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    (BPRW) Get to Know Lisa Frison, Expert on African American Culture and Financial Insights

    - Meet the woman at the helm of helping Wells Fargo build meaningful relationships with African American communities and consumers -


    (BLACK PR WIRE) – For many, it’s a dream to have your profession align with your personal passions and values. For Lisa Frison, vice president, African American segment manager at Wells Fargo, it’s a reality she truly appreciates and does not take for granted.

    Ngoma Africa Band
    Lisa Frison


    When it comes to understanding the segment, Lisa is keenly informed regarding what motivates and challenges African Americans as it relates to financial management. She is a zealous student of the segment, immersing herself in research, data and other literature to deepen her awareness and sharpen her acumen – making her a sought after subject matter expert on engaging African American consumers in impactful ways.

    In her role with one of the largest financial services companies in the country, Lisa is responsible for building and executing the enterprise marketing strategy for reaching the African American segment. As a thought leader, she has a vital role in shaping the company’s priorities on key initiatives to increase Wells Fargo’s brand presence among the segment. She leads these efforts by partnering with internal leaders and stakeholders across the company to deliver key knowledge and insights to ensure African American consumers are top of mind when developing business strategies, products and services. Lisa is committed to making sure that African Americans are well represented in every facet of company business.

    Lisa also works in close alignment with external stakeholders to support underrepresented communities through initiatives that provide financial empowerment and guidance.

    Prior to Wells Fargo, Lisa worked at Disney, holding several roles in brand and alliance development. She managed profit and loss, and successfully launched Disney’s Visa Credit Card. Her professional journey began at Xerox supervising a manufacturing product line until she eventually transitioned to finance and business strategy planner.

    Financial empowerment through education
    With a BS in Mechanical Engineering from Clarkson University and an MBA from the University of Rochester, Lisa believes that education, combined with discipline, proper guidance and smart decision making, is the true formula for financial success. She takes responsibility for using her voice to inform and empower others, helping them to become savers, owners, investors and philanthropists.

    She credits her niece Brianna as her inspiration to provide guidance for future leaders. Lisa aims to be someone she can look to for motivation as she carves her own path in life. The younger generation is one she holds near and dear as she encourages them to move from the consumer mentality and become responsible owners of their financial future.

    Dedicated to leadership and service
    Most recently, Lisa served as the board chair for KIPP Charlotte, a free open enrollment college preparatory school in underserved communities. As part of this commitment, she mentored students to support the school’s promise to open up a new future for youth by helping them get to and through college. She has also volunteered with Wells Fargo’s Reading First Program and tutored students at Highland Renaissance Academy in Charlotte.

    In 2012, she was recognized with the Wells Fargo Black/African American Connection Trailblazer Award and now serves as program officer on the Enterprise Leadership team. Her previous philanthropic efforts have resulted in her winning an “Ears to You” Volunteer Service award and being recognized twice with the President’s National Volunteer Service Award for community service and outstanding volunteer and civic participation.

    Work life balance
    In order to remain grounded, Lisa makes it a priority to maintain a healthy balance between work and life. She starts her mornings with personal devotion and exercise to help set the tone for the day. Even with her busy travel schedule for work, she carves out time to have meaningful time with her husband and take weekend trips to recharge.

    “I enjoy the times in my life and career when I can step up and take on something completely new,” says Lisa Frison. “I love immersing myself in learning and figuring out a way to create and add value.”

    In addition to being a continuous learner, her ability to remain calm is cited as one of her greatest strengths. This characteristic allows her to navigate through difficult situations and maintain great relationships. She speaks passionately about the work she does and encourages candid conversations around topics of empowerment. You can find Lisa Frison on Twitter @Lisa_Frison.


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    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

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    Eight in Ten Millennials Say Great Recession Taught Them to Save “Now,” Wells Fargo Survey Finds

    - Pronounced Income Gap Between Millennial Men and Women Sets up Differences in Saving and Sense of Financial Security -


    CHARLOTTE, N.C. June 10, 2014 – As millennial Americans have experienced the effects of the Great Recession of 2008, a strong majority (80%) say it has taught them they have to save “now” to “survive” economic problems down the road. Despite this generation's reported lesson, 45 percent are not saving for retirement, while slightly more than half (55%) are saving. The savings picture varies by gender with 61 percent of men and 50 percent of women reporting that they are saving. This difference in saving rates may hinge on the fact that the median annual household income reported by millennial men is $77,000 versus $56,000 for women. For college-educated millennials, median annual household income is reported to be $83,000 for men and $63,000 for women. About half of all millennials report they are “satisfied” with their savings at this point in their lives, but the gender discrepancy is pronounced, with 58 percent of men feeling satisfied, versus 41 percent of women. These findings are part of the 2014 Wells Fargo Millennial Study, conducted online by Harris Poll on behalf of Wells Fargo, released today at a Women’s Institute For A Secure Retirement (WISER®) forum in Washington, DC. The survey was conducted among over 1,600 U.S. adults aged 22-33 (“millennials”), and among over 1,500 U.S. adults aged 49-59 (“baby boomers”).

    “The silver lining of the recession that started over five years ago is that a majority of millennials get that saving is a necessity and even equate it with ‘surviving’ tough times. But millennial women are starting out their working lives making far less than men and, as a consequence, are saving less and feeling less contentment at the start of their working lives,” said Karen Wimbish, director of Retail Retirement at Wells Fargo.

    The Pressure of Debt
    Millennials are struggling under the pressure of debt, with 42 percent saying "it is their biggest financial concern currently.” Four in ten say their debt is "overwhelming" versus 23 percent of baby boomers. Forty-five percent of millennial women feel “overwhelmed” by debt, versus 33 percent of millennial men. Perhaps due to big debt obligations, over half of the millennials (56%) say they are “living paycheck to paycheck,” regardless of gender.

    What Kind of Debt?
    When asked to rank their number one financial concern after paying day-to-day bills, millennials cite paying off student loans (29%) as their top concern, whereas boomers cite saving for retirement (44%). When asked to estimate certain categories of debt as a percentage of monthly pay, millennials report their debt breaks down, on average, as follows: credit card debt, 16 percent; mortgage debt, 15 percent; student loan debt, 12 percent; auto debt, 9 percent; and medical debt, 5 percent. Among all millennials, 47 percent are allocating 50 percent or more of their paychecks to these types of debt.

    “People have to closely examine what they are spending their money on and figure out the best way to comfortably manage debt and savings levels,” said Wimbish.

    Retirement and Saving
    The progress in accumulating investable assets proves to be another area of difference between the genders, with college-educated millennial men reporting median household investable assets of $58,500 and college-educated millennial women reporting median household investable assets of $31,400.

    Of those millennials who have started saving, almost half (46%) are saving between 1-5 percent of their income for retirement; 31 percent are saving 6-10 percent; 18 percent are saving more than 10 percent. The percentage of income saved by men and women greatly varies, with half of women (53%) saving between 1-5 percent versus 39 percent of men. The percentages of men and women who are saving at the 6-10 percent level are both about a third; however, over a quarter of millennial men (26%) are saving at a rate greater than 10 percent versus only 9 percent of women.

    Seven in ten (72%) millennials are confident they will be able to save enough to create the lifestyle they want in the future, but millennial women are far less confident than their male counterparts, with 63 percent expressing confidence versus 80 percent of men.

    Of the four in ten millennials who are not saving yet, 84 percent say they are not doing so because they “do not have enough money to save right now,” with no difference between the genders. Perhaps as a way to lock down a savings discipline, over half of both boomers (56%) and millennials (55%) favor a mandatory retirement savings policy.

    “Millennial men are earning more, saving greater percentages of their income and report having more accumulated assets. Women are lagging behind men in their savings efforts, and this could explain why they feel less satisfied with their overall financial situation,” added Wimbish.

    Three-quarters of millennials are confident they have the knowledge to address any financial problems in the next ten years, with 70 percent of millennial women agreeing with this versus 84 percent of millennial men. While their confidence is high, when it comes to estimating their retirement needs, 40 percent of millennials say they have “no idea” what that amount will be. Nearly a third (31%), say they will need under $1 million while 15 percent say they will need $1 million to $2 million. For boomers, more than half (54%) say they “can’t estimate” how much they will need in retirement. Twelve percent say they will need $500,000 to $1 million, and 12 percent say $1 million to $2 million.

    Increased Confidence in the Stock Market
    Despite the ups and downs of the market, 59 percent of millennials and 66 percent of boomers say the stock market is the best place to invest for retirement, representing a roughly ten percentage point increase for both groups from last year’s study. However, the genders view the stock market differently, with only half of millennial women (49%), and 69 percent of millennial men agreeing that the stock market is the best place to invest for retirement. A quarter of those millennials saving for retirement are “not sure” how much of their savings are invested in stocks or mutual funds. About one in five (18%) millennials currently saving for retirement say they are invested 100 percent in stocks or mutual funds, 26 percent say they are in a range of 50 to 75 percent in stocks or mutual funds. Thirty percent say they are invested 25 percent or less in stocks or mutual funds.

    “I was pleased to see that millennials are warming up to the stock market, yet concerned to see the huge difference in sentiment among women, who should be on par with men at this stage,” said Wimbish. “Still there’s about a third who are underinvested in stocks or all in cash, and a quarter who aren’t even sure what they’re invested in. Optimism doesn’t always translate into investing in the stock market for retirement.”

    Millennial Optimism
    Millennials feel confident in many aspects of their personal lives, with seven in ten (69%) saying they feel better off financially than others in their own generation. In addition, 68 percent of millennials expect their standard of living before retirement to be better than their parents.

    A majority (84%) of millennials feel they have the skills to succeed in their career goals when they are 40. More than three quarters (78%) believe that if they lost their job they could find a comparable one within a year. This is in sharp contrast to boomers, of whom 58 percent believe they would be able to find a comparable job within a year.

    There is a difference between men and women millennials in the confidence they feel about building their careers, with one in five millennial women “worried” about their ability to build a career in their desired profession versus one in ten millennial men.

    The Value of College
    Though college debt makes up a big part of the millennial financial picture, three-quarters (76 %) of millennials who attended college agree that their college education was worth the cost. More than half of millennials (56%) report relying on student loans to finance college versus 35 percent of boomers.

    A look at the reported median household incomes of those millennials who attended college and those who did not demonstrates the gap in wages that not earning a college degree may produce.

    Household Income and Assets of College Grads vs. Non-College Grads

    College Grad
    Non-College Grad

    Income (Median)
    $72,800
    $34,700

    Investable Assets (Median)
    $43,300
    $21,600

    Advice to Others Starting Out In Their Careers
    Since debt is a top financial concern for most millennials, the most important financial advice they would impart to someone starting out is: “Don’t spend more than you earn” (33%), followed by “Get educated about your personal finances” (17%), and “Start saving for retirement now” (16%). This contrasts with boomers, 43 percent of whom would tell those starting out today to start saving for retirement now.

    Whom Do They Trust for Financial Advice?
    When millennials were asked whom they trust for credible information to help them make financial decisions, a majority cited “family” (57%), followed by “financial institutions” (54%) and “personal finance experts/personalities” (50%). Boomers cite “personal finance experts/personalities” as their first choice (57%), followed by “financial institutions” (45%) and then followed by “family” (40%) as their last choice for financial advice.

    While over half of millennials (55%) don’t think they have enough money to have a financial advisor, 16 percent are using a paid professional, up from 8 percent a year ago. Similar to last year, 59 percent of millennials who do not use a paid advisor say they would prefer a “seasoned advisor” with years of experience, but there was a slight rise this year (from 20% to 26%) among those who want an advisor closer to their age, who can potentially better understand their financial goals.

    For help understanding how to prepare for and live in retirement, visit Wells Fargo’s My Financial Guide. To find out how much you should be saving for retirement go to My Retirement Plan. Visit the Beyond Today blog to share your financial insight and join the conversation.

    About the Survey
    The 2014 Wells Fargo Millennial study was conducted online by Harris Poll on behalf of the Wells Fargo Wealth, Brokerage, and Retirement (WBR) team between April 15 and May 2, 2014. Survey respondents included 1,639 millennials between the ages of 22 and 33, as well as 1,529 baby boomers between the ages of 49 and 59. Oversample completes were collected for millennials and baby boomers in the Charlotte (134 millennials, 151 boomers), Minneapolis (156 millennials, 157 boomers), Atlanta (157 millennials, 160 boomers) and NYC (150 millennials, 158 boomers) markets. Results were weighted, as needed, to represent the most recent U.S. Census data based on: age, sex, race/ethnicity, education, region and household income.

    About Nielsen & Harris Poll
    On February 3, 2014, Nielsen acquired Harris Interactive and Harris Poll. Nielsen Holdings N.V. (NYSE: NLSN) is a global information and measurement company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence and mobile measurement. Nielsen has a presence in approximately 100 countries, with headquarters in New York, USA and Diemen, the Netherlands. For more information, visit www.nielsen.com.

    About Wells Fargo (Twitter @WellsFargo)
    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and at wellsfargo.com/stories.


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    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

    No Implied Endorsement:
    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.



    (BPRW) FONZWORTH BENTLEY AND TAI BEAUCHAMP INSPIRED CHARLOTTE STUDENTS DURING UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO

    - Day-long event motivated youth to excel in academic, financial and personal responsibility -


    (BLACK PR WIRE) – Charlotte, March 12, 2014 – The UNCF Empower Me Tour Presented by Wells Fargo- a free, traveling college-and-career readiness roadshow sponsored by UNCF (United Negro College Fund) featured entertainer and host of BET’s “Lift Every Voice” program Fonzworth Bentley and local media personality Tonya Rivens as co-hosts for the Charlotte tour stop this past weekend. Other participants included Tish Norman (Founder/CEO, Transforming Leaders Now, Inc.) as moderator, along with Tai Beauchamp (TV Personality/Entrepreneur), Janine Davis (Executive Director, Girl Talk Inc.), Dr. Alex O. Ellis (Motivational Speaker), Michael E. Parker (Founder, You Are A CEO) and Amir Windom (Music Executive) as speakers and workshop leaders.

    The UNCF Empower Me Tour was created in partnership with Wells Fargo to prepare students to go to and through college and inspire them to take control of their future by using education as the foundation for achieving their goals and dreams.

    “Wells Fargo is always excited to team up with UNCF for the Empower Me Tour,” says Gigi Dixon, Director of Strategic Partnerships for Wells Fargo. “Education is a great equalizer in our country, and it is one of our passions at Wells Fargo. We aim to ensure that students have access to higher education. This tour makes the possibility of college real to young people across the nation.”

    The Charlotte tour stop featured entertainers, educators and entrepreneurs who shared their personal academic and business journeys with participating high school and college students. During the day, attendees participated in the Empower Me Tour Zone, an interactive experience for students, parents and educators. The Zone provided an opportunity to engage with college recruiters regarding scholarship and internship opportunities. The Empower Me Tour also provided students and their parents with a full day of exhibits, college and career workshops, and engaging panel discussions with special guests and celebrities.

    The 6th annual UNCF Empower Me Tour has visited St. Louis, New Orleans, Dallas, The San Francisco Bay Area, Washington D.C., Los Angeles, Detroit, Memphis and Atlanta in 2013. The tour concludes in Chicago on March 21, 2014.

    For more information on the UNCF Empower Me Tour go to www.EmpowerMeTour.org

    Photo Credit: © Lawrence Cook Photography

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    Wells Fargo Senior Vice President, Director of Strategic Partnerships, Georgette Dixon facilitated a panel discussion with (L to R) Fonzworth Bentley, Tai Beauchamp, Amir Windom and Tonya Rivens during the UNCF Empower Me Tour during the Charlotte tour stop.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    Fonzworth Bentley teaches students the proper way to tie a Windsor knot at the “Tied to Greatness” workshop during the UNCF Empower Me Tour presented by Wells Fargo in Charlotte, NC.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    High school and college aged males showed up strong at the UNCF Empower Me Tour presented by Wells Fargo in Charlotte, NC.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    From L to R: Tai Beauchamp, Tish Norman, Janine Davis and Tonya Rivens engaged attendees with a candid conversation: Girl Talk: Image a Future during the UNCF Empower Me Tour presented by Wells Fargo in Charlotte, NC.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    Charlotte students, parents and educators listened attentively during workshops and panel discussions and were inspired by exhibits during the UNCF Empower Me Tour presented by Wells Fargo.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    UNCF Empower Me Tour guest hosts and panelists posed for a photograph with Wells Fargo and UNCF leaders following the successful day-long event in Charlotte, NC.

    UNCF’S EMPOWER ME TOUR PRESENTED BY WELLS FARGO
    Wells Fargo leaders Dewey Norwood and Georgette “Gigi” Dixon photographed with two Charlotte students who received Mack, Wells Fargo’s commemorative 16oth anniversary pony during the UNCF Empower Me Tour.



    About Wells Fargo
    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,000 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 264,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.


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    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

    No Implied Endorsement:
    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.



    (BPRW) Wells Fargo Direct Deposit Advance Service to Be Discontinued

    - Changes begin February 1, 2014 -


    (BLACK PR WIRE) – SAN FRANCISCO, January 17, 2014 – Wells Fargo & Company (NYSE: WFC) announced today that the Wells Fargo Direct Deposit Advance® service will be discontinued.

    New consumer checking accounts opened February 1, 2014 or later will not be eligible to access the Direct Deposit Advance service. There are no immediate changes for existing Direct Deposit Advance customers, who will be able to access the service until mid-year. Wells Fargo is finalizing a transition plan and will communicate the details to existing customers well in advance of the discontinuation.

    Wells Fargo is dedicated to helping our customers succeed financially and will work with customers to help them understand the changes and their options. Wells Fargo offers a spectrum of credit products that are designed to meet customer needs, including unsecured credit (cards, lines and loans) and a secured credit card, which can help customers build or re-build their credit. As always, Well Fargo encourages customers to talk to a banker about their unique credit or account management needs. Discontinuation of this service is not expected to have a material financial impact on the Company.

    About Wells Fargo
    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.

    Cautionary Statement about Forward-Looking Information
    This news release contains forward-looking statements about our future financial performance and business. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC and available on the SEC’s website at www.sec.gov.


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    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

    No Implied Endorsement:
    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.



    (BPRW) New Study Finds Typical U.S. Households of Color Have No Retirement Savings

    - U.S. Retirement Crisis Most Severe for Black, Latino Households • Webinar on Tuesday, December 10, 2013, at 12 PM ET to Review Findings -


    (BLACK PR WIRE) — WASHINGTON--(BUSINESS WIRE)-- A new report calculates the severity of the U.S. retirement security racial divide. The analysis finds that every racial group faces significant risks, but people of color face particularly severe challenges in preparing for retirement. Americans of color are significantly less likely than whites to have an employer-sponsored retirement plan or an individual retirement account (IRA), which substantially drives down the level of retirement savings.

    Race and Retirement Insecurity in the United States examines racial disparities in retirement readiness among workers and households age 25-64. It analyzes workplace retirement access, retirement account ownership, and retirement account balances. A webinar is scheduled for Tuesday, December 10, 2013, at 12:00 PM ET to review the findings. Register here or at https://www2.gotomeeting.com/register/698435274.

    “I’m alarmed by the severity of the retirement racial divide,” said Nari Rhee, PhD, report author and NIRS manager of research. “It’s well documented that regardless of race, the typical working-age American household is far off-track toward accumulating sufficient savings to meet their basic needs in retirement. As we dig deeper into the data, we find an even worse situation for blacks, Latinos and Asians. For example, only four out of ten Latinos and about five out of ten Asians and blacks work for employers that sponsor retirement plans, compared to six out of ten white employees. With low access to retirement plans and low wages, what we’re ultimately seeing is little if any retirement savings among people of color.”

    “To further illustrate the extent of the racial divide, a typical white household near retirement has nearly $30,000 saved in retirement accounts, clearly an insufficient amount. A typical black or Latino household near retirement fares even worse, with zero dedicated retirement savings in a 401(k) or IRA. For working-age households, the average retirement savings is only about $20,000 among blacks and $18,000 for Latinos – a small fraction of the $112,000 average among white households,” Rhee said.

    She added, “With little else to depend on besides Social Security when they retire, people of color are especially vulnerable to reliance on public assistance and economic hardship in old age. Our research makes it clear that placing a special focus on improving the retirement readiness for Americans of color is absolutely essential to solve the national retirement crisis.”

    The key findings are as follows:
    1. Workers of color, in particular Latinos, are significantly less likely than White workers to be covered by an employer-sponsored retirement plan—whether a 401(k) or defined benefit (DB) pension.

    • Only 54 percent of black and Asian employees and 38 percent of Latino employees age 25-64 work for an employer that sponsors a retirement plan, compared to 62 percent of White employees.

    • These racial disparities are much more pronounced in the private sector than in the public sector. Blacks, Asians, and Latinos are respectively 15, 13, and 42 percent less likely than whites to have access to a job based retirement plan in the private sector, compared to 10, 9, and 12 percent less likely in the public sector.

    • Households of color lag behind White households in coverage by pensions that guarantee lifetime retirement income. While 24 percent of white households have a pension through a current job, only 16 percent of households of color do. This disparity is primarily due to the fact that just 12 percent of Latino households are covered by a pension plan—half the rate of white and black households.

    2. Households of color are far less likely to have dedicated retirement savings than White households of the same age. At the same time, retirement coverage appears to be positively associated with the existence of dedicated household retirement savings in both groups.

    • A large majority of black and Latino working age households—62 percent and 69 percent, respectively—do not own assets in a retirement account, compared 37 percent of White households.

    • The racial gap in retirement account ownership persists across age groups.

    • Households with pensions through a current job are more likely to have dedicated retirement savings in a 401(k) or IRA type account than households without pensions: 74 percent versus 66 percent, respectively, among White households, and 52 percent versus 40 percent among households of color.

    3. Households of color have substantially lower retirement savings than white households, even after controlling for age and income.

    • Three out of four black households and four out of five Latino households age 25-64 have less than $10,000 in retirement savings, compared to one out of two white households.

    • Among near-retirees, the per-household average retirement savings balance among households of color ($30,000) is one-fourth that of white households ($120,000).

    • Across age groups, households of color with at least one earner are half as likely as white households to have retirement savings equal to or greater than their annual income. For instance, only 19 percent of households of color near retirement have this much retirement savings, compared to 41 percent of white households of the same age.

    Race and Retirement Insecurity in the United States serves as a companion to NIRS’ July 2013 study, The Retirement Savings Crisis: Is It Worse Than We Think?, which documented a significant retirement savings gap among working-age households in the U.S. This research is based on an analysis of data from the Bureau of Labor Statistics and the Federal Reserve and analyzes data for whites, people of color and—where data permits—blacks, Latinos, and Asians.

    The full report is available at http://www.nirsonline.org.

    The National Institute on Retirement Security is a non-profit organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy through national research and education programs. Located in Washington, D.C., NIRS has a diverse membership of organizations that are interested in retirement, including financial services firms, employee benefit plans, trade associations, and other retirement service providers. Find more information at www.nirsonline.org and follow NIRS at @nirsonline.

    Source: The National Institute on Retirement Security


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    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

    No Implied Endorsement:
    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.



    Ex-Banker Details Insider Secrets to Drastically Increasing Entrepreneurs’ Abysmal Loan Approvals


    (Tampa, FL) October 3, 2013 – Tampa, Florida based Edward E. Felder, Jr. MBA, a widely acclaimed financing specialist and the CEO of Supplier Funding.com, has announced the release of his first book "It's Money In The Bank: 7 Insider Tips To Financing Any Small Biz!".

    Witty and inspirational, It’s Money In The Bank, is expected to be a surefire hit with aspiring entrepreneurs who have historically approached their funding, like a deer in headlights; blindly darting from lender to lender clinging to their dreams, fighting for their businesses future.

    Affectionately known as “The Funding Guy”, Felder shares insider tips that will teach aspiring entrepreneurs how to win friends and greatly influence their bankers. Given banks paltry record of lending to small businesses with revenue under $1,000,000, this book will certainly be an eye opener and game changer for entrepreneurs.

    Asked why he wrote It’s Money In The Bank, Felder states, “after years of fielding heartbreaking calls from mom and pop retailers, restaurateurs and gov’t subcontractors on the verge of losing lucrative opportunities due to their inability to win working capital; I felt compelled to share the secrets used by my firm to win nearly $350 million in funding for clients who were originally denied financing by local banks. He continued by saying “it was a blast writing such a fun book that’s going to inspire and level the playing field for scores of business owners who formerly used the shotgun approach to winning funding.”

    If the rave reviews and testimonials from small business titans like Kelly Cole, Author of Conversation With Sharks: Success Secrets Share by ABC Shark Tank, who proclaimed, “It’s Money in The Bank, is the Answer To Every Small Business Owners Prayers” or John William Templeton, Chief Economist of IBIS Partners, LLC and Co-Founder of National Black Business Month who says, “Felder's fun, easy-to-digest approach makes this book a must read at any stage of operations.” is any indication, It's Money In The Bank, will be an amazing blueprint for entrepreneurs seeking funding to kick start their start-ups.

    If you were moved by Think and Grow Rich and inspired by Rich Dad Poor Dad; “I can’t wait for you to get your hands on It’s Money In The Bank”, says the 20 year lending executive. “After reading this 130 page book, you’ll walk away more financially astute, a smile on your face and a proven system for thoroughly impressing your banker.”

    For more information, please visit: www.TheFundingGuy.com

    Edward Felder is represented by Eclectic Media Productions National PR firm.

    Website: http://mediaproductions.tv


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    Growing Income Gap Between Blacks and Whites Impacts Banking Access


    - A new GoBankingRates.com investigation of online banking use found a $27,000 income gap between black and white U.S. households which may impact who banks online. -

    LOS ANGELES, CA, Sept. 25, 2013 – A new GoBankingRates study examined current and historical data on online banking habits across several demographic groups. The findings revealed that blacks are statistically slower to adopt online banking than whites – data that some experts suggest might be tied to a widening median household income gap between blacks and whites.

    To read the full report, please visit GoBankingRates.com at http://bit.ly/15PkqQl

    “The media often talks about economic disparities in America; when we looked at digital trends in banking, we saw a clear racial divide when it came to access to modern banking technology," said GoBankingRates.com editor Jennifer Calonia.

    When presented the findings, Dedrick Muhammad, senior director of the NAACP's economic department, told GoBankingRates.com “I assume [there are] differences in income and wealth, differences in accessibility to brick-and-mortar banks and ATMs, and, of course, differences in ownership of computers and high speed internet.”

    The investigation discovered the following data regarding the relationship between ethnicity, income and online banking use:

    Online Banking
    61 percent of U.S. internet users bank online, but black, non-Hispanic individuals show a statistically significant drop in online banking usage at 48 percent.

    Household Income
    While black median household income has increased from approximately $24,000 in 1967 to $40,000 in 2011, black households are still only making 59 percent of what white households make, widening the black-white income gap to more than $27,000 today.

    “I am not as concerned as to whether various ethnic groups use banking services online or in-person, but rather … [that] we close the economic divide that leaves groups disproportionately with such low wealth that they fall out of the banking system,” Muhammad said.

    GoBankingRates.com evaluated data from two PEW Research Center’s reports: “51% of U.S. Adults Bank Online,” and “King’s Dream Remains an Elusive Goal” and its proprietary database.

    About GoBankingRates
    GoBankingRates.com (http://www.gobankingrates.com/) is a personal finance website that connects consumers with the best interest rates nationwide. It aggregate interest rates from more than 4,000 national financial institutions. GoBankingRates.com's editors have been featured on top media outlets, including U.S. News, Yahoo! Finance, Forbes, Huffington Post and more.


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    (BPRW) New Prudential study shows African Americans’ wealth building weakened by competing financial priorities, lagging investment product ownership


    - Study provides a comprehensive look at family finances, money and debt, and financial knowledge -

    (BLACK PR WIRE) – NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Financial, Inc. (NYSE:PRU) today revealed the results of its 2013-2014 “African American Financial Experience” study, which found that competing priorities and fewer investment products constrict African Americans’ ability to build a legacy of wealth. The biennial study also found that the African American community remains optimistic and continues to demonstrate financial progress, confidence and growing affluence, despite mounting debt and little contact with the financial services industry.

    “The study shows increasing economic power and an emerging middle class within the community,” said Charles Lowrey, Prudential’s chief operating officer, U.S. Businesses. “Approximately 4 in 10 households surveyed have annual incomes of at least $75,000, and nearly a quarter earn $100,000 or more. Half of African Americans surveyed said they feel better off financially than a year ago, while only 19 percent say they feel worse.”

    The study also brings to light distinctive characteristics of the African American community that influence financial priorities and corresponding behaviors. According to the findings, the African American financial experience is largely defined by family-oriented priorities and goals, including greater ownership of protection-oriented financial products, greater reliance on faith-based organizations as a source of financial education, financial decisions driven by women and earlier retirement.

    The 2013-14 “African American Financial Experience” is Prudential’s second study measuring the financial trends and attitudes in the African American community, and is part of a series of signature research by the company examining financial trends in America’s multicultural communities.

    As in the inaugural survey, only about a quarter of African Americans feel any financial services company has effectively shown support to the community. Across all levels of affluence, African Americans are 13 percent less likely than the general population to have been contacted by a financial advisor. While half of African Americans surveyed say they believe working with an advisor would help them make better financial decisions, only 19 percent say they have a financial advisor.

    The study also finds African Americans remain significantly more confident and optimistic about their financial future than the general population. While the general population’s financial confidence is driven largely by level of asset accumulation and macroeconomic factors, African Americans’ financial confidence is shaped by a broader and balanced array of factors, including life insurance protection, level of debt and expenses, and health care costs.

    “Family remains a key factor in the African American financial experience. African Americans also report managing more financial priorities than the general population, despite doing so with lower incomes. African Americans have a greater number of family-oriented financial priorities, like adequately protecting loved ones, leaving an inheritance and funding education,” said Sharon Taylor, senior vice president and head of human resources at Prudential.

    The study also points out that African Americans are more likely to live in multi-generational and female-headed households, and to be financially responsible for supporting other family members. Of those surveyed, 57 percent provide financial support to another family member. Reflecting the impact of today’s economic condition on African Americans, the survey further revealed that many African Americans are providing financial support to unemployed friends and family – nearly double the rate among the general population.

    Student loan debt also was reported as a significant obstacle to wealth building for African Americans. College-educated African Americans are twice as likely to have student loan debt, proof of economic progress while at the same time hampering the ability to save or invest.

    In addition, the study finds African Americans own insurance products, such as life and disability, at equal or greater rates compared to the general population, but are about half as likely as the general population to own investment products, such as IRAs, mutual funds, stocks and bonds.

    Nearly half of African Americans say they have a 401(k) or other workplace retirement plan, and 8 in 10 of those currently eligible are contributing. However, African Americans’ balances within employer plans are less than half those of the general population’s, in part due to the impact of loans and withdrawals. And 3 in 10 have taken loans from their plan, citing the need to repay other debt.

    The study is based on a March 2013 poll of 1,153 Americans who identify as African American or Black and 471 general population Americans on a broad range of financial topics. Respondents are age 25-70, with a household income of $25,000 or more and some involvement in household financial decisions. Among those meeting the survey criterion of $25,000 or more in household income, the median household income was $61,000. The overall margin of sampling error is +/- 5% for African Americans and +/- 6% for the general population.

    The Prudential Insurance Company of America, Newark, NJ.
    Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $1.06 trillion of assets under management as of March 31, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/

    0244757-00001-00

    Source: Prudential Financial, Inc.

    Contact Information
    Prudential Financial, Inc.
    Alicia Alston
    (973) 802-4446
    alicia.rodgersalston@prudential.com
    or
    Dawn Kelly
    (973) 802-7134
    dawn.kelly@prudential.com

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    (BPRW) African American Investors Optimistic About Financial Future and the Economy, but Concerned About Retirement, According to Recent Wells Fargo Survey


    - Saving for Retirement Moves to Back-Burner as Investors Focus on Day-to-Day Financial Challenges -

    (BLACK PR WIRE) – SAN FRANCISCO, April 10, 2013 – African American investors report high levels of confidence in their financial future, along with optimism about the political and economic future of the country, according to a recent Wells Fargo nationwide survey. Despite proactive planning and intentional cuts in spending, African American investors remain focused on day-to-day living expenses, with a large majority concerned about having enough money to retire.

    Three in five (60%) African American investors express confidence in their own financial future, slightly higher than the national response (52%), while half (52%) report they are better off now than they were three years ago, same as the general population.

    “The optimism and confidence articulated by African American investors is encouraging, particularly as those surveyed are feeling financially better off than they were three years ago,” said Jeff Cosby, Financial Advisor and Vice-President, Investment Officer in the Bloomington, Minnesota office of Wells Fargo Advisors, Wells Fargo. “Where we see the biggest opportunity is helping people really consider how they are approaching saving and planning for retirement. It is important for financial advisors to help investors think through long-term strategies for investment planning, while also providing guidance on common concerns like how to balance paying off debt while continuing to save for retirement.”

    While African American investors have made progress in retirement planning and preparation, most are concerned about having enough money to retire. African American investors are taking necessary steps toward preparing for retirement, as 45% of those surveyed have cut back on their spending to put away money for retirement (compared to 36% of the national population), and two in five (40%) non-retired African-American investors have a retirement savings plan in place (similar to the national population, 42%). Among non-retired African-Americans, having a plan is most prevalent among those earning over $100,000 annually (68% earning more than $100,000 have a plan vs. 35% of those earning less than $100,000.).

    Compared to the US overall, African American investors are less likely to consider themselves financially comfortable (38% vs. 51% overall). More than a third (36%) of non-retired African American investors surveyed report that their biggest financial concern is paying their monthly bills; saving for retirement ranks second at 22%, followed by healthcare costs at 15%. Three in five African American investors are more focused on debt reduction (59%) than saving for retirement. And just over half (52%) of those surveyed are concerned they won’t have enough saved for retirement (similar to all adults). African-American investors less than 50 years old are particularly concerned (64%, vs. 39% of those ages 50 and over).

    Just over a third (36%) of African American investors are confident in knowing where to invest in today’s market (similar to the national population, 31%).

    “All investors – regardless of age or level of savings – should be focused on planning for retirement, and turning plans into actual saving and investing,” said Cosby. “Many African American investors, much like the general population of overall investors, find investing in today’s economy daunting. It’s important to seek advice from a trusted professional to help navigate the ups and downs of the market, with an eye on long-term financial goals. It can be scary, but with all the resources and tools available, it can be done.”

    Living in multi-generational households also has a significant impact on African American investors' savings, as a number of respondents are caring for their own children, as well as aging parents or grandparents. One in five (20%) African American investors surveyed report living in three-generational households. Three in four (77%) African American adults surveyed who live in three-generational households are concerned they will not save enough to support themselves in retirement, compared to just 46% of those outside of multi-generational households.

    Almost three quarters of African American investors (73%) are optimistic about the political direction of the country, significantly higher than the general population (43%), while four in five (83%) feel the U.S. economy will improve in the next two years (compared to 47% of the general population). Seventy-two percent of those surveyed expect their local economy to improve in the next two years (compared to 45% of the overall adult population), and nearly three in four see improvements in their local housing market (71%, vs. 54% nationally).

    As part of Wells Fargo’s proactive outreach to the segment, the company is focused on providing financial education for African American consumers to empower them to achieve financial success. Wells Fargo has developed a comprehensive financial education platform that offers guidance on financial topics that resonate with the segment. Through relationships with national and community organizations and media outlets nationwide, Wells Fargo uses print, digital and workshop formats to deliver financial solutions to a broad range of audiences. An additional Wells Fargo resource is My Financial Guide, an online resource consisting of articles, videos and tools aimed at helping consumers become more confident and knowledgeable in money management.

    About the Study
    These survey findings are based on an online survey conducted November 9 – December 3, 2012 among adults nationwide (N=1,105) and African American adults (N=500). Qualified respondents were non-students, ages 25-75, who are the primary or joint financial decision-maker in the household with household investable assets of at least $10,000. Survey results are weighted to reflect Census data for gender, age, race/ethnicity, region and household income to ensure representativeness. Assuming no sample bias, the maximum margin of error for the National sample is ± 2.9% and ± 4.4% for African American adults.

    Note: Complete survey results are available upon request.

    About Market Probe
    Market Probe is a full-service market research firm, headquartered in Milwaukee, WI, with offices in Evanston, IL, specializing in behavioral and opinion research among hard-to-reach populations and professional communities. For more information, visit marketprobe.com.

    About Wells Fargo Wealth, Brokerage and Retirement
    Wells Fargo Wealth, Brokerage and Retirement (WBR) is one of the largest wealth managers in the U.S. WBR includes Wells Fargo Advisors, the third-largest brokerage in the U.S.; Wells Fargo Private Bank, serving high-net-worth individuals and families; Abbot Downing, serving ultra-high-net-worth families; and Wells Fargo Retirement, which manages $266 billion in institutional retirement plan and pension assets for 3.7 million Americans. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company: Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC (members SIPC).

    About Wells Fargo Advisors
    With $1.2 trillion in client assets as of December 31, 2012, Wells Fargo provides investment advice and guidance to clients through 15,414 full-service financial advisors and 3,248 licensed bankers. This vast network of advisors, one of the nation’s largest, serves investors through locations in all 50 states and the District of Columbia. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC (members SIPC). Statistics include other broker-dealers of Wells Fargo & Company. www.wellsfargoadvisors.com Investment products and services are offered through Wells Fargo Advisors, LLC.

    About Wells Fargo (Twitter @WellsFargo)
    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

    Contact Information
    Media:
    Matt Hurwitz
    415-396-6964
    Matthew.s.hurwitz@wellsfargo.com

    Sarah Tonigan
    505-818-7480
    Sarah.h.tonigan@wellsfargoadvisors.com

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    (BPRW) Prudential Financial and The Root launch weekly personal finance video series


    - Personal finance and careers experts to deliver practical tips and advice through February -

    (BLACK PR WIRE)--NEWARK, N.J.--(BUSINESS WIRE)-- In line with its increased focus on multicultural markets, Prudential Financial, Inc. (NYSE: PRU) is partnering with TheRoot.com to create The Root Live, a 10-week live-video series featuring thought leaders discussing careers, personal finance and long-term financial planning.

    “Our collaboration with The Root allows us to tap into an extensive network of experts to bring insight about today’s financial and career challenges to a diverse audience,” said Alexandra Galindez, vice president, at Prudential. “We believe this partnership provides a timely and unique forum to have a two-way dialogue with consumers about many of the concerns that Americans are facing today.”

    Prudential Financial t
    The series, which began in early December and will continue through February, airs every Monday at noon EST and can be accessed at www.theroot.com. It is hosted by The Root's contributing editor Harriette Cole and produced by Elon James White, also a contributing editor, the series, and features well-known experts who will answer questions and guide viewers on entrepreneurship, college savings, career changes, investments and a variety of other financial topics.

    Experts from Prudential include Donald Smith, manager of financial services, and Michele Meyer-Shipp, vice president and chief diversity officer. The live web series has featured high profile guests including Michelle Singletary, nationally syndicated columnist for The Washington Post, and Dr. Michael Lomax, president and CEO of the United Negro College Fund. Viewers can also interact with one another and participate with The Root Live guests through the site’s live chat and on Twitter by following the conversation at #therootlive. A listing of upcoming programs is available on Prudential’s newsroom.

    "Partnering with Prudential to present The Root Live has afforded us the opportunity to enlighten and engage our readers in an interactive forum with real-time financial solutions from the best and brightest industry professionals" said Donna Byrd, Publisher of The Root. "The response has been overwhelming with nearly 5,000 viewers tuning in each week to get information on a variety of financial topics, including entrepreneurship, college savings, career changes, investments and more."

    The Root is the leading online source of news and commentary from an African-American perspective. Founded in 2008 under the leadership of Prof. Henry Louis Gates Jr. of Harvard University, The Root offers a unique take on breaking news, provides solid analysis and presents dynamic multimedia content. The Root raises the profile of black voices in mainstream media and engages anyone interested in black culture around the world. The Root is owned by the Washington Post Company.

    Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

    Source: Prudential Financial, Inc.

    Contact Information
    Prudential Financial, Inc.
    Alicia Alston
    973-802-4446
    alicia.rodgersalston@prudential.com

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    NACBA: COSTLY DEBT SETTLEMENT SCHEMES PREY ON THE MOST DEBT-BURDENED CONSUMERS STRUGGLING TO RECOVER FROM ECONOMIC DOWNTURN


    - What a Half Million Unwary Consumers Don’t Know: Schemes Only Work for 1 in 10 Who Pay for Them; Consumer Alert: Debt Settlement Programs Seen as “#1 Threat to America’s Most Indebted Consumers.” -

    WASHINGTON, D.C. – October 17, 2012 – As few as one in 10 unwary consumers who are lured into so-called “debt settlement” schemes actually end up debt free in the promised period of time, making the risky schemes the No. 1 threat facing America’s most deeply indebted Americans, according to a major new consumer alert issued today by the nonprofit National Association of Consumer Bankruptcy Attorneys (NACBA).

    Available online at http://www.nacba.org, the NACBA consumer alert notes: “Already struggling with home foreclosures, harsh bank and credit card fees, and other major financial challenges, America’s most deeply indebted consumers are now falling victim to a major new threat: so-called ‘debt settlement’ schemes that promise to make clients ’debt free’ in a relatively short period of time. Unfortunately, most consumers who pursue debt settlement services find themselves facing not relief but even steeper financial losses. Even the industry acknowledges – though not in its ever-present radio and online advertising – that debt settlement schemes fail to work for about two thirds of clients. Federal and state officials put the debt-settlement success rate even lower – at about one in 10 cases – meaning that the vast majority of unwary and uninformed consumers end up with more red ink, not the promised debt-free outcome.”

    debt
    The private debt-settlement industry remains robust. More than 500,000 Americans with approximately $15 billion of debt are currently enrolled in debt settlement programs, according to industry estimates. And there is room for further growth: One in 8 U.S. households has more than $10,000 in credit card debt.

    Durham, NC bankruptcy attorney Ed Boltz, NACBA Board member and incoming NACBA president, said: “Based on what bankruptcy attorneys are seeing across the nation, we believe that debt settlement schemes are the number one problem facing America’s most deeply indebted consumers today. Bombarded with slick radio and Web advertising falsely promising a smooth road to being debt free in a short period of time, these companies prey on the most desperate victims of the economic downturn. These particularly vulnerable consumers usually end up getting sued, stuck with outrageous fees, more deeply in debt, and far worse off in terms of their credit score.”

    Earlier this year, NACBA focused national attention on the “student debt bomb,” which then was identified as the fastest growing consumer debt problem being handled by consumer bankruptcy attorneys.

    Richard Thompson, a Rialto, California, retiree and victim of a debt settlement scheme, said: “I was told they could settle my $89,000 in debts for a total of $39,000 if I made payments of $1,800 for 22 months. I was contacted about a chance to settle $15,000 debt for $6,000 but my debt-settlement company ignored the offer. In fact, I paid them a total of $25,200 as they kept on ignoring settlement offers from creditors. I thought they were taking care of me by bringing my debt down, but all they were doing was taking my money. I ended up with $25,000 more in debt than I started out with. Before I retired I worked 25 years as a manager, now I have had to go back to work as a part-time security guard to help make ends meet.”

    Bankruptcy attorney Trisha Connors, a NACBA member from Glen Rock, New Jersey who has testified before the New Jersey Law Revision Commission on debt settlement abuses, said: “Over the last three years, I have worked with 12 different for-profit debt settlement companies and over 25 clients who came to me after their debt settlement program failed to serve them. The results with each client were the same: exorbitant fees being paid, settlement (at best) of one small credit card debt, and mounting late fees and penalty interest charges on the unsettled debts. When clients informed the debt settlement companies of their desire to exit the program, the firms kept all or most of the accumulated savings for debt reduction as ‘fees.’ Every person I dealt with who had been current on their debts prior to contacting a debt settlement program told me that the sales representative told him the only way to be successful in the program is to stop paying credit card bills.”

    Ellen Harnick, senior policy counsel, Center for Responsible Lending, said: “Debt settlement companies require clients to default on their debts before they will negotiate. This adds late fees and penalty interest to their debt and frequently results in the client being sued by creditors. Since only a tiny proportion of debts are actually settled by these companies, clients are typically left worse off than they were when they started.”

    In addition to highlighting the stories of three victims of debt settlement schemes, the NACBA consumer alert notes the following:

    * There is now across-the-board agreement on the danger that debt settlement schemes pose to consumers. The Better Business Bureau has designated debt settlement as an “inherently problematic business.” Similarly, the New York City Department of Consumer Affairs called debt settlement “the single greatest consumer fraud of the year.” Across the country, the U.S. Government Accountability Office (GAO), the Federal Trade Commission, 41 state attorneys general, consumer and legal services entities, and consumer bankruptcy attorneys have all uncovered substantial evidence of abuses by a wide range of debt settlement companies.

    * Debt settlement schemes encourage consumers to default on their debts. Because creditors frequently will not negotiate reduced balances with consumers who are still current on their bills, debt settlement companies often instruct their clients to stop making monthly payments, explaining that they will negotiate a settlement with funds the client has paid in lieu of their monthly debt repayments. Once the client defaults, he or she faces fines, penalties, higher interest rates, and are subjected to increasingly aggressive debt-collection efforts including litigation and wage garnishment. Consequently, consumers often find themselves worse off than when the process of debt settlement began: They are deeper in debt, with their credit scores severely harmed.

    * “Self help” may be the best answer for smaller debt burdens. If you have just a single debt that you are having trouble paying (such as a single credit card debt) and you have cash on hand that can be used to settle the debt, you may be able to negotiate favorable settlement terms with the creditor yourself. Creditors typically require anywhere from 25 to 70 percent on the dollar to settle a debt so you will need that much cash for a successful offer. Be sure to get an explicit written document from the creditor spelling out the terms of the debt settlement and relieving you of any future liability. Also be prepared to pay income taxes on any of the forgiven debt.

    * Nonprofit credit counseling agencies can help, but must be vetted carefully. If, like most people, you owe multiple creditors and do not have the cash on hand to settle those debts, you may want to consult a non-profit credit counseling agency to see if there is a way for you to get out of debt. But make sure to check it out first: Just because an organization says it’s a “nonprofit” there is no guarantee that its services are free, affordable or even legitimate. Some credit counseling organizations charge high fees (which may not be obvious initially) or urge consumers to make “voluntary” contributions that may lead to more debt. The federal government maintains a list of government-approved credit counseling organizations, by state, at www.usdoj.gov/ust. If a credit counseling organization says it is “government approved,” check them out first.

    * Bankruptcy will be an option for some consumers. Bankruptcy is a legal proceeding that offers a fresh start for people who face financial difficulty and can’t repay their debts. If you are facing foreclosure, repossession of your car, wage garnishment, utility shut-off or other debt collection activity, bankruptcy may be the only option available for stopping those actions. There are two primary types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 13 allows people with a stable income to keep property, such as a house or car, which they may otherwise lose through foreclosure or repossession. In a Chapter 13 proceeding, the bankruptcy court approves a repayment plan that allows you to pay your debts during a three to five year period. After you have made all the payments under the plan, you receive a discharge of all or most remaining debts. For tax purposes, a person filing for bankruptcy is considered insolvent and the forgiven debt is not considered income.

    Chapter 7 also eliminates most debts without tax consequences, and without any loss of property in over 90 percent of cases. To learn more about bankruptcy and whether it makes sense for you, go to http://www.nacba.org/Home/AttorneyFinderV2.aspx.

    NACBA urges consumers to steer clear of any companies that:
    * Make promises that unsecured debts can be paid off for pennies on the dollar. There is no guarantee that any creditor will accept partial payment of a legitimate debt. Your best bet is to contact the creditor directly as soon as you have problems making payments.

    * Require substantial monthly service fees and demand payment of a percentage of what they’ve supposedly saved you. Most debt settlement companies charge hefty fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee-- a percentage of the money you’ve allegedly saved.

    * Tell you to stop making payments or to stop communicating with your creditors. If you stop making payments on a credit card or other debts, expect late fees and interest to be added to the amount you owe each month. If you exceed your credit limit, expect additional fees and charges to be added. Your credit score will also suffer as a result of not making payments.

    * Suggest that there is only a small likelihood that you will be sued by creditors. In fact, this is a likely outcome. Signing up with a debt settlement company makes it more likely that creditors will accelerate collection efforts against you. Creditors have the right to sue you to recover the money you owe. And sometimes when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home.

    * State that they can remove accurate negative information from your credit report. No company or person can remove negative information from your credit report that is accurate and timely.

    Boltz emphasized: “Many different kinds of services claim to help people with debt problems. The truth is that no single solution works in all cases. Bankruptcy is an option that makes sense for some consumers, but it’s not for everyone. For example, the National Association of Consumer Bankruptcy Attorneys and its individual consumer bankruptcy attorney members do not encourage every person who looks at bankruptcy to enter into it. What makes sense for each consumer will depend on their individual circumstances. We encourage everyone to get the facts and do what makes the most sense in their situation.”

    ABOUT NACBA
    The National Association of Consumer Bankruptcy Attorneys (http://www.nacba.org) is the only national organization dedicated to serving the needs of consumer bankruptcy attorneys and protecting the rights of consumer debtors in bankruptcy. Formed in 1992, NACBA now has more than 4,000 members located in all 50 states and Puerto Rico.

    ooOoo


    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

    No Implied Endorsement:
    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.



    (BPRW) Wells Fargo and One Solution presents, “Aspirations: Helping You Empower Your Financial Future”


    - Financial experts participate in a candid conversation about Money Management, Credit and Wealth Building -

    (BLACK PR WIRE) – (CHARLOTTE- July 20, 2012) – On Saturday, July 21 at 9:00 a.m. EST (and 9:00 a.m. CST), One Solution (Radio One, TV One, Interactive One) will air a Wells Fargo sponsored hour-long roundtable discussion titled “Aspirations: Helping You Empower Your Financial Future”, featuring acclaimed financial experts Michelle Singletary (author, TV personality and Washington Post columnist), Gail Perry Mason (financial coach and author), and Michelle Thornhill, Senior Vice President and African American segment manager and Jeff Cosby, Senior Vice President and Wells Fargo Advisor.

    One Solution and Wells Fargo teams
    One Solution and Wells Fargo teams join with panelists (L-R) Michelle Singletary (author, TV personality and Washington Post columnist), Michelle Thornhill, Senior Vice President and African American segment manager, Jeff Cosby, Senior Vice President and Wells Fargo Advisor and Gail Perry Mason (financial coach and author).

    The discussion allows for candid dialogue around credit, money management and building wealth. Featured panelists will address pre-submitted audience questions, providing professional guidance as well as personal insights based on experience.

    “The subject of money has traditionally been a very private matter within the African American community, most likely because of our strong sense of self-reliance and pride,” says Michelle Thornhill, “Whatever the reason, it’s time to get comfortable with talking about money matters so we can learn and grow .”

    The program will air across multiple One Solution platforms:

    • Radio One: Listeners can tune in on the following stations: Atlanta (WAMJ-FM), Baltimore (WWIN-FM), Charlotte (WQNC-FM), Cleveland (WZAK), Columbus (WXMG-FM), Dallas (KSOC-FM), Detroit (WDMK-FM), Houston (KMJQ-FM), Indianapolis (WTLC-FM), Philadelphia(WRNB-FM), Raleigh (WFXK-FM), Richmond (WKJM-FM, WKJS-FM), St. Louis (WFUN-FM) and Washington D.C. (WMMJ-FM).

    • NewsOne: Viewers can watch a live stream of the panel at Newsone.com.

    • TvOne: Video vignettes featuring Wells Fargo panelists proving important financial tips will air on TVOne throughout July and August

    Wells Fargo is committed to delivering financial education to the African American community to help them reach their financial goals. For more financial tips, audiences are encouraged to visit My Financial Guide at https://www.wellsfargo.com/my-financial-guide for a wide range of helpful resources, interactive tools and more.

    About Wells Fargo
    Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

    About Radio One
    Radio One, Inc. (http://www.radio-one.com) is a diversified media company that primarily targets African-American and urban consumers. The Company is one of the nation's largest radio broadcasting companies, currently owning or operating 51 broadcast stations located in 15 urban markets in the United States. As a part of its core broadcasting business, Radio One operates syndicated programming including the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCo Brother Live, the Reverend Al Sharpton Show, and the Warren Ballentine Show. The Company also owns a controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com), (http://www.blackamericaweb.com), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Beyond its core radio broadcasting business, Radio One owns Interactive One (http://www.interactiveone.com), an online platform serving the African-American community through social content, news, information, and entertainment, which operates a number of branded sites, including BlackPlanet, News One, UrbanDaily, HelloBeautiful. In addition, the Company owns a controlling interest in TV One, LLC (http://www.tvoneonline.com), a cable/satellite network programming primarily to African-Americans.

    About One Solution
    One Solution (OS) is the strategic and integrated marketing division of Radio One, TV One and Interactive One. The combined media assets reach 82% of the African American audience. OS develops best-in-class integrated marketing programs that enable leading brands and marketers to achieve and exceed their business objectives through strategic integration, and deeper insights and connections with consumers.

    Contact Information
    Media
    Valerie Miller Williams
    704-383-8025

    Media
    C. Nicole Pierce
    312-228-8820

    ooOoo


    The articles on this website are provided for information purposes only. BlackRefer.com does not accept any responsibility or liability for the use or misuse of the article content on this site or reliance by any person on the site's contents.

    No Implied Endorsement:
    BlackRefer.com does not endorse or recommend any article on this site or any product, service or information found within said articles. The views and opinions of the authors who have submitted articles to BlackRefer.com belong to them alone and do not necessarily reflect the views of BlackRefer.com.





good quality websites













 
- BLACK / AFRICAN AMERICAN FINANCES -
     






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  1. All the Tools You Need to Break Out of Financial Bondage ...
    The Rich Wisdom Group is dedicated to the Elimination of Your Debt, Enhancement of Your Credit, & the Empowerment of Your Finances.
    http://www.richwisdom.net/

  2. America's Best Companies ...
    With the economy, as it stands today, small business needs America's Best Companies passion to help them increase sales by 15%. Most importantly, we will help you reach those 132 million shoppers online, you have nothing to loose, except new friends and more sales.
    http://www.gowithabc.com/id/Bailey

  3. Ariel Mutual Funds ...
    Ariel Mutual Funds.
    http://www.arielmutualfunds.com

  4. AuburnMountain ...
    We provide education, licensing, career resources and practice building tools for aspiring and practicing Financial Services Professionals. We are dedicated in serving the aspiring Financial Services Professionals and practicing Financial Services Professionals who assist and counsel clients in growing, managing and protecting wealth.
    http://www.auburnmountain.com/

  5. Barita Investments ...
    Welcome to the web site of the Barita Group of Companies. Stockbrokers, bond & money market traders, currency dealers, unit trust (Mutual Fund) managers, portfolio managers
    http://www.baritagroup.com/

  6. Best3Primerica ...
    If you're like many people, you're in the dark about your finances. Get Immediate Help Now. Protect Your Family with Primerica.
    http://best3primerica.blogspot.com/

  7. Black Electorate ...
    Where culture, economics and politics meet.
    http://www.blackelectorate.com/

  8. Black Enterprise ...
    Black Enterprise is the preeminent African American destination for information regarding entrepreneurship,
    http://www.blackenterprise.com

  9. Blackonomics ...
    Blackonomics - featuring James Clingman, writer, speaker, author on economics in the African-American community.
    http://www.blackonomics.com

  10. Brady Wealth Advisors...
    We can remove your negative credit items.
    http://bradywealthadvisors.com/

  11. Bryant Group ...
    Specialty, managing your investment portfolio, estate planning, insurance.
    http://www.bryantgroup.com

  12. Carver Federal Savings Bank ...
    On October 24, 1994, the Bank was listed on The Nasdaq Stock Market under the symbol CARV.
    http://www.carverbank.com/

  13. Creative Investment ...
    Creative Investment Research, investment research and management company, company was founded in 1989.
    http://www.creativeinvest.com

  14. Credit Repair Software ...
    Credit repair software. Site gives you free sample credit report repair software, credit reports, new bankruptcy law, Identity Theft prevention.
    http://www.creditrepairkitsoftware.com/

  15. DaleParks & Associates ...
    DaleParks and Associates (DPA), a team of professionals dedicated to making your business its business.
    http://www.daleparks.com/

  16. Debt Clock ...
    This is like a real time snapshot of the country's balance sheet. While the numbers may be enormous, it's still easy to see the relative balance between the wealth generated and that consumed. You have to look at it.
    http://www.usdebtclock.org/

  17. Diversity Investing ...
    Sites of specific interest to African-Americans. Financial information, ratings of minority owned banks, thrifts, brokerage firms.
    http://www.diversityfund.net/

  18. Dollar Stretcher ...
    Your Weekly Resource for simple living, saving you time and money since 1996.
    http://www.stretcher.com/

  19. Economic Family Of Black Investors ...
    EFOBI is the leading financial and investment, information and education website for African Americans. EFOBI publishes a prolific free newsletter on personal finance, stock, and real estate investing for their family of Black investors.
    http://www.efobi.com/

  20. Free Your Mind Online ...
    This site is designed to empower individuals to achieve REAL wealth. Find out what the financial services and real estate industries don't want you to know.
    http://freeyourmindonline.net/

  21. Global Team Business Overview ...
    Global Team Business is a powerful daily income generating system. Our unique three income streams of income program is designed to maximize the efforts of individuals, groups, teams, and organizations to work within a global community structure to meet their individual financial needs and goals.
    http://nemiahbynum.com/globalteam.html

  22. Independence Federal Savings Bank ...
    Founded in 1968, committed to serving all segments of the population.
    http://www.ifsb.com/

  23. Investing for Success ...
    An interactive multimedia web course on the basics of investing.
    http://www.icief.org

  24. Investor's Business Daily ...
    Where the big money flows.
    http://www.investors.com/

  25. It's About Money ...
    This is an information site on economics, investments, and real estate. Graeme Woods is Pennsylvania Realtor and owner of an Investment Advisory Firm in the registration process.
    http://gswoods.blogspot.com/

  26. Jamaica Money Market Brokers ...
    We are the leading financial management and financial advisory company in Jamaica, managing more than J$51 billion on behalf of over 70,000 clients.
    http://www.jmmb.com

  27. Jamaica Stock Exchange ...
    Mission statement....To provide a fair, efficient, ethical and transparent medium for the conduct of a viable securities market that facilitates the mobilization of capital to finance the growth and development of the nation."
    http://www.jamstockex.com/

  28. Lois Center-Shabazz ...
    Small business, learn investing, mutual funds, personal financial planning, investment books, loan calculator, retirement & mortgage calculators, bookstores & debt-free & budgeting.
    http://www.msfinancialsavvy.com

  29. MDS Funding ...
    MDS Funding specializes, improving the cash flow of businesses nationwide, We buy your accounts receivable and you get immediate cash.
    http://www.mdsfunding.com

  30. Mechanics & Farmers Bank ...
    A state chartered commercial bank, organized in 1907, original incorporators were a group of nine African-American businessmen.
    http://www.mfbonline.com/

  31. MinorityBank.com ...
    Sites of specific interest to African-Americans. Financial information, ratings of minority owned banks, thrifts, brokerage firms.
    http://www.minoritybank.com/

  32. Minority Business Entrepeneur ...
    Dedicated to the sucess of minority and women business owners.
    http://www.mbemag.com/

  33. Mutual Fund Investor's Center ...
    The Mutual Fund Investor's Center is designed to serve as an important resource for investors who want to use mutual funds to reach their financial goals.
    http://www.mfea.com

  34. Narsbusiness ...
    Narsbusiness is a financial literacy website. We strive to teach and promote financial responsibility.
    http://narsbusiness.com/

  35. OneUnited Bank ...
    The largest African-American owned bank in the country, OneUnited focuses on developing the urban community and offering superior financial products.
    http://www.oneunited.com/

  36. Paymaster Services ...
    Secure payment receipt and distribution for high-value transactions.
    http://paymaster.co

  37. >Rebuild Credit Scores ...
    Improve credit scores, remove negative entries, non-chexsystems banks, first-time homebuyer programs, rehabilitate defaulted student loans, get small business financing and establish business credit.
    http://www.rebuildcreditscores.com/

  38. Robert E. Rainer, MD ...
    Author of a "A Doctor's Guide to Wealth". A remarkable book that unlocks the secrets to systematically accumulate wealth. Take command of your mind, body, and spirit while pursuing a course to financial freedom.
    http://www.robertrainermd.com/

  39. SmartSisters ...
    SmartSisters is the first place on the web for Black Women to talk about having, keeping and growing money.
    http://www.smartsisters.com

  40. Synergy-360 ...
    We specialize in investment management and wealth planning and we are located in Indianapolis Indiana. We specialize in retirement planning and business planning along with 401k plans, IRA’s, etc.
    http://www.synergy-360.com/

  41. The Mocha Cheap Chick ...
    A blog about living frugally and fabulously from an African American perspective.
    http://themochacheapchick.com/

  42. Webb Market ...
    Improve your financial position with Market America UnFranchise Business Development System.
    http://webbmarket.unfranchise.com/

  43. Whatablessing Matchrate Plus ...
    We're a Merchant Account Provider that gives back a 25% Cash Rebate Monthly on your Credit Card Fee's plus a Lowest Rate Guarantee.
    http://whatablessing.net


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