Not really. But now its documented: Debt collectors are more likely to go after black people than their white counterparts.
Think tank Demos and the NAACP Economic Department collaborated to survey moderate-income American households with credit card debt for the study.
Black Americans weren’t any more likely than whites to be late on a payment, the survey found, and they were also no more likely than whites to declare bankruptcy or get evicted. Check out the chart below.
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*Former NFL star, Jason Taylor, is the epitome of what it means to be an athlete with poor money handling skills.
He is the reason why pros need financial classes before getting their first check or they’ll end up making some very bad investment decisions like him.
And so that’s why Taylor hired a money manager, Eric Kim, who he’s now at odds with.
Kim is suing the former football star for $1M since he defamed the man’s name.
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According to the lawsuit, Taylor hired Kim because he finally realized he was bad with his money and made bad investments.
With Kim’s help, Taylor began to make some serious cash, but he then turned on him and started talking trash about him, even calling him a thief.
In fact, Taylor sued Kim last year, claiming his former financial dude schemed him out of $275K.
Kim denies it and says Taylor owes him commission for the money he helped him make.
*In a new ESPN documentary, Andre Rison offers himself as an example of one of many athletes who sign huge deals, but end up dollar-less at the end of their careers.
“Broke” documents the former NFL Falcons wide receiver who made at least $19.12 million over his 12-year football career, but ran into debt troubles upon retirement.
The documentary not only checks on the status of these guys, but also investigates the psychology of men whose competitive nature drives them toward financial oblivion.
Like so many others, Rison accumulated a huge fortune, but filed bankruptcy in 2007 after failing to pay child support.
Other gruesome confessions will include the stories of stars like Jamal Mashburn, Bernie Kosar, and Marvin Miller, former executive director of the MLB Players Association.
“Broke” is scheduled to air this October on ESPN as part of its “30 for 30″ series.
*Is there a certain way to attract money.
Well, this Essence writer sure thinks so.
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She wrote an article on the way to “attract money.”
Here is an excerpt from her piece:
One thing is for certain: Most people want money. If they have a little, they want more. If they have a lot, it’s not enough. Our society’s quest to make a dollar is insatiable. So what’s the secret? The answer lies within: Each person’s key to financial freedom is as unique as the individual’s relationship to his or her own outlook on wealth.
Jacquette Timmons, CEO of Sterling Investment Management, had her “aha!” moment with her business coach 20 years ago. Timmons wasn’t financially and emotionally fulfilled by only managing high net worth individuals’ portfolios at a company that she had started. Her business coach listened as her story unfolded and said, “I don’t understand the problem. You already have the answer.”
*Finances are an extremely important part of our lives.
When you are working, many will tell you to pay yourself first which means to take money from your check and put it into savings.
Unfortunately, many people don’t do that.
That’s why we have partner site MadameNoire who has provided us with 8 ways to break bad financial habits.
Check out number one below:
Remember you have control
Your first step on your journey to regaining control over your finances is remembering that you have control. Think about the times you’ve exercised it like purchases you’ve passed up on, payments made on time and overall smart financial moves. If you were able to do it then, you’ll do it again.
Read more at MadameNoire
*Radar Online is reporting that Whitney Houston has reached rock bottom again – this time with her finances.
According to the gossip site, “a source close to the singer” claims the 48-year-old star, who sought help for her crack addiction last year, has blown through all of the money she has earned throughout her career.
“Whitney’s fortune is gone,” the source said. “Music industry heavy hitters are supporting her and her label is fronting her cash against her next album, but no one knows when that will be released. She might be homeless if not for people saving her. She is broke as a joke.”
“She called someone to ask for $100,” the source continued. “It is so sad. She should have Mariah Carey money, and she’s flat broke.”
If any of this is true, at least she has some “Sparkle” money on the horizon. The film’s remake, starring Houston alongside Jordan Sparks and Mike Epps, is due in theaters Aug. 10.