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The Carr Report: Essential Tips for Building a Strong Financial Foundation

CHICAGO DEFENDER — Set SMART Financial Goals (SMART: Specific, Measurable, Attainable, Relevant, Time Bound). Start by defining your short-term, intermediate, and long-term financial goals. Whether it’s building an emergency fund, paying off debt, buying a home, saving for retirement, saving for college, starting a business, or building wealth, having specific, measurable, attainable, relevant, time-bound goals will help you prioritize your spending and your savings. It will provide a roadmap for you to follow. Lastly, it will help stay focused on achieving your goals. 
The post The Carr Report: Essential Tips for Building a Strong Financial Foundation first appeared on BlackPressUSA.

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By Damon Carr | Chicago Defender

Building a strong financial foundation is a crucial step toward achieving both short-term and long-term financial stability and security. Just like constructing a sturdy building requires a solid foundation, your financial future depends on sound financial practices. By implementing effective money management strategies and adopting smart financial habits, you can set yourself on the path to achieving your financial goals. Regardless of your age or income level, implementing sound financial practices can help you effectively manage your money, pay off debt, save for emergencies, save for small and large purchases, invest for your future and lay the groundwork for better overall financial health.

Here are some essential tips to help you build a strong financial foundation:

Educate Yourself and Continue Learning: No one cares about your money as much as you do. No one benefits from making good decisions with your money than you. No one suffers the negative consequences of making bad decisions with your money than you do. It’s your responsibility to expand your financial knowledge and stay informed about personal finance topics. Being well-informed empowers you to make better financial decisions.

Set SMART Financial Goals (SMART: Specific, Measurable, Attainable, Relevant, Time Bound). Start by defining your short-term, intermediate, and long-term financial goals. Whether it’s building an emergency fund, paying off debt, buying a home, saving for retirement, saving for college, starting a business, or building wealth, having specific, measurable, attainable, relevant, time-bound goals will help you prioritize your spending and your savings. It will provide a roadmap for you to follow. Lastly, it will help stay focused on achieving your goals.

Create a Budget: A budget is the cornerstone of financial stability. A budget in its most basic definition is a spending, saving, investing, and giving plan. Having a budget is essential to having a financial plan. A budget ensures that you’re both living within your means and living a financial life that’s consistent with your financial goals.

Establish an Emergency Fund: Life is full of unexpected surprises in the form of unexpected events and unexpected expenses. Unforeseen events such as medical emergencies or job loss can have a significant impact on your financial stability. Having an emergency fund can save you from financial ruin. Establish an emergency fund by setting aside an amount you can realistically set aside. Start with $500. Over time build it up to $1,000, then $3,000, then $5,000. Eventually you want to have an emergency fund that’s equal to 6-12 months of your monthly living expenses.

Reduce Debt/Erase Debt: Debt is hazardous to your wealth. Debt can prevent you from building wealth and achieving true financial freedom of owing no bank, no man/woman, or no entity anything. Use strategies like my financial guardrails to avoid being buried in too much debt. Use strategies like the debt snowball or debt avalanche to accelerate your debt repayment.

Build a Good Credit History: Here’s the best advice you’ll ever hear when it comes to having a good to great credit score: PAY THOSE PEOPLE! Yep, slow pay and no pay has the biggest negative impact on your credit score than anything else. Paying loans and credit cards on time and paying them off early will reduce debt, erase debt, build your credit score and build your net worth.

Save Regularly: Saving money is how you flex your money muscles. You develop your saving muscles by consistently saving money for various goals over an extended period of time. Automate your savings by setting up a direct deposit into a savings or money market account. Start with as little as $25 per month. Over time, gradually increase your savings.

Invest Wisely: Investing your money can help grow wealth and secure your financial future. Educate yourself about different investment options, such as stocks, bonds, mutual funds, exchange traded funds, and real estate. Diversify your investment portfolio to mitigate risks and maximize returns over time.

Protect Yourself and Your Assets: Insurance is a necessary evil. It’s the only financial product we buy and hope that we’ll never need. Having the right insurance coverage is essential to protect your financial well-being. Evaluate your insurance needs, including health, life, disability, home, auto and long-term care insurance. Review policy limits and ensure you have adequate coverage to guard against potential financial setbacks.

Plan and Save for Retirement: Everyone wants to retire. At some point we will all retire. Yet, most people don’t plan and/or save for retirement. Start planning and saving for retirement as early as possible. Maximize contributions to employer-sponsored retirement plans such as a 401(k) and consider opening an individual retirement account (IRA). Take advantage of employer matching contributions to maximize your retirement savings potential.

Review and Adjust Regularly: Life comes at you FAST.  There are a lot of things that are going to happen in your life that you won’t see coming. When life happens, you have to be agile, fragile and most importantly, proactive. Financial circumstances change over time. It’s important to review your financial plan regularly. Revisit your budget, track your progress towards goals, and make necessary adjustments. Life events, economic conditions, or personal goals may require modifications to your financial strategy.

Hire a “trusted” Financial Advisor: When it comes to money management, ignorance ISN’T bliss. What you don’t know can set you back financially—even bankrupt you. Financial decisions like buying a car, buying a home, saving for retirement, saving for college, investing, selecting insurance, minimizing taxes, transferring wealth, etc., can be complex. It’s always good to have someone you know and trust on your side helping you to make sound financial decisions.

Building a strong financial foundation is a journey that requires discipline, patience, and commitment. By following these essential tips, you can lay the groundwork for a secure and prosperous financial future. Remember that financial success is not about getting rich overnight; it’s about making consistent, smart choices that lead to long-term stability and wealth. It’s never too late to start! Each step you take today will lead you closer to financial stability and financial freedom in the future.

Start today, and your future self will thank you.

(Damon Carr, Money Coach can be reached at 412-216-1013 or visit his website @ http://www.damonmoneycoach.com.)

The post The Carr Report: Essential tips for building a strong financial foundation appeared first on Chicago Defender.

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IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78

NNPA NEWSWIRE — Born on September 4, 1945, in Los Angeles, California, activist Ramona Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.
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By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

Once upon a time, Black Americans were simply known as colored people, or Negroes. That is until Ramona Edelin came along. The activist, renowned for her pivotal roles in advancing civil rights, education reform, and community empowerment, died at her D.C. residence last month at the age of 78. Her death, finally confirmed this week by Barnaby Towns, a communications strategist who collaborated with Dr. Edelin, was attributed to cancer.

Born on September 4, 1945, in Los Angeles, California, Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.

Edelin’s contributions to academia and activism were manifold. She was pivotal in popularizing the term “African American” alongside Rev. Jesse L. Jackson in the late 1980s.

Jackson had announced the preference for “African American,” speaking for summit organizers that included Dr. Edelin. “Just as we were called Colored, but were not that, and then Negro, but not that, to be called Black is just as baseless,” he said, adding that “African American” “has cultural integrity” and “puts us in our proper historical context.”

Later, Edelin told Ebony magazine, “Calling ourselves African Americans is the first step in the cultural offensive,” while linking the name change to a “cultural renaissance” in which Black Americans reconnected with their history and heritage.

“Who are we if we don’t acknowledge our motherland?” she asked later. “When a child in a ghetto calls himself African American, immediately he’s international. You’ve taken him from the ghetto and put him on the globe.”

The HistoryMakers bio noted that Edelin’s academic pursuits led her to found and chair the Department of African American Studies at Northeastern University, where she established herself as a leading voice.

Transitioning from academia to advocacy, Edelin joined the National Urban Coalition in 1977, eventually ascending to president and CEO. During her tenure, she spearheaded initiatives such as the “Say Yes to a Youngster’s Future” program, which provided crucial support in math, science, and technology to youth and teachers of color in urban areas. Her biography noted that Edelin’s efforts extended nationwide through partnerships with organizations like the National Science Foundation and the United States Department of Education.

President Bill Clinton recognized Edelin’s expertise by appointing her to the Presidential Board on Historically Black Colleges and Universities in 1998. She also co-founded and served as treasurer of the Black Leadership Forum, solidifying her standing as a respected leader in African American communities.

Beyond her professional achievements, Edelin dedicated herself to numerous boards and committees, including chairing the District of Columbia Educational Goals 2000 Panel and contributing to the Federal Advisory Committee for the Black Community Crusade for Children.

Throughout her life, Edelin received widespread recognition for her contributions. Ebony magazine honored her as one of the 100 Most Influential Black Americans, and she received prestigious awards such as the Southern Christian Leadership Award for Progressive Leadership and the IBM Community Executive Program Award.

The post IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78 first appeared on BlackPressUSA.

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Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues

NNPA NEWSWIRE — Recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.
The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.

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By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

Tennessee State University (TSU), the state’s only public historically Black college and university (HBCU), faces a tumultuous future as Gov. Bill Lee dissolved its board, a move supported by racist conservatives and MAGA Republicans in the Tennessee General Assembly, who follow the lead of the twice-impeached, four-times indicted, alleged sexual predator former President Donald Trump. Educators and others have denounced the move as an attack on diversity, equity, and inclusion (DE&I) and a grave setback for higher education.

Critics argue that TSU’s purported financial mismanagement is a manufactured crisis rooted in decades of underinvestment by the state government. They’ve noted that it continues a trend by conservatives and the racist MAGA movement to eliminate opportunities for Blacks in education, corporate America, and the public sector.

Gevin Reynolds, a former speechwriter for Vice President Kamala Harris, emphasizes in an op-ed that TSU’s financial difficulties are not the result of university leadership because a recent audit found no evidence of fraud or malfeasance.

Reynolds noted that the disbanding of TSU’s board is not an isolated incident but part of a broader assault on DE&I initiatives nationwide. Ten states, including Tennessee, have enacted laws banning DE&I policies on college campuses, while governors appointing MAGA loyalists to university trustee positions further undermine efforts to promote inclusivity and equality.

Moreover, recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.

The actions echo historical efforts to suppress Black progress, reminiscent of the violent backlash against gains made during the Reconstruction era. President Joe Biden warned during an appearance in New York last month that Trump desires to bring the nation back to the 18th and 19th centuries – in other words, to see, among other things, African Americans back in the chains of slavery, women subservient to men without any say over their bodies, and all voting rights restricted to white men.

The parallels are stark, with white supremacist ideologies used to justify attacks on Black institutions and disenfranchise marginalized communities, Reynolds argued.

In response to these challenges, advocates stress the urgency of collective action to defend democracy and combat systemic racism. Understanding that attacks on institutions like TSU are symptomatic of broader threats to democratic norms, they call for increased civic engagement and voting at all levels of government.

The actions of people dedicated to upholding the principles of inclusivity, equity, and justice for all will determine the outcome of the ongoing fight for democracy, Reynolds noted. “We are in a war for our democracy, one whose outcome will be determined by every line on every ballot at every precinct,” he stated.

The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.

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Braxton Haulcy and the Expansion of Walker|West Music Academy

May 24, 2023 – Walker West Music Academy gets an early start on expansion. Join us for a Wednesday episode of The …
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May 24, 2023 – Walker West Music Academy gets an early start on expansion. Join us for a Wednesday episode of The …

The post Braxton Haulcy and the Expansion of Walker|West Music Academy first appeared on BlackPressUSA.

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