In Black America; Smart Money Moves For African Americans

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me oh yeah really became a place more likely to be every year he would read kevin boston author of the new book entitled smart money moves latin americans published by gp putnam's sons and today says sadly many african americans still struggle to achieve the american dream they

fantasize about all in their haul cargo business it often lack the resources to pursue entertainment go in his new book heaven boston focuses on increasing that word rather than increasing income for the first time and save wisely to protect and build their financial resources fall smart money moves are african americans would not solve all of their financial problems with money management man you represent have the answer to the major problems facing african americans today the need to develop a systematic way of increasing the collective wealth of african american families i'm john l jackson jr and welcome to another edition of a black america this week's smart money moves were at an american author kevin the boston and black america what is most exciting areas have the right mandate that americans are really eager

to find out more about investing into that market mutual fund it more of us want to become invested in the stock market overall a more american women stuck on investment world say more american men talking and i haven't a couple companies but having a publicly traded company family of the barracks and they're excited about obviously mormons get involved that right now and not enough reliably and on average we have about a hundred and eleven dollars invested in the stock market for african american in this country and there's just too little author and financial group kevin boston is dedicated to reducing poverty and after american communities and getting afghan americans how to manage their money boston who grew up in the housing projects in wilmington delaware explains party firsthand for him he has made the battle against financial literacy his life work increasing the wealth of all after americans a socialite ago imperative is the only way to reduce the great economic and social divide that now separates them from the rest of america

in nineteen eighty eight realize the lack of financial information out less design for the knees about the americans he lived it as american express and moved to detroit to create the nation's first black financial television series financial insights program also nationally syndicated as the color of money and it's in boston is ceo of boston media inc he also opposes the color of money journal and all the major injuries and corporate detroit magazine i recently spoke with the boston regarding his new book when i began to understand and that friday everything is really big for the american palate we talk a lot about the american dream for the camp enjoyed it tremendously heavy american power but somehow somewhere in our educational system that's been lost no one really explained that may know we will explain that to our children to death you go through the numbers clerics and you would have an idea about the important predictor of money market

may not really understand that american values and not enjoy the american jury was used receive there'd be a degree in english literature you return home to the south when wheaton housing is housing certain nineteen seventies semi was important to be well we want to get something that my community i grew up with my mother basically i knew my father really proud of my role model when i was crying it was about him and you know i thought i'd go and it was a man who was of service to his community and so when i graduated from a woman from lincoln university of pennsylvania want to go back home and do something that will have to be to work at the local neighborhood house a community organization it we started out for him through through that the assistance to the individuals that use that service in addition to that basically are focused less homeownership

we improve the community by increasing the number of homeowners because basically we have other writers in the neighborhood and then i'm happy to stay after most that in fifteen years that organization still going strong and fell for me could never building homes and they're helping families first home and delaware for maybe one idea can do it now it can you moved to toledo ohio became a financial planner with ideas american express it was long view of what the other financial where does look good a financial planner you know the words were major financial planning company had been trained in the areas of financial planning at low watt light basically that they look at a total financial picture in an op ed for the personal business point for your korean households this is very important in the book

we talk about financial planning in the best and that's when a person can make having a reading financial planner when you look at it to investment didn't work at a short term a long term goals and that's what you want to report financial planning financial planners of the people at the time and helped implement such play i take something that we forget about it until we first gift that we had to first job now we know a new car maybe new apartment in additional spending close but we forget about all the other things in life that helps a personal affair will become wealthy and very important because in america is not about what you learned about which you owe and the reason i think that right now after americans have a net worth ten thousand dollars what we try and that we're going to do about it because we had not been concentrating on owning the right type of investment i wouldn't have trailing close and jury

and appreciate the thing about a zoning investments in homes and businesses and so they'd be back your questions basically i think what we have forgotten is that for a status that the whole extra long term picture here with money to invest to become a wealthy american in nineteen eighty eight you realize the lack of financial information out less redesigned after americans a new camera with a local table what you feel at that particular juncture in time that financial and sy was unnecessary pro quo well basically a financial planner for eight years working for american express financial advisors are ideas american ideas financial services the working in the industry for a while we had to watch old tv program so we watch wall street weak now this was before that at cnbc battling very few television programs

more money addressing the black america are even middle income america for that for that part so i can live and played it for us to have a television program that spoke the language that we could understand in a spill important i mean one of the sad things today that you know we do have more money programs very few of them feature people of color very few a feature middle income people and many of the very few even the feature female so even though you do have thin man in and thin an fn and cnbc follow the public television tv programs have to have very few minorities represented on the show to deal with personal finance before we get into you you're your of your nose book as an afghan american what apple's goes did you encounter where working away at the letter and the finances what i think they're in the financial area i've heard you do it probably people got

mad then uses that uses wind yeah a lot of it worth it with interesting fun time but my wife took me more fear if i'm a black habit but they leave the deal of money if i'm trying to get at a time of i've been of my time of a financial planner teaching and that's what i knew we had to have serious job of giving people information about how war and accumulate wealth in america i would have insurance that operate out of the work of the certificate in plant work of that it began to take away from my business and that's what we have to change that in a very fast clip i was fourteen you would than when you know when you work for financial planning company are investing company working for french actually you don't have a whole lot of other three

blanket rate has a look inside an industry i think it was painful when our country out of the first americans a bigger profit event that out in the hell out of the brothers and fifties to talk to you on the way to change the market they're still not enough was you decide to go out on all what they used do you wish you had known before starting yield is all probably agree thank you know i think would have that maybe they didn't look up and they'd come because the ideal outcome or do we get excited about a project where we build them whole egg in and try to make their business a reality that we don't usually get home we're out we know the barrel well you know i'm fortunate

my eye on try to stay focused on the goal was like many business people do an end and overcame the learning curve they know it up about businesses fail in the first three to five years of that learning curve excluding about the care that point something that they don't know anything about him even realize that there's a onetime hire someone who didn't know their favorite part of the process your latest book smart money moves for average americans to come out with the title is ours and as they basically that paddle came from a given year it basically heaven heaven american have a new thing for you to do it well and one of those steps that's our direct financial plan investing in the stock market paying yourself first from a call about a dream of buying the right type of the church which is basically term audio home of the blues

the good life and done research and that many of americans are an opinion that age of these opportunities and that's why we have the books my money most latin america it was we are very blessed i think again the timing was right that maybe because of the tv show of montana dawn we had seven publishers bid for the right to publish books my belief that amanda troy and i wrote a book proposal away from its end up on a day when it was exciting and amy inhabit their communist on in the economy for africa's economy if they want to twenty one bell so we were blessed burden plummets think it's been a wonderful job in and literally got a book out of it you know that it isn't the first hardcover book that i've written especially for african americans voted for collective that within a tough sell the public intent on afghan american community in particular receive

this and i think we've been very blessed of the reviews of the book at the very good and they're a man it's the number two best seller nonfiction in african american community i think that we're right there i'm hoping that we would number one scola chapter want somebody has to abundant you tried to the us is a better ticket chapter to the region baby elephants from london as really helping set the stage for where i remember where we came from connect every week we had endured slavery but if we take the resources that we have now many opportunities that we have never met good children and great grandchildren and great great grandchildren a farm after american plays can enjoy a space of a london and that's sort of an i was politically struck by a phrase increasing

your net worth without increasing income well basically you know and then there's even reports the charity sent on any additional money you need to look at how you spend the money no i'm not one for a lot of what about audio where i'm using my money into whether people using their money but we find that they're a lot away and then it was on to find a better term because a lot away from alma monthly allocation the meantime megan play the lottery every day everyday hero every week in only the new draft every fan that we needed for libya where money is gone and beat maker from the bow with non essential the spending that we could take a few delegates that could be that women

grow income for the network how can the average american black or white obtained some bit of wealth and an security in his country with worry about the day to day obligations of of of meeting the obligations of bringing up of them yeah i think that's where the simpler never ridden financial planning in a few a year here to spend your resources in their number one number two that i think most importantly to every payday another day to shave about a dream that we have to pay yourself first in america there is no such thing as a guarantee jobs and i believe if saving comes first before read before taxes really for food for the children and nfl builds their self couch but the reality is that if we laid off tomorrow we need someone to fall back on and we won't have any place to put it have another problem tomorrow we can go back to for years have taken their money back

it's important for us to make saving first to think about buying a whole studio money again and with and from smart way smarter way to have a path no get rich quick scheme that for something that we can do that we can increase their wealth over five ten fifteen year we do if only a look at it and that impression that i think is going to pay one financial estimates that has probably been a staple within the black community is life insurance are we as afghan american and i guess americans in general understanding the different estimates of life insurers have without you know without a withdrawal of their basic insurance and then the comic book bags and there we have to be informed consumers are buying insurance typically low fat american families really need to determine

sharon's policies what's the term because it's an expansive term insurance because it provides the level of protection we need most american families need at least a hundred to two hundred thousand now sort of ensured some on the comment about how egypt very hard to combine a pack of id protection wake up a whole lot because it's too expensive but it would turn you can afford to buy that patent protection so we need to have protection when he fell we can understand how we need some athletic heroes it we have focused on passed away but does having a couple thousand dollar whole life policy is not deal with any good though giving real quickly that we are refining ask americans buy burial protection for the most part you know white counterparts by income protections why moscato paper we discuss in the book over time we can't get away from the guy in the flood insurance to cover the funeral that would defund

that or it will help the we wanted to protect income for people who we now depend on particular becoming more astute investing i think it will the most exciting area that's happening right now in effect americans are really eager to find out more about investing in the market mutual fund i think more than wanting to become infected in the stock market overall a more american women stuck on a wrestling coach and say more american men talking in a copper company but having a publicly traded company for me over here and they're excited about the show the more with get involved well right now i'm not you know really early on average we have about a hundred and eleven thousand in the market for an american country and there's just two of them could you give us an idea or an example of mutual funds their beards they're different mutual fund companies

in different image leo what we suggest in the book is that you have a balance to find one that'd be a mutual fund with aware of professional money manager it's not selective stockton boundary every month then a lot more on the basis of a fannie or statements about the war about having to do with an employee that fifty dollars a month let them get started investing forty and in the book we met at a mutual fund to begin with investments that small one of the myths is that you need a whole lot of money to invest in the stock market that didn't matter that would lose twenty to fifty thousand i want to take you to put this book together or all this is it is an outgrowth of the television well again when i go back to my country as a financial planner is what are women going on television last six years in terms of working with other financially successful people in

my own lives to do the maiden not feel that i'm a limo money put all this in the book so people get into a realistic understand it about fifteen years really but it has become a valued after right on there one of the american drains that all americans have it is installing a whole ah their teeth inside tombs there once a look ahead and in it and anticipating annoying know number one you're going to report the next he wanted to maybe go to your financial planner or even a critical that they get everything in life so you know how much more if you can afford and begin small worked way up a look at of some federal programs by fannie mae which it's a great cross country which allow people to buy homes with a downpayment mollusk

three percent down this was a wonderful opportunity to get your first home or maybe in a second home but that's what i would expect how important it is for you to know the different types of credit how creditors grant yes i think it's very important for you to stand and then i'll preface of the more important thing keeping them i want an authentic record a credit report in that define you as a human being the most americans have made some mistakes and accountability credit well you think you can overcome those mistakes again and take time and not something gets one hundred thousand a gun take care of immediately doesn't work that way the second thing is to understand its accredited another source of capital to have anyone to try to vegas capital for things like owning a home owning a car owning a business idea making an investment that accusing and are misusing it but making short term purchases like and

clothing in restaurants and travel that when you get into trouble you don't have this resource to fall back on that nsa leaders of that the areas that we need to get more consideration to chad day of town very into years as being smart tax moves that it lives in taxes but our board is for us to really understand tax liabilities and burdens we're sending there were some point understand here that any way we can save money that we can pay yourself you are looking for next of twenty five fifty hundred dollars a month a lot of us they're giving to the beat of the way on a monthly basis they wanted to figure out that only one to tackle better do you map it overcame a settler we're overpaying or what

set those foreign investors are evident here most african americans than most americans again can manage to their income tax liability and can find extra money that they now get up a plan that they can invest in their own portfolio by using the kind of investment that the best the most important thing at the kuwaiti liam or drink drink therefore love and kevin will along a life for young college graduate listening to this program what advice would you give him or her and starting out in this this financial world what they'd both important thing when you to first job and to have thirty forty years to work and you don't have to go out in an unfurnished via oh oh

oh really to start saving and that became the first that have employed just are taking money aside and putting it into the ocean that occurred in the first chapter of a financial played cinderella from both talk about what we've done at three to five year more likely young person getting out and out of cars a day when that have the same job five years and self important for them to keep my i may not be here when an identity and a company i work for year two years and come back to pick out in advance degree what resources won't have a fallback so i think that the most important thing that's where we'll start i'm quite sure the information changes daily or as we speak how we can a volume two three or four for smartmoney is mosul after america well

now we're employing them don't need more human capital of the uk and that may go you know we will have a fight is this and look for an average american making anywhere between fifteen to twenty five pound of the year you know basically i wrote the book for the majority left americans learning about twenty five of nutty but we're finally done it on our own country people making ten fifteen thousand dollars to read the book from people making over a group of dutch reagan book and a reading it because if you have a fixed felt financial permission to know that had a chance with them and explained killed and there were very happy about that kevin e boston author of the book smart money moves on after americans published by gp putnam's sun and host of the syndicated television series the color of money broadcast over pbs and black entertainment

television if you have a question or comment or suggestions asked a future in black america programs write us also letters know what radio station you heard is over the views and opinions expressed on his program are not necessary those of their station or the university of texas at austin until we have the opportunity again for ivy a technical producer of our growth i'm jenelle hansen jr thank you for joining us today and please join us again next week cassette copies of this program are available and maybe purchase by writing in black america cassettes communication building the ut austin austin texas seventy seven one to ask in black america cassettes communications at ut austin austin texas seventy seven wanted to do from the university of texas at austin this is the longhorn radio network

this week on only one smart money moves latin american operative at boston this week on in black america no it's b