ON OUR WAY TO WEALTHY: Loan modification
While the economy for some is on the upswing, others are still suffering. Part of the suffering includes the inability to pay bills on time. The most im
When Memphis Grizzlies General Manager Chris Wallace started as the general manager for the Boston Celtics in 1997, head coach Rick Pitino sent him and other staff members a sternly worded letter with a clear demand:
“We can not expect for players to be in world class physical condition when on a daily basis they encounter members of our staff who are overweight and out of shape. This is your target weight. If you do not reach your target weight by the expected date, feel free to seek employment with someone else.”
Older people generally have a better understanding of life insurance than younger people. But even if you fully understand the costs and potential benefits of life insurance, you may wonder whether you still need it as you age and your children become self-supporting. Here are some ideas to consider.
Protection for your spouse
Even though your children may not need financial support, your spouse might depend on your income, especially if you are still working and/or have debts such as a mortgage, car payment, or student loan, which could be paid off with a life insurance benefit. Losing one spouse’s Social Security benefit could also make it more difficult for the survivor, even with survivor benefits. Widows and widowers aged 55 and older are more likely to live in poverty than married people in the same age group (see chart).
After the desk is cleaned out, pictures removed and the party is over, the reality of retirement begins to settle in. Some may travel, play golf, rest at home or pick up a hobby to pass the time away. But others are not so ready to put their working years behind them. A few retirees are interested in supplementing their retirement savings by launching a startup business.
Although it is not uncommon for folks to start a business while working, retirees are free to concentrate all of their efforts on the new business venture. Armed with a wealth of experience and plenty of time to share it, retirees will find certain businesses a tailor-made fit. The number of self-employed folks over 55 years of age is growing annually. So let’s consider a few of the options.
It’s no secret that African Americans face unique challenges to their financial security that are unlike those of white households. An estimated 42 percent of African-American households use credit for basic expenses, such as rent, groceries and utilities, according to The Challenge of Credit Card Debt for the African American Middle Class, a report released last year by the NAACP. Moreover, 99 percent of blacks who started new businesses using credit are struggling to pay off those expenses, compared to just 80 percent of whites, the report says.
The good news is that it’s never too late to overhaul your financial situation. One of the first steps is changing your attitude toward money, according to Sabrina Lamb, founder and CEO of theWorldofMoney.org, an organization dedicated to the financial education of youth in the Tri-State New York area.
When business owners fail to consider the possibility that federal or state estate taxes could be due upon their passing, the cash needed to pay the bill may not be available, and heirs may have no choice but to liquidate the family’s business.
Even if your business valuation falls well below the current federal estate tax exemption level ($5.34 million in 2014), you might not be entirely out of the woods, especially if you live in a state that has an estate tax and/or an inheritance tax with a lower exemption amount.
As computers continue to sink deeper roots into society, many folks still cannot afford to purchase a new one. Others – due to the rapidly changing technology – choose to procure only refurbished computers in much the same way one would choose to acquire a pre-owned Mercedes Benz. Into the pre-owned computer market has stepped Dr. Edmund Ford Jr. and E&J Computer Services and Repair.
Carlee McCullough: Tell us a little bit about yourself.
Edmund Ford Jr.: I am 35 years old. I have a bachelor’s degree from Tennessee State University (TSU) with a major in mathematics (and) a minor in computer science. I continued my education by earning my master’s degree in the same field, performing two years of doctoral work at Vanderbilt University in Leadership and Policy Studies, and earning an educational doctorate degree in Higher Education Administration and Supervision from TSU. I have taught mathematics in Tennessee for 11 years, and this year I obtained my affiliate broker real estate license.