Husband, Wife, Entrepreneurs, 401K, couples, budget, inconsistent, money, pay, money, relationship, finance, book

by Derek Major

November 8, 2023

Finance Experts Say A Quarter Of Married Couples Are Foregoing Vital 401(K) Savings

Finance experts say one-fourth of married couples are forgoing vital 401(K) retirement savings including employee matching

Niv Persaud, a certified financial planner in Atlanta, is using her own experience to make sure others make the most of the 401(K) financial plans offered by their employers, regardless of their relationship status.

Persaud told the Daily Mail individuals should sign up for their employer’s 401(K) plans, especially if they match funds.

“It truly is free money,” Persaud told the Daily Mail.

A 401(K) match is when an employer matches some or all of an employee’s contributions into their retirement account. Retirement match formulas vary by employer. Some match a percentage of employer contributions, while others match contributions up to a certain dollar amount regardless of employee compensation.

Persaud learned this lesson the hard way, according to the outlet. During her marriage, she focused on bills and expenses while her husband invested in his employer’s 401(K) plan. Her employer offered a 401(K) plan with a match, but she did not sign up for it.

After her marriage ended, Persaud realized she had missed out on thousands of dollars in 401(K) retirement sayings.

“One of the benefits of my own mistake is that when clients come to me, I don’t judge because I’ve been there, and I know it just happens,” Persaud said.

According to the National Bureau of Economic Research (NBER), one in four married couples lose more than $700 a year on average by not prioritizing the more generous 401(K) matching plan offered by their employers.

Researchers at NBER also found that in many couples, only one person contributes to a retirement plan, while the other ignores a plan with a more generous matching plan. Additionally, other married couples split their retirement savings evenly when they should shift their money into the account with the larger match.

Today, Americans can contribute up to $22,500 into their retirement accounts, with the amount expected to increase in 2024, the outlet reports.

The rise in inflation in recent years has forced many retirees to return to the workforce, making it even more paramount that employees sign up for their employer’s 401(K) as soon as possible.

Universal Basic Income Program, republicans

by Atiya Jordan

November 8, 2023

Why Are Black Women Facing A Slow Economic Recovery?

The long-standing racial disparities in homeownership and employment continue to bolster an inequitable housing and labor market—even among Black women with higher levels of education. As a result, Black women are less likely to reap the benefits of an economic recovery.

The Great Recession led to a dramatic loss of wealth for generations of Black women, particularly in home equity. While the economy continues to recover, studies show that Black women are falling farther behind than other groups of people.

In the 1990s, single Black women were an emerging group of homebuyers, greatly outpacing growth among single white women and men for years to follow. But as the housing crisis of 2007 shook the economy, Black women faced the hardest hit, losing 38% of their wealth, compared to 10% for white women. At the same time, approximately 13% of Black women were unemployed, leaving them more vulnerable during economic downturns.

The Great Recession left Black households “headed by a college graduate with less wealth than white households headed by someone who dropped out of high school,” according to research from the Economic Policy Institute.

“That fact coupled with other discriminatory and structural barriers inhibits the ability of blacks to translate their demographic and socioeconomic status into homeownership.”

For example, studies have shown that Black women were prime targets of racially motivated subprime targeting regardless of their income. That structural barrier brought on larger required down payments, higher cost mortgages, and foreclosures.

Today, Black women get 64.1% of bachelor’s degrees, 71.5% of master’s degrees and 65.9% of doctoral, medical, and dental degrees. The highly educated group is purchasing homes at higher rates than Black men. However, Black women “consistently experience significant disparities when compared to their white counterparts – in unemployment, wages, access to key work-family supports, and in advancement opportunities – often reflecting the prevalence and combined effects of racial and gender bias,” a study found.

Over the years, Black women have not been recovering their losses to nearly the same extent as the general economy. It is unsurprising that the COVID-19 pandemic triggered a state of financial precarity.

VOLATILE LABOR MARKET

Unemployment: Black women are still experiencing an unemployment rate that is about twice that of white women. In June 2023, Black women over the age of 20 had an unemployment rate of 5.4 percent, compared to 2.6 percent for white women.
Lack of benefits: Data show that more Black women work in jobs that do not offer health insurance, retirement benefits, paid sick days, paid family or medical leave, or paid vacation time. During the pandemic, more than one in four Black women reported having no such benefits in their current or most recent job, compared to one in five white men.

UNEMPLOYMENT INEQUITY

Overrepresentation in the low-paid workforce: Black women are typically paid only 67 cents for every dollar spent by white men. As of 2023, Black women must work an additional 208 days to catch up to what white men earned the year before. More than one in three Black women worked in essential roles, such as childcare, healthcare, food service, and other frontline jobs, many of them low-paid, before the pandemic started, compared to just 12.6% of white men.

HOUSING INSECURITY

Disparities in subprime lending: In 2006, at the height of the boom, Black families making more than $200,000 a year were more likely, on average, to be given a subprime loan than a white family making less than $30,000 a year. Blacks were 2.8 times more likely to be denied a loan. When they were approved, Blacks and Latinos were 2.4 times more likely to receive a subprime loan than white applicants.
Foreclosures: During the boom, cheap credit and relaxed lending standards not only precipitated a worldwide financial crisis but intensified foreclosures and segregation. Many Black families were displaced from more stable communities to more racially isolated and impoverished neighborhoods.
Unaffordable housing: Although the COVID-19 pandemic led to a spike in house prices, Black women recovered faster and continued buying property. However, Black homeowners are spending more than 30% of their income on housing.

Long-standing racial disparities in homeownership and employment continue to bolster an inequitable housing and labor market, even for Black women with higher levels of education. As a result, Black women are less likely to reap the benefits of an economic recovery.

by BLACK ENTERPRISE Editors

November 7, 2023

Black Student From Mississippi Earns More Than $1.4M In Scholarships

Dana Bolden, a high school senior at Jim Hill High School in Jackson, Mississippi, has already secured over $1.4 million in scholarships just 3 months into her senior year.

This story was first reported on blacknews.com.

Dana Bolden, a high school senior at Jim Hill High School in Jackson, Mississippi, has already secured over $1.4 million in scholarships just 3 months into her senior year.

On October 12, the school celebrated Bolden’s impressive scholarship achievement. Teachers, staff, and fellow students all gathered to applaud her. Bolden, with a solid 3.8 GPA, decided to apply to a lot of schools. She has so far been accepted to 34 out of the 60 schools she applied to and she expects more to come.

“A lot of students only look at Mississippi schools. And I feel like if you only limit yourself to schools in the state or where you’re from, then you’re not going to reach the full potential that you can reach,” she told WJTV.

After she graduates, Bolden said she has plans to pursue a major in biology.

Meanwhile, the school administrators noted that Bolden achieved a remarkable accomplishment for a high school student, especially so early in the school year.

Especially when access and resources available for the higher education of Black students are under fire, scholarships for Black students are more critically needed than ever. Bolden is just one example of what financial assistance for Black students can do for their futures.

According to Scholarshop.com, “African American students face a multitude of financial challenges when pursuing higher education. Scholarships are of crucial importance in addressing this need and providing opportunities for access to education. These scholarships serve as a lifeline for African-American students who could come from low-income backgrounds or underprivileged communities. The high cost of college tuition and associated expenses can be overwhelming, leading to hefty student debt burdens. Scholarships help alleviate this financial burden by providing much-needed financial aid, reducing the need for student loans. By lessening the financial strain, scholarships enable African American students to focus on their studies and achieve academic success.”

by Sharelle Burt

November 7, 2023

Tim Scott Tells Black Church Members That America Needs To Stop Focusing On Race

Scott told Black congregation members in Chicago that America needs to relax on race discussions as the leading Black GOP candidate.

Tim Scott, the only Black Republican Senator and presidential candidate, recently made a speech that prompted some to give him the side eye.

During an unscheduled visit to a Black church on Chicago’s South Side in October 2023, Scott told the crowd that he wants America to focus less on race relations, ABC News reports. The speech was to clear up some comments made during the second Republican debate in September after Scott suggested that former President Lyndon B. Johnson’s “Great Society” federal welfare program was more difficult for Black Americans than slavery.

“There is a radical movement on the far left, and the more progress that America makes on race, the more some leaders want to deny it,” Scott told members of New Beginnings Church.

“Our country has made, however, tremendous strides since then on the issue of race — but lawlessness and fatherlessness and joblessness have gotten worse in the last 60 years and not better.”

Speaking for over an hour, Scott called out Chicago’s Democratic leadership, many of whom are Black, and said he feels they are failing the Black community. Scott said liberals don’t offer solutions, only division.

“They want us to sit down, shut up, and don’t forget to vote as long as we’re voting blue,” the presidential hopeful said. “Instead of solutions, we are offered distractions and division.”

His comments didn’t go over too well with participating audience members. “I’ve seen both in the debate and also in statements you’ve made where you indicated that you don’t feel that there’s systematic racism,” attorney Rodrick Wimberly told Scott afterward.

“There is statistical data to show, or suggest at the very least, that there is some issue where it’s systemic.” Wimberly and his wife, Evelyn, had come to hear the South Carolina senator speak “out of respect” and were open to giving Scott their vote until they heard Scott’s response: “I’m saying that there is racism, but it’s not the system.”

And this is where experts feel Scott is disconnecting in his campaign. Nadia Brown, a political scientist and professor at Georgetown University, opined that the senator’s race messaging wasn’t geared toward Black people and he is campaigning as a non-white candidate agreeing with GOP issues, the outlet reports.

“What Tim Scott and those of his ilk are doing, they’re trying to play on these emotional push pins that most African Americans don’t see. It’s not landing for them,” Brown said.

“I think that is a call out to other conservatives, particularly white conservatives, who want to say ‘I have a Black senator’ or ‘I feel comfortable voting for a Black candidate.'”

Ahead of the third Republican debate, scheduled for Nov. 8 in Miami, Scott isn’t looking too great in the polls: He is on the edge of elimination, according to New York magazine.

In a memo from Politico, campaign manager Jennifer DeCasper provided a strategy on what the debates will look like. “Haley and DeSantis will engage in a ‘slugfest’ Wednesday,” she wrote. “Scott, meanwhile, will sell himself as a conservative who can actually win.”

Hardship Withdrawals From Retirement Funds Have Tripled In The Last Five Years

by Derek Major

November 7, 2023

Hardship Withdrawals From Retirement Funds Have Tripled In The Last Five Years

A Fidelity report shows the number of Americans making hardship withdraws from retirement funds has tripled in the last five years

It’s no secret many Americans have struggled with their finances and rising prices over the last few years. However, new data on pension funds show an alarming trend, The Daily Mail reports.

The number of Americans withdrawing from their retirement funds has tripled in the last five years. According to a Fidelity Investments report, in 2018, the percentage of Americans with a 401(K) who withdrew money to pay for financial hardship was around 2.1%.

However, in June, the percentage was 6.9%.

The IRS defines a hardship withdrawal as an emergency removal of funds from a retirement plan that can be made in the event of ‘immediate and heavy financial need,’ such as a job loss or medical emergency.

The percentage of Americans claiming hardship has risen each year since 2018, with the exception of 2020, when during the COVID-19 pandemic, the CARES Act allowed people to take up to $100,000 out of a retirement plan without incurring the 10% penalty. That year, the percentage of Americans withdrawing from their retirement plans rose to 15.1%.

Fidelity advises Americans to build an emergency fund as withdrawing from a retirement fund is both costly and results in a dip in your retirement savings. According to Fidelity, those with emergency funds are more financially confident and have higher credit scores.

Additionally, emergency funds are usually in cash, giving households quick access to money, which keeps them from high-interest alternatives such as payday loans.

Bank of America reported in August that 15,000 of the firm’s 401(K) plan participants made a withdrawal from their accounts in the second quarter of the year, a 36% increase from the second quarter of 2022. The price of food, housing, and transportation have risen significantly since the pandemic began and have shown little signs of slowing down despite the US economy performing better than expected.

RELATED CONTENT: Report: Many Women Unprepared for Retirement

Turkey Leg Hut Owners Headed To Splitsville, Wife Cites ‘Abuse, Manipulation, And Lies’

by Jeroslyn JoVonn

November 7, 2023

Turkey Leg Hut Owners Headed To Splitsville, Wife Cites ‘Abuse, Manipulation, And Lies’

There are question marks around the future of Houston's famed Turkey Leg Hut after the owner filed for divorce from her "gaslighting" husband.

There are question marks around the future of Houston’s famed Turkey Leg Hut after the owner filed for divorce from her “gaslighting” husband.

Lynn and Nakia Price are the celebrated owners of Houston’s Turkey Leg Hut, a popular eatery that went viral a few years back for enforcing a dress code on patrons. But now, two years later, the food and the company rules aren’t what have people talking.

It looks like there is trouble in paradise for the Turkey Leg Hut owners after Nakia took to Instagram to reveal why she filed for divorce from Lynn in May. According to Nakia, who now goes by Nakia Holmes, she has been concealing the truth about her marriage for some time.

“I have been quiet for so long and I can no longer hold my silence,” she wrote in the post captured by Hello Korean.

“This war that I’ve been fighting behind closed doors, all the while pretending to the world that everything is perfect, is too much to bear.”

According to Holmes, who has full legal ownership of the popular restaurant, her marriage has been “hell on Earth” due to the “abuse” that has been taking place behind the scenes.

“The abuse, the manipulation, the lies, the deceit, the gaslighting and narcissism have become unbearable,” she explained.

Holmes criticized the public perception of her husband as someone who “stands on business,” saying anyone who views Lynn as an upstanding businessman is “sadly mistaken.” The man she and her children have experienced at home is allegedly “cruel, abusive emotionally, and mentally and completely void of any emotion.”

“From the time we wake up, til the time we close our eyes each night, we are literally in a fight for our peace,” Holmes wrote.

She is now “choosing me” and will no longer take part in “hindering and hiding his behavior” as she prepares to embark on a divorce “battle.”

Supporters of Turkey Leg Hut are wondering what the future of the restaurant will be now that the couple is parting ways. The restaurant quickly grew in popularity since its 2015 launch. With Holmes having full ownership, hopefully the eatery won’t be going anywhere anytime soon.

CJ McCollum Has Collapsed Lung, No Timetable For Return

by Daniel Johnson

November 7, 2023

CJ McCollum Has Collapsed Lung, No Timetable For Return

In 2021, while McCollum was a member of the Portland Trail Blazers, he suffered his first collapsed lung and was out of the lineup for 18 games.

New Orleans Pelicans guard CJ McCollum has been diagnosed with his second collapsed lung in the last two years, according to CBS Sports. On Nov. 5, McCollum had an MRI done to assess any damage and is scheduled to receive additional exams over the next two days to determine how his lung is healing.

The Pelicans released a statement on Nov. 5: “The New Orleans Pelicans announced today that guard CJ McCollum has been diagnosed with small pneumothorax in his right lung after medical imaging was taken this morning. Additional examination will be performed in the next 48 hours to determine the progress of healing. More information will be provided following examination.”

It is currently unknown how much time McCollum will miss, but as he is the team’s second-leading scorer, he will be missed. Shams Charania, an NBA insider, posted on Twitter/X on Nov. 5: “Pelicans say CJ McCollum has been diagnosed with a small collapsed right lung. He will undergo additional examination in the next 48 hours to determine the progress of healing.”

Pelicans say CJ McCollum has been diagnosed with a small collapsed right lung. He will undergo additional examination in the next 48 hours to determine the progress of healing.
— Shams Charania (@ShamsCharania) November 5, 2023

This is an insane pic to post with the news 😂 https://t.co/wcjiOKRvhh
— CJ McCollum (@CJMcCollum) November 5, 2023

McCollum noticed an account tweeting out an “insane” picture as it reported the news, an indication that he is capable of laughing at the situation.

Jordan Hawkins, the Pelicans’ recent draft pick and cousin of LSU women’s hoops sensation Angel Reese, may be in line to see a bump in minutes and thus a bump in production as the Pelicans will no doubt look to replace McCollum as best they can. Hawkins is coming off a career-high 15 points, and the Pelicans coaching staff seems to trust him on the floor, which is a good sign for a rookie in the NBA.

In 2021, while McCollum was a member of the Portland Trail Blazers, he suffered his first collapsed lung and was out of the lineup for 18 games. McCollum eventually returned from his injury around three weeks before he was dealt to the New Orleans Pelicans.

by Nahlah Abdur-Rahman

November 7, 2023

Social Media Influencers Call For Equal Pay At Black Girl Digital Awards

As the pay gap between influencers of different races widen, Black content creators are calling out the issue.

The pay gap along racial lines is pervasive across all industries, including social media. At the Black Girl Digital Awards in Atlanta, content creators shed light on their advocacy for equal pay.

As Black influencers become more profitable by funneling billions into the global economy, some are calling out industry insiders for an inequitable split. White influencers receive a significant 35% more than Black ones, and the awards event raised awareness on the issue, as reported by 11Alive.

The show’s producer, LaToya Bond, emphasized to the audience that Black women are often the trailblazers for the culture — and their pay should reflect that.

“Black women, Black culture, we drive pop culture, but a lot of the times in this industry we don’t get the acknowledgement, we don’t get the equal pay. So if we don’t do it for ourselves, then who will?” said Bond.

This battle cry for pay transparency and equality was echoed by fellow speaker YouTuber Simone Sharice, who has built a following of hundreds of thousands by marketing her skill set in hairstyling while emerging as a media personality as well. In her speech, Sharice encouraged brands and creators to ensure rates don’t range by race.

“Equality, when it comes to payment, when it comes to campaigns, when it comes to sponsorship. Sometimes it is hard for Black women to get the same amount as white people, so I think equality needs to be spread more throughout the industry.”

As influencing extends to the next generation, Black Girl Digital’s founder, LaToya Shambo, believes that change will start with the youth to advocate on behalf of their work. As for her tips on earning one’s worth, Shambo encourages creators to negotiate confidently, build a vast network, and make sure brands know what you bring to the table that’s different.

by Sharelle Burt

November 7, 2023

Alabama Mayor And Pastor Dies By Suicide After Website Posts Pictures Of Him Dressed As Woman

Alabama mayor Buddy Copeland fatally shot himself in front of police.

A Smiths Station, Alabama, politician committed suicide after pictures of him dressed as a woman were leaked.

Mayor F.L. “Bubba” Copeland fatally shot himself and was pronounced dead on Nov. 3, just two days after the conservative website 1819 News published a story with photos of Copeland wearing women’s clothes and makeup.

First Baptist Church in Phenix City, where the politician was also the pastor, released a statement on Facebook asking for prayers for the Copeland family.

“Thank you all for your prayers and expressions of sympathy and support,” the statement read. “First and foremost, we ask that you keep Pastor Bubba Copeland’s family in your prayers today and in the days ahead.”

A friend told the Daily Mail that Copeland said he was experiencing some “dark days” before his suicide. The unidentified friend said the pastor was persecuted online after the pictures leaked and he tried to offer some encouragement to Copeland.

“It was the day before he passed away,‘ the friend recalled. “I said, ‘Bubba, keep your head up. You’re a good man with a great heart. Don’t ever forget that. Call me if you need me.'”

The friend remembered Copeland responding with, “Thank you. It’s been some dark days.”

The mayor also published four pieces of trans porn and erotic fiction, fantasizing about transitioning. On the day of his suicide, another story was published claiming how Copeland wrote violent fantasy fiction and posted pictures of people from his community on his Reddit page without consent. Residents reached out to him to see if he was okay. Copeland even reached out to Lee County Sheriff Jay Jones to talk.

“It was a friend calling a friend,” Jones said. “Let’s just say he was concerned about the article. I think ‘upset’ would be a good way of putting it.”

Law enforcement was called to perform a welfare check on Copeland, with no sign of him being at his home or in the market he owned. Eventually he was spotted driving on a country road. After deputies flashed their lights for him to stop, Copeland pulled over, got out of the car, and shot himself.

“It’s just tragic all the way around,” Jones said.

Former U.S. Sen. Doug Jones (D-AL) released a statement in honor of Copeland, saying, “It is sad and disgusting how he was treated” to 1819 News.

I am so saddened at the death of my friend Mayor Bubba Copeland. He was a good man and a great mayor who led the small town of Smith Station through the tough times of a devastating tornado a few years ago. I toured the destruction with him, helped him navigate the FEMA…
— Doug Jones (@DougJones) November 4, 2023

“I am so saddened at the death of my friend, Mayor Bubba Copeland. He was a good man and a great mayor who led the small town of Smith Station through the tough times of a devastating tornado a few years ago.”

That tornado, in 2019, killed 23 people in eastern Alabama.

His funeral is set for Nov. 9 at First Baptist Church in Phenix City.

Cam Newton, jersey, North Carolina Panthers

by Iman Milner

November 7, 2023

Cam Newton Claims Former Teammate Jimmy Clausen Tried To Hustle Him Out Of $1 Million

Former NFL quarterback Cam Newton is alleging his Carolina Panther's teammate Jimmy Clausen tried to sell him his jersey number for $1M.

Former NFL quarterback Cam Newton shared a story about how he ended up with his jersey number.

During an interview with 2Cool2Blog, the former Carolina Panthers player claimed when he came into the league, his veteran teammate Jimmy Clausen attempted to charge him $1 million to give up the No. 2, leaving Newton to choose a different number altogether.

Cam Newton says Jimmy Clausen tried to charge him $1M for a Jersey number when he was in the NFL pic.twitter.com/j9tKjQLSsi
— 2Cool2Blog (@2Cool2Blog) November 6, 2023

“He’s [Jimmy Clausen] like, ‘S**t, if you want it, you gotta pay for it.’ I was like, ‘Cool, how much?’ He said, ‘A million.’ I said, ‘Boy, kiss my a**, a million dollars, bro? People don’t make a million dollars in a lifetime, let alone I’m gonna give you a million dollars just for a number.’”

“So, I thought he was playing,” Newton said. “Mothaf***a comes back and says, ‘I talked to my people, and we’ll do it for $750,000. I said, ‘Oh, you for real?’ I hung that phone up, true story.”

Newton would go on to choose the number that would become synonymous with his career – one.

Though the NFL’s all-time leader in career quarterback rushing touchdowns would not have to pay Clausen, he never forgave him for the alleged slight.

“I made an oath to myself,” he explained. “I said that will be the last time Jimmy Clausen will ever be heard of in Carolina.”

Clausen would be relegated to the bench, with Newton steering the Panthers ship for three consecutive seasons before being released by the team. Clausen went on to play for the Chicago Bears and the Baltimore Ravens before leaving the NFL in 2015, only playing five years in the league in total.