From designer fragrances, clothes, shoes and bags, men and women go in debt to stay current in fashion. While the trends may come and go, fashion as a whole is the staple of life for many. Even the knock offs have a place in society. Just as in any business, it takes determination, resources, creativity and talent to make it in fashion.
On a national level, entrepreneurs such as Russell Simmons of Phat Farm, P Diddy of Sean Jean, Damond John of FUBU, Rachel Roy of Rachel Roy Collection, and Tracy Reese of Tracy Reese have inspired an entire generation of designers and consumers alike.
African Americans, Hispanics and Asian Americans face an economic "quadruple whammy," leaving them with little or no financial cushion as they age, finds a new study released Monday.
Titled "Beyond Broke: Why Closing the Racial Wealth Gap is a Priority for National Economic Security," the study used 2011 Census data to examine household worth for all ages. It found that the medium net worth of households of color from 2005-2011 dropped 58 percent for Latinos, 48 percent for Asians, 45 percent for African Americans – but only 21 percent for whites.
"You have the racial gap in pay, the gender gap in pay, the ageism gap in pay and predominantly single-income households," says Maya Rockeymoore, president of the Center for Global Policy Solutions (CGPS), which commissioned the study. "You're looking at the intersection of all of these disparities."
Smart, sassy and enterprising, Princess Woodard is well suited for the business opportunities in virgin hair, which has become the next big thing. A recent graduate of law school, she has already been a business owner for three years, focusing on importing virgin hair from abroad. With attention to detail and an eye for the bottom line, Woodard is poised for success as she shares her story of the hustle of hair.
Carlee McCullough: Tell me about yourself.
Princess Woodard: My name is Princess Woodard. I am a native Memphian and a recent graduate of the University of Memphis' School of Law. I have been a virgin hair retailer since 2011.
Whether the preference is weave or extensions, the process of lengthening or thickening hair crosses all color and ethnic lines. According to Clutch Magazine, the hair extension business is a $9 billion industry that has shown no signs of slowing.
Just as the hairstyles are creative, so are the many ways of entering the market. For example, entry can made via a brick-and-mortar store as a distributor or hair stylist or through an online presence or even through franchising and multilevel marketing.
If anyone gives you a Barnes & Noble gift card, be sure to cash it in by the end of the year.
This may be the last year that Barnes & Noble bookstores remain open.
It's bad news for people who love books. It's worse news for the next generation of readers, who may never experience buying a book in a bookstore.
Many people live paycheck to paycheck. This means that there is no savings and most of the previous check is gone before the next check is received. The goal of most should be to save as much as possible for a rainy day. However, saving eludes most people because folks buy today and figure out how to pay for it later. Unfortunately later comes faster than many expected. Understanding how to start the saving process is the first step to establishing and growing savings.
Create a budget
The first step is to create a budget. The budget will help identify all of the bills that have to be paid monthly and the associated income available to do so. Determine if there is enough income to pay the bills with anything left over. Then evaluate the bills and expenses to see if there are any that can be eliminated immediately and not have an ongoing expense. If so, eliminate those bills. Now calculate what we have left over that can be earmarked for savings or debt reduction.
After documenting your income and expenses, evaluate to see if there are any places where the income can be increased or the expenses decreased. Be sure to include all of the little purchases as well including coffee, gas and fast food. This allows you to fully identify where every cent is spent in order to ascertain the potential cutbacks.
No matter how well our lives may be going, many of us seem to be at our wit's end when it comes to attaining that next level of success, but there is a solution to this challenge, says world-traveling entrepreneur Julian Pencilliah.
Whether we want to improve our relationships, spiritual development, emotional well-being, health or monetary ambitions, we so often find that we're our own greatest enemies, says Pencilliah, author of "The Jetstream of Success," (www.thejetstreamofsuccess.com).
"You see it time and time again – individuals rise out of the most devastating circumstances and transform their lives into greatness," he says. "If you're in a place where you feel that life's closing in on you, and you have a pressing urgency to transform your misfortune into a positive opportunity, then you must embrace the fact that realizing your potential is a process."