, along with other equally tasteless jokes that have no place on an allegedly “mainstream” news network just a few days before one of the most significant elections in American history.Nearly every joke on Hughley’s show came back to some generalized stereotype, reminding us that African Americans are seen as relatively trifling “social critters” and not much of anything else.My good friend Roland Martin at CNN has never received the same respect as political caricatures like Nancy Grace and Glenn Beck.So, the most degrading thing CNN can do is to finally give an African American a show after he agrees to turn the stellar Obama presidential campaign into a minstrel show.I am not sure if Flavor Flav or Juan Williams (the educated version of Flavor Flav) could have done a better job.
I have to say that DL Hughley lost my respect 2 years ago during the Don Imus debacle.After working hard on the phone with Rev. Jackson and Rev. Sharpton to construct a plan to challenge Imus’ corporate sponsors, I was saddened to watch DL use this situation as an opportunity to say things that no self-respecting Black public figure would say.On the Jay Leno show, I dropped my face to the floor when I heard Hughley say, “Yes, those women really WERE a pack of nappy headed hoes!” I could not understand why Hughley could not simply make the appearance as a comedian citing the quality of his work, rather than a Black man agreeing to engage in the degradation of Black women for the enjoyment of a predominantly white audience.
At that point, I decided that when DL Hughley is on a show, I will not watch him.I can understand the grit and grind of getting ahead, but getting ahead at all costs makes you a professional garden tool. Perhaps the show’s resident pimp, Freddie Mac could use DL as one of his employees.The idea that this seasoned comedian would leverage his Blackness in such a degrading way simply makes me wonder why he never developed greater range as a performer.His laughs always go back to the same old unintelligent place, like the little kid on the school bus who memorizes 800 “ya mama” jokes and recites them one by one to keep the other kids laughing. Just when Obama taught us all to step outside the box, CNN and DL Hughley have reminded us to stay inside the socio-political ghetto. The audience members are not laughing WITH you DL, they are laugh AT YOU.
I make these comments as a Black man, which I’ve been for quite a while now.I am a loyal fan of Katt Williams, Chris Rock, Dave Chapelle, Richard Pryor, Wanda Sykes, Eddie Murphy and other cutting edge and incredibly talented comedians.I don’t wear my “Black Panther Hat” everywhere I go, and I have as many guilty pleasures as anyone when it comes to laughing about things that might be considered offensive.I also say this as a moderate fan of Def Comedy Jam, most forms of hip hop and nearly everything else that reflects the beauty and diversity of being Black in our great nation.But the truth of the matter is that there must be a point where the line is drawn, like realizing that you don’t put a porn shop inside a church or bring a gun to a baby shower.It is amazing that CNN would sign off on this show right before such an historic and politically sacred event, sending a clear message to African Americans that the only way to get their attention is to “be really black and make us laugh”.This once again underscores the necessity for more black-owned media outlets.Perhaps if there were a greater diversity of Black-owned media in America, we would not have to sell each other out for our moment in the sun. Until that time, I’ll be getting most of my news from the Internet.
Congratulations DL, it appears that your show will be a smash hit. You’ve become America’s favorite nappy headed hoe. I really hope it was worth it.
This brilliant piece was written by my truly respected colleague, Christopher Metzler at Georgetown University. He expresses my sentiments on DL Hughley exactly. I lost respect for DL Hughley during the Don Imus situation, when he appeared on Jay Leno and stated that the women on the Rutgers University basketball team really were "a pack of nappy headed hoes". Since that time, he has lost my respect. The idea that CNN would co-sign on the horrific stereotypes used by DL during his latest show disappoint me even more. I just don't know what to say, I should probably calm down first.
So, rather than saying something that might get me in trouble, I will think it through and let you hear what my brother Christopher has to say. As I mentioned before, I endorse every word of his commentary.
CNN's new Hughley show reinforces black stereotypes
by Dr. Christopher J. Metzler
In just eight days, America may well elect its first black president. Throughout the long campaign, race has been an omnipresent issue with many asking whether whites and some blacks would reject Senator Obama because of his race.
Most news outlets and commentators have discussed race in a vacuous way for fear of being called racists. In fact, if this election taught us anything about the media and race, it is that most journalists -- including white liberals -- simply lack the vocabulary to discuss and analyze race, choosing instead to engage in a cacophonous politically correct gab fest.
As the election draws to a close, one major cable news network decided to discuss race in a mephitic way, reminiscent of Amos and Andy, a situation comedy based on reinforcing stereotypes about blacks and widely popular in the United States from the 1920s through the 1950s
The show's anchor warned that the election of a President Obama would lead to a health plan with grills for all. Grills are shining metal caps worn on the teeth of blacks while they drink malt liquor from a paper bag. His guest, "Freddie Mack," attired in the traditional pimp attire complete with hat and bling, described Obama's fund raising prowess as "Big pimping." In fact, Freddie Mack went on to say, "Politicians are pimps and the electorate are their hoes." Thus, he reasoned, "bitch better have my money." In a response dripping with racism and misogyny, he reminded Americans that the financial crisis was about his sister Fannie May or Fannie may not again, utilizing the hoe moniker for black women.
The anchor also predicted that the election of a President Obama would result in a meteor striking America. His expert guest assured him of two things. The first is that such would not happen during an Obama administration and that if it did, blacks would be protected because of the complexion of our skin while whites would not. As if this was not enough, the anchor conducted an interview in which a black maid of a Jewish woman decried her years as a maid for that Jewish woman and warned that she would "clean her clock" if the old Jewish woman did not vote for Obama. Of course, besides portraying black women as violent, it also escalated the issue of Jews voting for Obama during this election. The message, it seems, is that blacks cannot convince with the facts but with fists.
The anchor also interviewed former Miss Alaska Maryline Blackburn, who beat vice-presidential candidate Sara Palin for the title. Asked whether Palin needed substance in her debate with Biden, Blackburn replied yes. No, the anchor replied, "All you need is to be in a tong and, I would vote for you."
Throughout this election, I have written prolifically about the role that race is playing. I have also said in several radio, television and print interviews that McCain and Palin created a racially charged atmosphere at some of their rallies which resulted in shouts of "kill him, off with his head, and terrorist" referring to Senator Obama. I have said that such an atmosphere is akin to the lynch mobs rallies which resulted in the gratuitous lynching of black men especially during the Jim Crow era. These rallies and the attendant racially tinged atmosphere were condemned by CNN.
Now, in a shameless show of hypocrisy, CNN -- like the slave masters who profited from racism and slavery -- has decided that there is still money in racism and found just the Negro to help it cash in. At 10 P.M. on Saturday, October, 25, 2008, CNN premiered D.L. Hughley Breaks the News.
By introducing D.L. Hughley Breaks the News, both CNN and Hughley have picked up where McCain and Palin have left off. During the course of this election, CNN has portrayed itself as having "the best political team on television." It can now portray itself has having, "the best racism team on television." This is so for at least three reasons. First, in the course of one hour, Hughley and his CNN producers managed to rearticulate the vilest stereotypes of blacks, especially the notion that at our core, black men are pimps and black women hoes.
Second, as if to give legitimacy to its racists portrayals, CNN had former White House Press Secretary Scott McClellan endorse Obama after Hughley skinned, grinned and jived while broadcasting black stereotypes worldwide. The message was this a "real" news show; even the white man came on here to make an endorsement.
Third, Hughley demonstrated that blacks still suffer from internalized racial oppression. That is, too many blacks, including Hughley have internalized the racial stereotypes of us created by whites and remind whites that it is not necessary for them to purvey them through mass media, as we will do it for ourselves.
To be sure, both the white brass at CNN and Hughley bear equal responsibility for trafficking in and profiting from racism. CNN could not have done it without him or him without them. This symbiotic, collusive relationship is responsible for keeping racism alive. The white brass at CNN laughs all the way to the bank as we continue to denigrate ourselves for the entire world to see, racists delight in the voyeuristic enjoyment of racism and America continues to call itself "post-racial."
This election has taught us that outrage over racism is too selective. Ostensibly liberal networks such as CNN get a pass as evidenced by the lack of outrage about this show and ostensibly conservative networks such as Fox get pilloried as evidenced by the fact that Bill O'Reilly was taken to task for his comments about the "normal" atmosphere at Sylvia's restaurant in Harlem. It was not too long ago that Don Imus was banned from the airwaves because of his "nappy headed hos" comment. In fact, advertisers fled in droves. I have yet to hear any advertiser flee from this show.
So America, as Election Day approaches, would the election of a black president mean that we would have addressed race or that we will continue to rearticulate it?
I just returned from a trip to DC, Philly and Florida. I had a great time with my buddy, Mark Thompson, the host of "Make it Plain" on Sirius Satellite. Mark invited me to co-host his show the other day, which was amazing. I also had the chance to do some work with the Al Jazeera Network and NPR as well as give about 5 speeches along the way. I am tired as "hayell", but happy heck. I also want to give a big shout out to Chiderah Aalisa, one of our amazing writers at YourBlackWorld who was just named "Ms. Black and Gold" here at Syracuse.
During the trip, I spoke with some young students at Howard University. I loved the students, and I felt at home with them. I wish I had more Black students here at Syracuse, but unfortunately, there is work to do in terms of creating diversity within the Business school. My current students are great, but I am not sure they always "get me" as a Black man. But then again, I am not all that easy to get.
One of the students at Howard asked where I came up with the idea to write my book "Financial Lovemaking 101: Merging assets with your partner in ways that feel good". I was taken aback, since it's always intriguing to me when young students ask questions about topics like love and relationships. But I answer all questions truthfully and directly, out of respect for the person asking. Also, like any other adult, I've always got a gumbo of emotions that pop up when I think about my own experiences in the journey of love and life.
One of the things I told the student is that who you choose to spend your life with is going to be one of the single most significant choices you make in this lifetime. I encouraged them to realize that even when you have it together and are doing the right things, you must steer clear of people of the opposite sex who are not making equally productive choices. I think about this when I see men choosing women because of their looks or the shapes of their body parts, or women who are attracted to bad boys with bad credit. I've seen good women I know taken in by the smooth words of falsely Christian men who lie for a living and men taken in by women who don't have their best interests at heart. It has happened to my close friends, it has happened to me. We can end up paying the price for our poor choices with the pain in our heart, the money in our bank account and sometimes, we pay with our life.
When I saw what happened to Jennifer Hudson's family, my heart sank. I thought about how this woman on top of the world does not have the fairytale life we thought she had. I wondered if there were signs that this tragedy might occur, based on prior behavior of the primary suspect, her sister's ex-husband. Her tragedy reminded me of tragedies I've seen up close, where good love goes real bad.
I am not a relationship therapist, nor am I wagging my finger at anybody. My only thought today (at 2 am on a Saturday night) is about those young students at Howard. I wanted them to realize that who you choose to spend your life with is going to matter more than how many degrees you earn, how much money you make or what profession you choose. A bad relationship might seem fun at first, but it eventually eats at your soul and destroys your most valuable asset, your happiness.
Life is a journey of love, and we must carefully watch the road at every little turn. Our well-being is the vehicle that can be steered in the wrong direction, and we should not allow just anyone to take the wheel.
I had some thoughts tonight after doing a couple of interviews on the financial markets, one with NPR and another with 99.5 FM in NYC. Those are two of my favorite stations, and anyone who follows me should know that I am going to be with my main man Mark Thompson at Sirius Satellite (channel 146) this Wednesday at 5 pm EST and WVON-Chicago Saturday morning. There's more this week, including The Donny Simpson Show (DC), Al Jazeera International, NPR again and some other stuff I can't quite remember right now (the details are on my site, www.BoyceWatkins.com). On each show, I've chosen to address the financial markets, and I have been deliberately avoiding discussing this election, because I don't want to say anything that might keep Obama from getting elected. Critical analysis means that almost nothing is black or white for me. So, I even critique people I love, and compliment people I can't stand (I've even said nice things about Bill O'Reilly).
Someone sent me an email the other day stating that my silence on the election has been "deafening". I agree. I've been deliberately silent on the presidential election for roughly 6 weeks. I have also been considered an "Obama hater" because I have not chosen to ride the Barack Obama-mania train that everyone else is on. In spite of my sincere respect for Mr. Obama as a person, I am still not buying a ticket. However, I can set the record straight right now:
1) Obama deserves to win this election. He has clearly shown that he is a far superior candidate to John McCain. He is sharper in debates and has shown himself to have far better decision-making skills than Mr. McCain, whose "Joe the Plumber" argument to support his tax policy was just flat out stupid.
2) I vote for my politicians, I don't worship them. Barack will get my vote, as I endorsed him long before it even appeared that he had a chance to win this election. But as his supporter, I feel that it is my obligation to also provide him with incentives to do the right thing for the American people and African Americans. Therefore, I am in agreement with Rev. Jackson and others who are working to provide Senator Obama with direct incentives to create policies that open doors for African Americans.
3) Sarah Palin scares me. When you are a 72 year old man who has a very strong likelihood of not even living to make a second term, you shouldn't choose someone like Sarah Palin as your running mate. That's like riding across the country on old tires without a solid spare in the trunk. Foreign and domestic policy are too serious right now for us to have a president who has less foreign travel experience than many 15 year olds.
4) The financial crisis threw Obama over the top. This is not the time to have a president (and mediocre student) who admitted that he doesn't know much about the economy.
5) Barack reminds African Americans of what our mothers told us as children: "You have to be twice as good when you are black to get half the reward." Obama ran the strongest campaign of any candidate in the past 30 years. He was cool under pressure. He carefully pandered to the kind of racism I refuse to accept. He deserves to be President of the United States.
6) I respect Barack Obama, but I dislike nearly all politicians. I don't enjoy working with anyone who has to lie for a living. I don't think politicians are all liars by nature. Unfortunately, they are required to feed lies to voters who can't quite handle the truth. When politicians approach me about being involved in their campaigns, I typically refuse. At best, I provide an endorsement if it helps. I truly believe that politicians are not going to be the ones who save Black people. Economics and Financial Activism are going to be our paths to power in a Capitalist society. That's the truth.
I head to Cornell University tomorrow and I won't be thinking about the election. Instead, I'll be thinking about family, freedom and financial prosperity. That matters far more than political popularity contests and that is what will make us free.
The financial markets experienced a recent rise of over 900 points, nearly double the one-day record. Just that morning (before the increase), I was asked by the Tom Joyner Morning Show whether or not investors should shy away from the market when prices are down. I explained the following:
1) When the market declines, that is not the time to run away. It is the time to run TOWARD the market. You don't buy when prices are high, you buy when prices are low.
2) The key words to remember for stock market investing are BUY and HOLD. That means that you buy a diversified portfolio (spread your money out, as in a mutual fund) and let your money grow. You are not out to try to pick the right stocks at the right time, since that will drive you insane and cause you to lose money.
3) Historically, when the market goes down, it has always come back up. So, I told Tom that I was not changing my portfolio one bit, and I was even going to over-invest in the market while it was low. In the financial research I've been doing for the past 15 years, one thing is true: the stock market tends to reverse itself over short, medium and long-term horizons. Typically, if the market declines a great deal during one week, the next week, on average, tends to be strong positive. This is due to investor overreaction, which can occur during a panic like the one we've had this past week. But remember: your goal as an investor is not to spend your time trying to predict the stock market, your goal is to build wealth.
Visit www.DrBoyceFinance.com for more information. You can also check out some of our videos at YouTube.com/DrBoyceFinance.
Remember to always own the land on which you stand. You are now the teacher, so please share this message with others.
Unlike babies, credit scores do not come from a financial stork.There are 3 major credit bureaus in the United States: Experian, Trans Union and Equifax.Companies subscribe to their services to obtain information about you to decide if you are credit worthy or not.Under the old system, the credit scores ranged from 375 to 900.Under the new VantageScore system, they range from 501 to 990.The new system is more consistent among various credit bureaus, so you don’t end up with scores that go all over the place.
How can I get a copy of my report?
I personally go to a site called Myfico.com, where you can order reports from all 3 bureaus or just one.You can also go to freecreditreport.com (you know, the site with the really funny commercials).The law says that you are entitled to at least one free credit report every year.Also, if you are denied credit for any reason, you can write the bureaus, sending along a copy of the rejection letter, and request a copy of your credit report.If you choose to pay for your report, it will likely cost you about $8 dollars.
What factors go into calculating a credit score?
The factors that go into calculating a credit score are a little vague and it’s protected like the recipe for KFC chicken.While the formula is well-guarded, we do have some guidelines on what factors are theoretically used to determine whether or not someone should loan money to you.
The factors are broken into what they call “The Four C’s of Credit”: Character, collateral, capacity, capital and conditions.
Character is their way of trying to decide if you are a good person or not.I don’t agree with this, since having bad credit does not make you a bad person.It just makes you a person who does not have a good track record when it comes to borrowing money.
Capacity is represented mostly by your income level and how much money you’re expected to earn in the future.
Capital is noted by the amount of cash you have in reserves and other liquid assets at your disposal.If you have capital, that means you can withstand a short-term decline in income and still make payments.
Conditions are reflected by the environment in which you live.It might include the state of the economy, your line of work and other external factors that might impact your credit report.For example, during the liquidity crisis in America, conditions for lending are very, very bad.
Now you know where credit scores come from.You probably have more questions, since there is a lot of ground to cover.To get more information, please feel free to learn along with me and my students by visiting www.DrBoyceFinance.com.
Dr. Boyce Watkins is a Finance Professor at Syracuse University.He does regular commentary in national media, including CNN, ESPN, BET and CBS.For more information, please visit www.BoyceWatkins.com.
As part of our series on understanding credit scores, we can now move into more of the nitty gritty.Understanding credit is an important part of financial planning, and there are even more ways for you to be informed, empowered and financially independent.Below, I continue with my Q&A about credit scores.Hopefully, empowered with this new information, you can work your way to the wealth and financial security you deserve.
How are all of the factors weighted when determining your credit score?
As I mentioned in the prior article, there is no publicly released, verifiable formula for how the various factors in your profile go into defining your credit score.However, there are researchers like myself who spend all of our time learning how these things work.So, based on the existing data, here is one estimate of how aspects of your credit history go into determining your credit score.
35% - Your history of payment on debts from the past
30% - The amount of debt you have
15% - Length and depth of your credit history
10% - The amount of new credit you’ve applied for recently
10% - The type of credit you use (credit cards, student loans, etc.)
Again, while these numbers are not precise, the truth of the matter is that they are probably accurate in a general sense.Reducing your current debt and paying bills on time have been shown to be an important way to improve your credit score.
How do I correct an error on my credit report?
The law protects consumers who feel that their credit report has errors on it.Anything you believe to be inaccurate on your credit report can and should be disputed.You should dispute the information in a formal letter to the credit bureau, not in a phone call or even email.You want formal documentation of your challenge.
The Fair Credit Reporting Act states that any information disputed on your credit report must be verified by the credit bureau within 30 days.If they reach out to the company that claims you owe them money and don’t hear anything back, they must by law remove the negative information from your credit report.Use this vehicle to carefully check on any information in your credit report that you do not believe to be accurate.
When you write the letter, make sure you include the following information:
-Your full name
-Your social security number
-Your date of birth
-Your mailing address
-The name and account number for the debt you are disputing
-The reason you feel the debt is not accurate
-Your signature
Be sure to include all relevant information, because the law says that the bureaus do not have to respond to any disputes they consider to be frivolous (not without merit).You want them to take your dispute seriously.
Here are the addresses to the various credit bureaus:
Equifax Credit Information Services http://www.equifax.com PO Box 105873 Atlanta, GA30348 800-685-1111
Trans Union http://www.transunion.com ConsumerRelationsCenter PO Box 1000 Chester, PA19022 800-888-4213 OR 440-779-7200
Dr. Boyce Watkins is a Finance Professor at Syracuse University.He does regular commentary in national media, including CNN, CBS Sports, BET and USA Today.For more information, please visit www.DrBoyceFinance.com.
I just returned from UNC Chapel Hill, on a visit to the College Sport Research Institute, run by Dr. Richard Southall. The institute is one of the leading think tanks on college sport, and it was an honor to be invited. I loved the campus and the students, and I love Carolina blue. The trip was both relaxing and educational, for it gave me a chance to clear my head and relax a little bit. Most of my trips are a bit hectic.
My student sent this to me in email the other day. I thought you'd get a kick out of it:
If you had purchased $1,000 of shares in Delta Airlines one year ago, you would have $49.00 today. If you had purchased $1,000 of shares in AIG one year ago, you would have $33.00 today. If you had purchased $1,000 of shares in Lehman Brothers one year ago, you would have $0.00 today.
But, if you had purchased $1,000 worth of beer one year ago, drank all the beer, then turned in the aluminum cans for a recycling refund, you would have received a $214.00 refund. Based on the above, the best current investment plan is to drink heavily & recycle. It is called the 401-Keg.
A recent study found that the average American walks about 900 miles a year. Another study found that Americans drink, on average, 22 gallons of alcohol a year. That means that, on average, Americans get about 41 miles to the gallon! Makes you proud to be an American!
One of the groups that was not bailed out during the recent financial crisis has been the American consumer. Congress took care of the firms on Wall Street, but they didn’t take care of the millions of Americans forced to confront the realities of bankruptcy, foreclosure and uncomfortable confrontations with menacing bill collectors. It appears, sadly, that every man and woman must find their own way through this financial tragedy.
Bill Collectors really want their money, like the rest of us. Some of them seem to feel that it’s O.K. to resort to flat out thuggish intimidation to get their money back. That might work on The Sopranos, but it shouldn't work in real life.
Part of the reason abusive bill collectors can have their way with the public is because many citizens do not know their rights. Bill collectors prey on the uninformed in a terrible way: They may threaten to have you arrested, harass your relatives, call all hours of the night, and engage in other types of atrocious behavior to get their money out of your hide.
One woman successfully sued a rogue bill collector after he called her repeatedly with threatening language. The woman, a senior citizen, was told by the man to "Stop with the sob stories and pay your god d*m bill!" This kind of behavior is not acceptable, and bill collector harassment doesn’t have to keep you up at night.
The Federal Trade Commission states that complaints against bill collectors are rising, reaching the highest level they've seen in the past 3 years. Most of the complaints focus on vulgar language, trying to collect more than the amount of the true debt, and extra fees, such as court costs.
You have rights that can protect you from bad and malicious bill collectors. You want to keep these in mind as you work yourself out of debt:
1) There is something called "The Fair Debt Collection Practices Act". If you are not familiar with this document, get familiar with it. You can read it by clicking here.
2) A bill collector cannot contact you at work if your employer does not approve of the contact. Let the bill collector know that this is the case and they must legally stop contacting you at your job.
3) Bill collectors cannot call you before 8 am or after 9 pm. The only exception is if you give them permission to do so.
4) A bill collector can only contact your friends and family if they are trying to find a way to get in touch with you. However, some of them may do this in order to harass or embarrass you. If that is the case, you may want to tell your friends to tell the bill collector, "She does not live here and I do not know how to get in touch with her. Please don't call here anymore." Then, get the bill collector's information from your friend and reach out to them when you can.
5) You can get bill collectors to stop contacting you altogether by sending them a letter telling them to stop. You still must pay the debt, but they won't be calling you during dinner.
6) The bill collector cannot curse at you or use foul language and they must tell the truth about how much you owe. They cannot threaten to sue unless they are serious about it, and they can't touch your 401k or IRA.
7) If the bill collectors call you, you can demand that they send you a written notice of the amount you owe and who you owe the money to. If you do not believe that the debt is yours, you can write a letter to them stating that this is not your debt. They must then send you proof that the debt is actually yours.
If you feel that a debt collector has violated any of these rules, you can contact the Federal Trade Commission at www.ftc.gov. Remember that you are not powerless in this situation.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of Financial Lovemaking 101: Merging Asset with Your Partner in Ways that Feel Good. He does regular commentary in national media, including CNN, CBS, NBC and BET. For more information, please visit www.BoyceWatkins.com. This information does not constitute legal advice. For legal advice, please consult your attorney.
As I work to do my part toward the fair treatment of African Americans, I can't recall how many emails I've received from well-intended, yet uninformed individuals who presume that my words are nothing more than "divisive hate speech". It doesn't matter what I say, or how I say it. As long as I bring up the impact that slavery and oppression has on the present, I am accused of using "divisive hate speech". When I bring up the fact that slavery, oppression and economic exclusion have created the massive wealth gap between blacks and whites in America, I am accused of using "divisive hate speech". When I mention the disproportionate black male prison population (an artifact of Jim Crow and slavery) or the lack of tenured faculty at majority universities, I am again accused of using "divisive hate speech".
I now ignore that line in any email I receive. To use that term in response to being confronted with slavery is like an irresponsible father getting angry every time his child's mother reminds him to pay child support. Reconciliation for extraordinary damage and devastation comes with a price. You can't just wish it away.
I know how to look past the critics, they don't bother me. But for some reason, that term (divisive hate speech) was in my brain when I woke up this morning, and I wanted to share some thoughts with those who are bothered by such criticism. Part of the price of admission for African Americans into so-called "mainstream America" is that we must do our ancestors a huge disservice by remaining quiet about the atrocities they've experienced. If you spend just one day thoroughly studying the impact of slavery and the experience of some of the slaves, you wouldn't think for one second that it is ok to forget what they went through.
The reason the term "divisive hate speech" is silly in response to any African American who speaks up on racism is because it is reflective of the lack of personal responsibility that our country teaches when it comes to dealing with the impact of slavery and discrimination. If I am wealthy because my father raped my best friend's mother and stole her belongings, it would be irresponsible for me to say "that's divisive hate speech!" whenever my friend attempts to have my family held accountable for the actions of my father. If I am forcing my friend to remain silent about what happened to his mother as a condition for our friendship, then the truth is that he is not my friend at all. The secondary truth is that I do not respect my friend nor love him enough to make things right after what my family has done.
African Americans are in the same situation. My precondition for being accepted by my colleagues in the academy is for me to remain silent about the raping, castration, murder, robbery and torture of my own historical family members during slavery. Engage in this mental exercise with me (close your eyes and really imagine this), picture having your siblings taken away forever at the age of 6, seeing your mother raped in front of you or watching your father beaten and eventually killed. That gives you a tiny glimpse into the lives of African Americans during slavery and Jim Crow.
The secondary reality that comes from treating another group of people like this for 400 years (that's nearly half a millennium, a very long time to form cultural habits) is that the dominant group is going to gain a sense of comfort and habit in their perpetual attempts to oppress the minority group. The minority group is going to feel comfortable being oppressed and victimized. I refuse to be a victim, so I am fighting back. Fighting back and refusing to be victimized is what leads to rejection by the group that is comfortable oppressing minorities. It also leads to conflicts with other minorities who have grown comfortable remaining silent about the truth (i.e. the “Administrative Negro” – Modern day overseers). That partially explains the term "divisive hate speech" or the use of inaccurate terms like “militant” to describe individuals like myself, who’ve never picked up arms against another human being. In fact, I recall hearing an esteemed black colleague of mine politely tell his superior that "racism doesn't exist in this organization", when privately, he knows that his company has not promoted a black man in 100 years. That is the kind of sick, twisted lie that many African Americans are forced to live, all in the name of "not appearing divisive".
Another reason it is irresponsible to use a term like "divisive hate speech" to describe any man or woman's desire to discuss the impact of slavery is that the truth MUST BE CONFRONTED IF YOU ARE TO MOVE FORWARD. A fat man who is challenged to exercise might want to say "Exercise is painful and unfair!" But he should understand that without exercise, he is going to remain fat. America is that fat man. Every time the term "divisive hate speech" is used as an attempt to silence those who speak out on race, Americans are behaving like the fat man who doesn't have the discipline to exercise. He should realize that confronting his weight problem is the only way he is going to get healthy. There is no way around it.
For the overweight man in my example above to think that he can achieve the gain without enduring a period of discomfort and sacrifice would be both weak and irresponsible. That is what many Americans want. They want racial harmony without the responsibility of true reconciliation and accountability. That is something I refuse to accept. So, from this point on, the term "divisive hate speech" is officially deemed silly and counterproductive. If you want to criticize me, you have to come at me with something better than that. But then again, I don’t pay much attention to the haters. Malcolm, Martin and Muhammad Ali taught us that the world will never reward an intelligent Black man for speaking his mind. I encourage all of you to reinforce your commitment to truth.
I sat in the airport early this morning, waiting for a flight to NYC. Besides a surprisingly fun trip away for the weekend, I also get a chance to appear on my favorite network, Al Jazeera International. This is no disrespect to CNN, but I have to be honest. Al Jazeera has a great global audience, and the news is actually intelligent. We Americans have become allergic to truly educational news, and have fallen in love with the worthless sound bite. On Al Jazeera they actually ENJOY hearing me as a scholar, and my being a Black Financial expert is not some kind of oxymoron. On CNN and Fox, on the other hand, you are as likely to see a Black Financial expert as you are to see Sarah Palin getting a PhD at an HBCU.
As I sat working on my laptop, I noticed that good ol OJ is back in the news. It appears that White America is going to get what it's been praying for since that fateful day in 1995: That "horrendous negro" is finally going to prison. I noticed the chuckles from the other people in the lounge as the verdict was announced. I listened to my cab driver tell me that "it's about damn time they got that guy."
I clearly remember exactly where I was and what I was doing when the first major OJ verdict was announced 13 years ago. I was walking across campus, and I ran into a buddy of mine, who happened to be a White male. He was FURIOUS, as were the rest of the students on my campus, The University of Kentucky. If you don't know much about The University of Kentucky, just picture a campus created and run by borderline Klansmen for over 100 years that is just now figuring out that Black students can do more than play basketball.
I remember the outrage being expressed that this "monster" had gotten away with "killing that lovely and beautiful woman." Give me a damn break. Here are my thoughts on OJ:
1) I've never liked OJ. I didn't like him before the first trial and I don't like him now. He has, throughout his career, shown very little respect for the Black community, and I found it disturbing that he and Rodney King became symbols for Black civil rights in the early 1990s.
2) OJ and his wife were, based on the evidence and for lack of a better word, "coke heads". Neither of them were the pure and perfect human-beings some of us believed them to be. Those people who think there is no chance that OJ killed his wife need to think twice about that conclusion.
3) I believe OJ knows what happened to his wife, but I don't think he killed them. If you stab someone, you're not just going to have microscopic blood samples on your shoes. You're going to have blood on your face, in your hair, up your nose, and all over the place. I don't think he did it, but I think he was right there when it happened. Whether he was complicit or framed, we will never know.
4) It is not out of the question that this was a drug kill. Again, when people are so deeply involved in drugs, you don't know what you're going to get. Washed up actors work as drug mules all the time, and I always wondered how a man receiving just a few thousand dollars here and there for endorsement deals and cameos could afford to maintain expensive homes and an expensive drug habit.
5) Mark Furman's perjury and the fact that the murder glove didn't fit show clearly that there was reasonable doubt. If you believe in the American justice system, you HAD to let OJ go. It's not about what you THINK happened, it's about what the evidence SHOWS BEYOND A REASONABLE DOUBT. The concept of reasonable doubt is fundamental to our justice system. Mark Furman alone created reasonable doubt that he and the LAPD could be trusted.
6) The lynch mob mentality shown by America after the OJ trial is nothing new. All throughout history, most Black men believed to have committed a crime were not given fair access to justice. If the alleged crime was atrocious enough, people would hunt him down in the middle of the night and kill him. The remnants of this mob mentality showed itself clearly during the mob mentality exhibited after the OJ trial.
7) If OJ had killed a Black woman, the trial would have not have been the global sensation it was. There is something that lies deep within the psyche of many Americans that becomes frightened and angry over the idea of a big, evil, dirty Black man killing a pure, sweet and innocent White woman. That's just a fact. But here's another fact: Black men are not evil and dirty, and not all White women are as pure as the driven snow. Neither OJ nor his wife were angelic in their behavior, and it appears that there is a reason they chose to be together in the first place.
At the end of the day, the punishment must fit the crime. OJ is not a man I respect. But there is a strong correlation between the treatment of OJ Simpson and other prominent Black male athletes: Jack Johnson, Muhammad Ali, Terrell Owens, Ron Artest, Barry Bonds and Michael Vick. The "Black Males are Monsters" mentality shows itself all over America, which is why the prisons are full of Black men, why Black boys are 5 times more likely to be placed in special education and why my university treats my Black Public Scholarship as if I am some kind of menace to society. It's all part of the same package, and nothing new in America.
first, for those who want to know what I think about the Palin-Biden debates, I have few opinions (the election doesn't excite me very much, since our liberation will come through economics, not through skewed American political systems). I can only say that Sarah Palin impresses me as the least qualified human being I've ever seen run for political office. If she were a Black man with similar qualifications, she would probably be unemployed.
My students and I are blogging about money at www.DrBoyceFinance.com and YourBlackMoney.com. I had an interesting conversation the other day with my father about the financial crisis. He has a Bill Cosby mindset, and many of you know what I think about Cosby (he irritates me). However, I believe you can learn from anyone, so I have respect for my father and Cosby, and I listen to them both. When it came to the crisis (which my father was able to fortunately avoid), he had these interesting thoughts:
1) He never let anyone mess with his money....that even meant relatives and friends asking for loans. It wasn't because he didn't love them or feel the strain on his relationships. It was because he knows that when the doo-doo hits the fan, there would be no one there to save his butt.
2) He never let credit card companies pimp him for his resources - His perfect credit made him a target of every company seeking to dupe him into some kind of home equity or credit card loan. He ripped the offers up and put them in the garbage.
3) He never let anyone mess with his good credit - when you have good credit, someone is always seeking to try to use your good credit to make up for their own bad credit (i.e. co-signing for friends and relatives). His logic was that if you don't care enough to protect your own credit, you probably would not care very much about his.
While my father and I argue on a regular basis (he thinks that many of my ideas on social issues are a bunch of garbage), I find that hearing alternative viewpoints gives me balance. So, like Bill Cosby, I will always l love my father and respect him. Now, Juan Williams, another Black conservative, is nothing more than an educated version of Flavor Flav. Fox News will always be able to pay some Black man to say ridiculous things about his own people. I have no respect for Juan.
I was feeling the need to be poetic today, so I thought I would share another lyrical piece on the NCAA. This is dedicated to every brother in the NCAA who thinks or thought he was going to the NBA or NFL because some coach put false dreams in his head. You might be a great athlete, but you're never truly a balla if you fail to educate yourself. Even if you get rich, an uneducated man is a vulnerable man.
Strictly for the Ballaz
by Dr. Boyce Watkins
www.BoyceWatkins.com
The balla on campus has now just arrived.
I'll sign all your footballs for 9.95.
The cheerleaders and honeys all treat me real nice
My coach calls me “The Messiah”, just like Jesus Christ
My head may be swollen, like a big blimp.
But I deserve all these props cause I'm such a big pimp.
They even told me "don't worry bout class"
As they shake my hand softly and fill it with cash.
My hummer is blingin, with TVs in the back.
My 24s spinning, like my nickname was Shaq.
My diamonds are placed in my radio clock.
My system be boomin from way down the block.
The fellas get jealous as I roll through the spot.
Them fools always scheming to get what I got.
My girl is so tight, as she sits in my ride.
But she's not as tight as my girls on the side.
My greatness rivals the angels above
They treat me so special, this has got to be love!
About game number 5, I jump for a pass
And this 6 foot 5 brother knocks me right on my ass.
I leap from the tackle, "Man, you didn't hurt me!"
But I fall back to the ground, with a crunch in my knee.
The doctor says to me as I swell up with tears
"This might be the end of your football career”
Now that I can no longer jump for the ball.
The coach that once loved me ain't returning my calls.
I once got the line "Your tuition is paid"
I now get the line "Did you try financial aid?”
My girls on the side done got kind of rude.
They look at me funny, not stuttin me dude.
As I watch my gold hummer get towed down the street.
All I can do is stare at my feet
I then see the joke, and I was the butt.
The coach didn’t love me, man I was his slut!
While they lined my pocket with a few hundred bucks.
Their dollars were delivered by flat bed trucks.
Did you ever take a second to think?
Why the coach's wife shows up to games wearing mink?
While my mama is slaving as somebody's cook.
Thinking her baby's off hitting the books.
She goes Greyhound on game day, so her back is in pain.
The coach and his wife came by private plane.
One hit, then pow! I'm in a chair with steel wheels.
I bet the coach's son will never know how that feels.
As the athletic department decides on my fate.
They then figure out that I am only dead weight.
No paper in hand, I'm shipped back to the hood.
I can't pay for college, man I'll be home for good
I sit on the corner, as the summer heat steams.
I live in the bottle to wash away broken dreams.
Rather than getting calls from scouts, fans and coaches.
I'm in my mama’s crib, with mice, rats and roaches.
I am not completely sure I agree with everything that's being said on this slideshow, but I thought I would share it. One of my students sent it to me, and I it was pretty funny.
