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Anne-Jennell Burke of Burke Financial Services Courtesy PhotoHow to create wealth through an insurance policy
Now more than ever before, we are all looking for alternate ways to create wealth for ourselves, our families, and build a legacy for our children. We all want the best rate of return on our money. Most of us put our money into a savings plan. Bank interest rates are less than one percent. Are you familiar with the rule of 72? In finance, the rule of 72 is a simple compound interest formula for estimating an investment's doubling time. You divide 72 by your current interest rate and you get the number of years it will take your money to double.
For example, if you are getting a two percent interest rate on your savings account at your bank (yes I know, I’m using two percent just as an example) and you divide 72 by 2, it will take 36 years for your money to double. Wow!! So, if you put away $1000 today and never deposit another dime, it will be the year 2045 before your initial $1000 investment doubles to $2000. Utterly insulting isn’t it? In the meanwhile, the banks are making money off of your money! How? They charge much higher interest rates on credit cards and loans to us consumers.
If you have a nine percent interest rate on your bank credit card, your initial $1000 deposit, will double every eight years for the bank. Remember the rule of 72; 72 divided by nine is eight. So let’s do the math. Eight years from now the year 2017, the bank has made their first $1000 off of your money; another eight years, the year 2025, they have made $4000 off of your money. Are you getting the picture yet? By the year 2045, the bank has made approximately $20,000 off of your money and you only get an additional $1000 through your 2 percent interest rate in your savings account. Net profit for the bank: $18,000. Upsetting isn’t it?
For example, if you are getting a two percent interest rate on your savings account at your bank (yes I know, I’m using two percent just as an example) and you divide 72 by 2, it will take 36 years for your money to double. Wow!! So, if you put away $1000 today and never deposit another dime, it will be the year 2045 before your initial $1000 investment doubles to $2000. Utterly insulting isn’t it? In the meanwhile, the banks are making money off of your money! How? They charge much higher interest rates on credit cards and loans to us consumers.
If you have a nine percent interest rate on your bank credit card, your initial $1000 deposit, will double every eight years for the bank. Remember the rule of 72; 72 divided by nine is eight. So let’s do the math. Eight years from now the year 2017, the bank has made their first $1000 off of your money; another eight years, the year 2025, they have made $4000 off of your money. Are you getting the picture yet? By the year 2045, the bank has made approximately $20,000 off of your money and you only get an additional $1000 through your 2 percent interest rate in your savings account. Net profit for the bank: $18,000. Upsetting isn’t it?
HBCUs to Receive Free or Low-Cost Access to the Most Comprehensive Black Studies Database
To address the impact of the economic crisis on American Historically Black Colleges and Universities (HBCUs), ProQuest is offering full-year subscriptions to its acclaimed Black Studies Center(TM) free of charge or at reduced rates to all HBCU libraries. Depending each school's full-time enrollment all participating HBCU libraries will enhance their interdisciplinary research and teaching with 50 percent discounted or free access to the Black Studies Center's foundational essays, full-text journals, multimedia, historic indexes, and the Chicago Defender, a premier Black newspaper of record.
"While these challenging economic times have a broad impact, the magnitude of the burden HBCU libraries are facing requires urgent action," said Marty Kahn, CEO of ProQuest. "Black Studies Center is a cornerstone resource -- a significant foundation for HBCU libraries in ensuring research goes on uninterrupted. As a partner to libraries and students, we're committed to ensuring access to it."
To address the impact of the economic crisis on American Historically Black Colleges and Universities (HBCUs), ProQuest is offering full-year subscriptions to its acclaimed Black Studies Center(TM) free of charge or at reduced rates to all HBCU libraries. Depending each school's full-time enrollment all participating HBCU libraries will enhance their interdisciplinary research and teaching with 50 percent discounted or free access to the Black Studies Center's foundational essays, full-text journals, multimedia, historic indexes, and the Chicago Defender, a premier Black newspaper of record.
"While these challenging economic times have a broad impact, the magnitude of the burden HBCU libraries are facing requires urgent action," said Marty Kahn, CEO of ProQuest. "Black Studies Center is a cornerstone resource -- a significant foundation for HBCU libraries in ensuring research goes on uninterrupted. As a partner to libraries and students, we're committed to ensuring access to it."
The Obama administration launched a new effort on Mon. March 23 day to end a paralysis in lending, saying it will team with investors with the goal of buying up to a trillion dollars of bad assets from banks that have been reluctant to make loans to consumers and companies.
In announcing the program, Treasury Secretary Timothy Geithner pleaded for patience, saying that work to rehabilitate an industry with such systemic problems must go forward despite "deep anger and outrage" over executive bonus payments.
Geithner's performance in President Barack Obama's Cabinet has come under heavy criticism from some in Congress. The secretary announced the initiative in a Treasury Department room with no cameras allowed. He was with Obama later in the morning, however, when the president spoke briefly, saying he was "very confident" the latest plan will succeed.
In announcing the program, Treasury Secretary Timothy Geithner pleaded for patience, saying that work to rehabilitate an industry with such systemic problems must go forward despite "deep anger and outrage" over executive bonus payments.
Geithner's performance in President Barack Obama's Cabinet has come under heavy criticism from some in Congress. The secretary announced the initiative in a Treasury Department room with no cameras allowed. He was with Obama later in the morning, however, when the president spoke briefly, saying he was "very confident" the latest plan will succeed.
Esther Silver-Parker, Senior Vice President of Corporate Affairs Wal-Mart Stores, Inc. Courtesy PhotoI was fortunate to come of age during a dramatic period in the history of both African Americans and the United States. My high school years in the small, segregated North Carolina town where I grew up coincided with the climactic years of the Civil Rights movement. I’ll never forget marching with my classmates down our main street- past the local branches of retail store chains where I wouldn’t have been allowed to sit at the lunch counter or use the rest room.
The passing of the most recent stimulus package is greatly anticipated. The legislation addresses housing from a variety of angles. Most notably it looks to increase home retention by assisting homeowners is distress, avoid foreclosure and offers incentives such as tax credits to help entice prospective first time buyers to purchase a home.
Last year, Marcia Crockett decided to make a business of her longtime hobby of making jewelry. Learning her trade through books and classes, the former federal systems analyst was looking for help in marketing her earrings and necklaces when she came upon the Northern Virginia Black Chamber of Commerce, a new organization designed to invigorate minority business in that region.
Launched in September, the organization began largely with “mixers†at which entrepreneurs exchanged talk, ideas and business cards.
The chamber has since grown to about 20 members and has picked up its first corporate founding sponsor, Aetna Health Insurance.
Launched in September, the organization began largely with “mixers†at which entrepreneurs exchanged talk, ideas and business cards.
The chamber has since grown to about 20 members and has picked up its first corporate founding sponsor, Aetna Health Insurance.
Anne-Jennell Burke of Burke Financial Services Courtesy PhotoUndoubtedly, money plays a central role in all of our lives. Yet, we must have a clear understanding of what money is and how it works. Simply put, money is something generally accepted as a medium of exchange, a token, which is used to obtain goods and services. Money can be in the form of currency, credit, trade-off agreements, gold, silver, etc. Of course we all want more currency in our bank accounts but, we have to learn how to use the other forms of money as well in order to have more liquid currency.
Sports journalist Stephen A. Smith, one of the nation’s highest profile sports writers and commentators, will be leaving ESPN effective May 1. Smith formerly wrote a column for the Philadelphia Inquirer, hosted a television show on ESPN, “Quite Frankly with Stephen A. Smithâ€, hosted an ESPN radio show, and was one of the network’s top NBA analysts. Courtesy Photo“While NABJ recognizes the current economic downturn, newspapers must stop the bloodletting of Black journalists now,†said NABJ President Barbara Ciara. “It is unconscionable that this industry is willing to jeopardize the accuracy, integrity and bottom line of its publications.â€
Thanks to Oprah Winfrey promoting a free meal, Kentucky Fried Chicken is popular again. Demand was so great for coupons good for two pieces of Kentucky Grilled Chicken, two individual sides and a biscuit at participating KFC restaurants in the U.S. that the site experienced significant “technical difficulties.†The overwhelming interest in the promotion to download the grilled chicken coupon amounted to a power struggle between those who secured coupons and those who did not.
And, in spite of the mother who complained, “I’ve been trying to access the KFC coupon for over an hour now. I don't know what's wrong, and I really needed that coupon to feed my two-year-old,†the promotion was a huge success. KFC and Oprah did what they intended to do, which was to create awareness of KFC Grilled Chicken.
And, in spite of the mother who complained, “I’ve been trying to access the KFC coupon for over an hour now. I don't know what's wrong, and I really needed that coupon to feed my two-year-old,†the promotion was a huge success. KFC and Oprah did what they intended to do, which was to create awareness of KFC Grilled Chicken.
The African Growth and Opportunity Act was created to increase the number of goods, like those farmed by Margaret Wanjiku in the village of Kawangware in Nairobi, traded between Kenya and the U.S. Courtesy PhotoNext month, Delta Air Lines Inc. will offer direct flights to Nairobi, the capital of Kenya, from Hartsfield-Jackson International Airport in Atlanta, Ga. The new service will cut the 30-hour flight down to 12-hours. Reuters reported earlier this month that Kenya’s Prime Minister Raila Odinga, who is currently touring the United States, said the shorter flight time should boost Kenya’s trade with the U.S.