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From the 1800s to Today: Empowering Veteran Business Owners

Amid the success of the family business, the McKindras never lost sight of the support they had been given—and the importance of passing it on to others in their community and society. Generations of McKindras have dedicated their lives to the military, including his grandfather, father, and brother (pictured right), and subsequently to their communities when they returned home.

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Three generations of McKindras pictured from left to right: Alex Jr. (West Point, Air Force), Q.R. McKindra (Alex Jr.’s grandfather, WWII veteran), Alex Sr. (career Army officer), and Marcus (Alex Jr.’s younger brother, Air Force Academy) (Courtesy photo)
Three generations of McKindras pictured from left to right: Alex Jr. (West Point, Air Force), Q.R. McKindra (Alex Jr.’s grandfather, WWII veteran), Alex Sr. (career Army officer), and Marcus (Alex Jr.’s younger brother, Air Force Academy) (Courtesy photo)

From JPMorgan Chase

From his years of service in the military to his current work helping former soldiers build their own businesses through JPMorgan Chase’s veteran initiatives, Alex McKindra Jr. is a veteran success story.

Moreover, as we celebrate Veteran’s Day this year, Alex’s story is a uniquely American one that veterans and members of the military community across the country can relate to. But, as he is the first to admit, his success story, like many, has a long history tracing back through generations of his family in the small town of Union Chapel, Arkansas.

Becoming a Cornerstone of the Community

In the late 1800s, Alex’s great-great grandfather, Reuben Frank McKindra, moved his family to Union Chapel, a town originally settled by freed Black slaves.

Working on their family farm, the McKindras made a name for themselves by demonstrating their resourcefulness and aptitude for hard work. Namely, the family utilized mentorship programs, as well as public and private funding, to not only start but grow their family farm.

Amid the success of the family business, the McKindras never lost sight of the support they had been given—and the importance of passing it on to others in their community and society. Generations of McKindras have dedicated their lives to the military, including his grandfather, father, and brother (pictured right), and subsequently to their communities when they returned home.

“I would not be in the position I am today if not for the opportunities that mentorship provided,” says McKindra. “The farm my family was able to start, through the support and mentorship of others, has helped to educate and put clothes on every generation of my family since the 1880s.”

Honoring a Legacy

McKindra chose to honor his roots by joining the service himself. He graduated from West Point in 1993 and then completed a tour of duty serving across the U.S. as Captain in the United States Air Force. He worked as a procurement officer, including on the B-2 Bomber Program, which allowed him to travel across the country, learning from and serving others. During that time, he also spent his nights and weeks pursuing an MBA from the University of Southern California.

Armed with the life experience and knowledge he gained from the service—and a freshly-minted MBA and banking internship under his belt— McKindra dove into the world of corporate finance. Quickly building a reputation for his intelligence, reliability and kindness, he rose through the ranks. Today, he works as a Managing Director for JPMorgan Chase Commercial Banking in San Francisco

Paying It Forward

Alex didn’t want the chapter in his family’s story to end with commercial success.  He wanted to help those who—like his great-great-grandfather Reuben—had risked their lives for the country and were now seeking to put down roots as civilians. With that in mind, he decided to co-lead JPMorgan Chase Commercial Banking’s veteran initiatives alongside Army veteran, Terry Hill. Alex, Terry and their team across the firm share a passion for mentorship and community building. Through various programming, they tap into their military backgrounds to connect with aspiring and current military-connected entrepreneurs to help them access the resources they need to be successful over the long-term.

For example, McKindra worked with JPMorgan Chase to partner with Bunker Labs, a national nonprofit that supports the ventures of veterans and military spouses, to build programs to help veteran business owners.

Today, JPMorgan Chase is powering Bunker Labs’ CEOcircle, a monthly peer accountability group for growth-stage companies looking to scale. Through this program, veteran business owners and their families gain access to the guidance and resources they need to succeed, including education, networking, and one-on-one financial coaching. This year, CEOcircle welcomed 71 new individuals to the program including Office Libations from Alameda.

The program uplifts businesses that will support military families for generations to come — businesses like the McKindra farm.

“If I’ve learned one thing from my family’s history, it’s that hard work and preparation aren’t always enough. Sometimes we need to create our own opportunities as well,” Alex says. “That is what we are hoping to do with CEOcircle, to create the opportunities and provide the support veteran entrepreneurs need to help them overcome systemic obstacles to business and professional growth.”

Generational Impact

Less than an hour north of Little Rock, the McKindra’s family farm still stands in Union Chapel. Today, the manicured green fields and trees remain a testament to the effort, determination, and community it takes to create a successful business.

“If my great-great-grandfather were here today, I would want him to know that what he built didn’t just support our family, it also instilled the values in us that would seed the acceleration and growth of hundreds of other veteran-owned businesses in the future,” McKindra says. “I know he’d be proud of that.”

If you are a veteran or know someone who is and want to learn more about how JPMorgan Chase support veterans whether through career advancement or small business support or anything in between, please visit: https://www.jpmorganchase.com/impact/people/military-and-vets

Advice

Buying a Home May Not Be as Out of Reach as You Think, Even in This Market

While existing home sales have fallen month-over-month since the beginning of the year, prices hit a record high above $400,000 in May, according to the National Association of Realtors, as low levels of housing inventory and supply chain constraints have created an affordability squeeze for homebuyers. Mortgage rates have nearly doubled in the last six months — from 3% in 2021 to close to 6% in 2022 — making it increasingly challenging for many Americans to purchase a home, especially for those with limited income.

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While existing home sales have fallen month-over-month since the beginning of the year, prices hit a record high above $400,000 in May, according to the National Association of Realtors
While existing home sales have fallen month-over-month since the beginning of the year, prices hit a record high above $400,000 in May, according to the National Association of Realtors.

Here’s How You Can Achieve Homeownership

Buying a home is one of the most important purchases you will make in your lifetime. Pressure is mounting for those looking to buy right now, with home prices fluctuating and mortgage rates at their highest levels in over a decade.

While existing home sales have fallen month-over-month since the beginning of the year, prices hit a record high above $400,000 in May, according to the National Association of Realtors, as low levels of housing inventory and supply chain constraints have created an affordability squeeze for homebuyers. Mortgage rates have nearly doubled in the last six months — from 3% in 2021 to close to 6% in 2022 — making it increasingly challenging for many Americans to purchase a home, especially for those with limited income.

So, how do you know when you’re ready to buy a home? More importantly, how much home can you afford? We sat down with Denise Richardson, community home lending advisor at Chase, to answer those questions and discuss what the current state of the market means for you and your family’s home buying dreams.

Q: What are the main factors mortgage lenders look at when evaluating an application?

Richardson:

When it comes to homeownership, your credit score and debt-to-income ratio are major factors in the application process.

Your credit score is set based upon how you’ve used — or not used — credit in the past. Using credit responsibly, such as paying bills on time and having a low utilization rate will result in a higher score. Higher credit scores can help you qualify for the lowest interest rates. A score at 700 or above is generally considered good.

Additionally, lenders look at your debt-to-income ratio. This is a simple equation of how much debt you have relative to how much money you make. Borrowers with a higher debt-to-income ratio are considered more risky while a lower debt-to-income ratio may allow you to qualify for the best rates on your home loan.

Q: What are some tips for improving your credit score?

Richardson: There are a number of things you can do to improve your credit score, starting with reviewing your credit reports to understand what might be working against you. You can also pay down your revolving credit and dispute any inaccuracies.

Additionally, there are services like Chase Credit Journey to help monitor and improve your credit score. Credit Journey monitors all your accounts and alerts you to changes in your credit report that may impact your score. You’ll get an alert any time Chase sees new activity, including charges, account openings and credit inquiries. Chase will also notify you if there are changes in your credit usage, credit limits or balances. You don’t have to be a Chase customer to take advantage of Credit Journey.

Q: What are some factors that can affect the cost of a mortgage?

Richardson: There are several factors to consider when reviewing mortgage options including loan term, interest rate and loan type. Potential homebuyers should contact a home lending professional to understand and review the options available to them.

For example, there are two basic types of mortgage interest rates: fixed and adjustable. While adjustable rates are initially low, they can change over the course of a loan, so your mortgage payments may fluctuate. Loan term indicates how long you have to pay off the loan. Many homebuyers tend to opt for a 15-year or 30-year mortgage, though other terms are available. A longer loan term generally means you’ll have lower monthly payments, but you’ll pay more in interest over the life of the loan. A shorter loan term may come with higher monthly payments, but you’ll likely pay much less in interest over time.

Q: What are the costs of homeownership beyond the monthly mortgage payment?

Richardson: People often think of the down payment and monthly mortgage — but buying and owning a home carries additional costs. Closing costs, for example, can amount to up to 3% or more of the final purchase price. Other factors that could add on to your monthly payments are property taxes, homeowner’s insurance and homeowner’s association (HOA) fees. To get an idea of what this may look like for you, use an affordability calculator.

While there is no way for a buyer to completely avoid paying these fees, there are ways to save on them. Some banks offer financial assistance for homebuyers. As an example, Chase’s Homebuyer Grant offers up to $5,000 that can be used toward a down payment or closing costs in eligible neighborhoods across the country. There may also be homeowners’ or down payment assistance offered in your city or state. Contact a home lending advisor to learn about resources you may be eligible for.

For a deeper dive into this topic, our Beginner to Buyer podcast — episode three, “How Much Can I Afford?” is a great resource for prospective homebuyers to get answers to all their homebuying questions.

Learn more about the homebuying process, here.

Sponsored content from JPMorgan Chase & Co.

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Advice

A Sampling of Dining Out Options for Thanksgiving Soul Food Around California

While many people enjoy preparing and eating that turkey dinner at home, some people prefer to outsource their feast. For those folks, here’s a small sampling of some soul food restaurants around the state that will be open on or around Thanksgiving.

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Minnie Bell’s sign and a pan of their typical fare: Brussels sprouts and macaroni and cheese. Facebook image and photo.
Minnie Bell’s sign and a pan of their typical fare: Brussels sprouts and macaroni and cheese. Facebook image and photo.

By Aldon Thomas Stiles | California Black Media

Thanksgiving is around the corner, and with that comes greens, beans, candied yams, turkey (roasted and deep-fried), dressing, mac n’ cheese, sweet potato pie and all the other soul food “fixins” that make the holiday meal arguably the tastiest meal of the year for many African Americans. We can choose from a diverse menu of food options that we prepare at home, or we can try to enjoy those options dining out.

The city of Inglewood, for example, is hosting a drive-thru turkey giveaway on Nov. 23 with special guest Snoop Dogg.

The event will go from 9 a.m. to 12 p.m. and is located at Hollywood Park. The goal is to serve 2,500 Inglewood residents with free turkeys provided by Don Lee Farms.

While many people enjoy preparing and eating that turkey dinner at home, some people prefer to outsource their feast.

For those folks, here’s a small sampling of some soul food restaurants around the state that will be open on or around Thanksgiving.

Minnie Bell’s (Emeryville)

Minnie Bell’s — a soul food truck in Emeryville up north — may not be open Thanksgiving Day, it will be open on the 23rd for those who want to celebrate a little early.

Founded by Fernay McPherson in 2013, “Minnie Bell’s Soul Movement” is born out of legacy.

“Fernay learned to cook from her great aunt Minnie and late grandmother Lillie Bell,” the website reads. “Fernay’s family arrived in San Francisco during the Great Migration as part of the relocation of more than 6 million African Americans from the rural South to cities in the North and West.”

Minnie Bell’s is located in the Emeryville Public Market at 5959 Shellmound St.

StreetCar (San Diego)

On Nov. 24, they will be hosting a Thanksgiving feast event.

“Bring your friends and family on Thanksgiving Day for a celebratory feast,” their flyer reads.

The event is located at 4002 30th St. and will go from 11 a.m. to 10 p.m.

Founded by Ron Suel and RaVae Smith in 2014, StreetCar specializes in southern cuisine and features an all-day brunch menu.

“You will find classic southern dishes and Louisiana favorites,” their website reads.

ComfortLA (Los Angeles)

In Downtown Los Angeles, ComfortLA is an option for those who want to eat out this holiday as it’s open on Thanksgiving Day.

Located on 1110 E. 7th St., ComfortLA was once a pop-up restaurant founded by Jeremy McBryde and Mark E. Walker.

ComfortLA focuses on taking a clean approach to their menu, sporting a variety of all-natural soul food options.

“We use locally sourced, fresh and organic ingredients and healthier cooking methods to create top-notch, Southern cuisine including ‘Cousin Kina’s Mac ‘n’ Cheese,’ ‘Clean Mean Greens’ and our signature ‘Organic Not Your Average Fried Chicken’ with ‘That Sauce,’” it reads on their website.

They also have an Inglewood location, though that restaurant is not open on Thanksgiving.

Hotville Chicken (Los Angeles)

The last establishment on this list is Hotville Chicken in Los Angeles.

This restaurant is not open the day of Thanksgiving, but patrons can order ahead of time and pick their food up on the 24th.

Hotville, then known as the BBQ Hot Chicken Shack, was founded by Thornton Prince in 1936 in a segregated part of town.

Thornton’s great-great niece Kim Prince now runs the family business.

Their website boasts about how spicy their chicken is, as Thornton’s original recipe focused heavily on a fiery flavor.

“If you’ve never heard about Nashville-style hot chicken, it’s certainly time to get familiar,” it reads.

Prince’s focus is on community, as Thornton’s original chicken recipe “brought people together” even in a divided town.

Hotville is located at 4070 Marlton Ave.

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Advice

Michelle Obama’s New Book Gives Advice on Managing Difficult Times

Author Michelle Obama is a true storyteller, and she uses a “show, not tell” method of writing. Readers are lulled into an entertaining story of life in the White House, or a gossipy snip of Obama’s married life, or a shared memory from her childhood and BAM! the words seamlessly roll over to an easy, do-able tip to survive in hard times. Nice surprise.

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Life and children's games are alike in this way: as in the new book “The Light We Carry” by Michelle Obama, the only way to win is to keep playing.
Life and children's games are alike in this way: as in the new book “The Light We Carry” by Michelle Obama, the only way to win is to keep playing.

By Terri Schlichenmeyer | The Bookworm Sez

Your entire life is like a gigantic game of “Chutes and Ladders.”

Shake the dice, move two steps ahead, and you hit a ladder that takes you to higher places on the game board. Three more squares, and you hit a chute that sends you back to the bottom.

Life and children’s games are alike in this way: as in the new book “The Light We Carry” by Michelle Obama, the only way to win is to keep playing.

Pandemic, recession, political divide, market volatility. For many months, you’ve wondered every morning what fresh chaos you’ll deal with that day. So, what keeps you going? How do we overcome feelings of being “wobbly and unsettled?”

Michelle Obama says she ponders this “a lot.” She thinks about the things she uses to keep her “balanced and confident…moving forward even during times of high anxiety and stress.” She calls them her “personal toolbox” and she shares them in this book.

Most recently, she says, the pandemic taught her the value of having a hobby to relax into, to let her hands work, “my mind trailing behind.” Her early life taught her the value of seeing the difference between real fear and fear of newness and change, the latter of which is surprisingly easy to overcome. Newness offers us “chances to grow.”

“I’ve come to understand,” she says, “that sometimes the big stuff becomes easier to handle when you deliberately put something small alongside it.”

Listen to your body, Obama says, and “pay attention to how you’re feeling.” Collect small boosts and learn to look at yourself in a more positive way. Love your differences and be kind to yourself because it’s “everything.” Be open to connections with others; cultivate friendships you can count on. “Know your own light,” Obama says, and “Share it with another person.”

Be authentic.

And finally, she says, “Tell the truth, do your best by others, keep perspective, stay tough. That’s basically been our recipe for getting by.”

Chances are that at some point in the past nearly three years, you got out of bed one morning and you weren’t even sure why. It’s been a long haul and you’re tired but “The Light We Carry” can get you to the next goal, then the next.

At first glance, it doesn’t look like that kind of a book, though.

Author Michelle Obama is a true storyteller, and she uses a “show, not tell” method of writing. Readers are lulled into an entertaining story of life in the White House, or a gossipy snip of Obama’s married life, or a shared memory from her childhood and BAM! the words seamlessly roll over to an easy, do-able tip to survive in hard times. Nice surprise.

Readers will be further glad to know that this isn’t a cheerleading book. Instead of U-Rah-Rah, it’s U Can Do This, told in a calm, knowing manner. And if that’s what you need in this time of turmoil, let “The Light We Carry” help you back onto the ladder.

“The Light We Carry: Overcoming in Uncertain Times” by Michelle Obama

c.2022, Crown, $32.50, 319 pages.

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