It’s January 2013, and for millions of high school seniors across the country THINGS JUST GOT REAL!!! It’s time to make some really tough decisions, one of which is determining whether to attend college. I understand the pressure that comes along with a decision of this magnitude, but if I’m answering the question, “Should I go to college?” on a multiple choice test, I’m selecting the last bubble that says “Not enough information.” There are several factors that should be considered when determining if college is the best move immediately after high school, but deciding how to finance an education is the most important factor.

According to finaid.org, 66%of undergraduates financed their education with loans. The average student loan debt after graduation is approximately $23,000. And considering that the average starting salary for college graduates in 2012 was $44,000, student loan debt could be a major strain on your finances as a young professional. Imagine working everyday to only earn 80% of your salary. If that sounds like a crappy deal, it is. So here are a few tips to help you avoid or reduce the need for student loans, so that when you graduate college you will be working for 100% of your money, minus taxes of course, but that’s a conversation for another day:
Be the best high school student you can be. Work for a 3.5 GPA or better. Participate in as many sports and extracurricular activities as possible because universities covet well rounded students and show their appreciation by offering them full scholarships. Student loans are not a problem for those who do not have them.

Prior to beginning the collegiate application process, know the field of study you want to pursue.
It is important to determine what your academic focus will be before choosing the school you want to attend. Many programs have funding to offer scholarships to students interested in certain disciplines. For example, the College of Business at a local state college may have scholarships available for students majoring in Supply Chain Management.

Consider an in-state school. According to The Department of Education, in-state tuition can save a student $10,000 a year. The cost effectiveness of college needs to be more important than the temptation to move away from home.

Understand that a 4-year college does not always translate to more money. Without scholarships or grants, it is possible that attending a four-year college may only translate to additional debt with no corresponding increase in take home pay.  Community college is a viable option for students who are undecided on a college major. Community colleges are less expensive than four-year colleges and they allow students to complete their core coursework.

Be cautious of “for-profit” colleges and vocational schools. According to the Department of Education, the average cost for a degree of less than two years at a for-profit school is $11,480 compared to $2,451 at a public school. The integrity of these schools is constantly in question as there have been concerns regarding the disclosure of costs and accreditation concerns.

Preparing for life after high school can be a stressful process. It is important to fight through the pressure and make non-emotional, well researched decisions. The ultimate goal of a college education is to help you land the job of your dreams or, at a minimum, just land a job. Don’t limit your financial potential by becoming dependent on debt whether it be for your education or otherwise. Being debt free is liberating and it is comforting to know that you can work, earn and keep 100% of your money, kind of…

-Courtney Hale

5…4…3…2…1…Take off! That is what the beginning g of your day feels like until you get to unwind from a hard day of school and practice late in the evening. Going nonstop is not only exhausting but can tear down your health if you’re not eating right. You’re on a budget and need some healthy snacks to keep your fuel going to get through to two tests and cheerleading practice. No, worries check out 5 healthy snacks for under 5 dollars…

Fruit– Yes, fruits are one of the healthiest and affordable snacks to throw in your bag and go. Either buying a bag of apples or a bunch of grapes at the beginning of the week or just buying a new fruit daily in the café, they are both filling and you do not have to worry about going over your budget for it.- $0.99- $2.99

Smoothies– Ok, so fruit is a little too boring for your taste! Ok so time to blend! Just gather either 2 or 3 of your fave fruits,veggies,ice and create a smoothie. You would be surprised how full you would get off a good ole’ smoothie. $4.50-$5.00

Nuts- Walnuts, Peanuts, cashews…all you can snag under 5 dollars. Toss a bag or a can in your bag and you will make it through the day without starving but will are keep your heart ,hair and nails healthy. Also they contain tons of protein. – $0.99-$3.50

Whole Wheat Pretzels- Time to start crunching and grab for the bag of pretzels! Pretzels not only fit in you price range but whole grain pretzels add fiber to your diet. Fiber is important for a healthy digestive system, and most teens don’t get enough -$1.50-$4.00

Trail Mix-If you need a mixture grab or even make trailmix. You can just blend one cup each of two different whole grain cereals, like whole grain Cheerios and Shredded Wheat. Add one cup of mixed nuts and one-half cup of raisins or other dried fruits-$3.50- $5.00

-C.O.R.E Family

By the time you read this article, you will have realized that you are:

1. 15lbs heavier as a result of your binge holiday feasting and
2. Broke as a result of being twenty-five dollar’d to death from buying Christmas gifts for your loved ones.

Do not be alarmed. You along, with millions of other Americans, are showing the symptoms of the Holiday Hangover. The initial symptoms are physical and financial regret, followed by a week of strategic planning for preventing being in the same position again at this time next year. The Holiday Hangover is like a virus; it cannot be treated, it has to run its course and you can only hope you don’t catch it again. The key to building immunity against this virus lies within the strategic plan you set for yourself next year.
To the over-simplistic mind, this sounds like I am encouraging New Year’s resolutions, but I am not. New Year’s resolutions are so 2012. Besides, depending on whom you ask, 65-90% of Americans break their New Year’s resolutions. So, to paraphrase one of my favorite quotes, if you want something you’ve never had, you must do something you’ve never done. This year we will simply call them GOALS. Now that’s a novel idea!! Establishing goals doesn’t have the same commercial appeal as setting New Year’s resolutions, but it is much more effective.
There is a strategy to setting goals whether it’s for the New Year or related to your personal growth. When setting goals, be sure they meet the SMART criteria.

S – First, your goal should be “Specific”. Goals should be straightforward and should specify what you intend to achieve. Your goal should be well defined.

M – Next, you want your goal to be “Measureable”. If you can’t measure it, you can’t manage it. Establish concrete criteria for measuring progress toward the attainment of each goal you set.

A – Your goal needs to be “Attainable”. When identifying a goal, it needs to be something you can
realistically accomplish. If you set goals that are too far out of reach, you probably won’t fully commit to working towards them.

R – Be sure your goal is “Relevant”. This term stresses the importance of choosing goals that matter. A
relevant goal can answer yes to these questions: Does this seem worthwhile? Is this the right time? Does this match your other efforts and needs? Are you the right person?

T – Lastly, it is important to establish a timeframe for your goals. Setting a time limit for your
goals gives you a clear target to work towards. If you don’t set a timeframe, the commitment can be too vague. Achieving the goal tends not to happen because you feel you can start at any time. Without a time limit, there’s no urgency to start taking action now.

At the end of every year, millions of people vow that the next year they will be smaller, richer, smarter and braver.  But somewhere around March, 65-90% of people lose their motivation and by Thanksgiving they realize that they are still the same person from 12 months ago. In 2013, I challenge all our readers to utilize every ounce of your inner strength and embrace a level of discipline that you never have before. For 2013, set SMART goals instead of dumb resolutions and by this time next year the best gifts you will have given will be the ones you set for yourself today.

So you did all your Summer Cleaning and tossed out all your old clothes? The only problem you have now is your closet is looking a little empty and so does your wallet. No need to stress! Check out these thrifting tips that can help you revamp your wardrobe without event breaking your bank!

Check out what TheChicestGeek has to say about thrifting…

Check out what MackMel has to say about thrifting…

Non-Negotiables– Not only in dating you should have your non-negotiables but in finances too! Now, when you first receive your check you should have a list with the breakdowns of departments you need to pay. For example it can be easy Your list can be…1. Tithes 2. Savings. 3. Phone Bill. Now you know that every month that these are your non-negotiables. No matter what, these items need to be paid. From here you can base your budget of what you need.

Time to Take Inventory!– Yeah,yeah you might be what we would call a “Repeat Offender.” The one who goes out and buys 5 more items that almost look identical to the ones you have in you r closet. No one’s pointing fingers because I stand here GUILTY. But you would be surprised how much money you would save if you take inventory before going shopping. There is nothing worse than wasting money on replicas.

No Impulse Buys– So every time you head out to the stores set a plan before you head out the door. If you just need to buy a pair of jeans or a cd, that is what you should come back with. Or even if you give yourself a total amount that you’re going to spend, stick to the amount. This way you can have the freedom to buy what you want to  and even indulge in that sale but still stick to the amount you want to spend. Trust me, the best feeling is going out shopping and coming back knowing you stuck to your budget and bought something you wanted! Score!

Recently, while updating family and friends on the progress of The Knowledge Bank, I was flabbergasted by a statement made by a man who I have always admired for being a progressive thinker in regards to personal finance as it relates to black people. For the sake of this article, I will refer to him as Rob. Rob is 80 years old and was a college graduate during a time where graduating from college involved a lot more than four years and earning passing grades. The topic of our conversation turned awry for me while discussing the indecent behavior displayed by members of the Jackson family over Michael’s estate or the money and property he left behind after his death. Rob stated that the Jackson’s behavior is exactly why you should not leave money to your family after you die. To make matters worse, he added that he did not have any life insurance that would cover more than the cost of his burial. I about fell out of my chair!!! I felt like I had been hoodwinked, bamboozled, led a stray, run a muck. Who was this person that just made these absurd comments? It couldn’t be the man who I had admired for his professionalism and his intelligence? Despite my disbelief, it was.

Prior to the conversation with my family and friends that included Rob, I had been disturbed by a statistic I read regarding the wealth disparity between whites and blacks. According to the U.S. Census Bureau, on average, Caucasians have 22 times more wealth than blacks. The usual suspects that contribute to the wealth disparity are underwhelming statistics related to the education, the employment and the income of African Americans. I would like to add the failure to prioritize leaving an inheritance to future generations to the list of contributors to the wealth disparity.

An inheritance is the passing of assets including property, titles, debts, rights and obligations to love ones upon the death of an individual. A “will” is the legal document created by the deceased that officially identifies the individuals who should receive certain assets. For example, after T.I. dies, his money, cars and jewelry more than likely will be distributed amongst Messiah, King, Domani, Major and possibly one of the OMG girls if they are all included in his will. Inheritance statistics for the U.S. population are dismal across all demographic profiles. According to the Federal Reserve Bank of Cleveland, only about 10% of Americans receive money due to the death of a family member. The average inherited amount is $64,000, not nearly enough money to build generational wealth. In fact, only 1.6% of the population receives more than $100,000 after the death of a family member. Ironically, despite the problematic statistics mentioned previously, black families have one advantage over other ethnicities in their potential to leave an inheritance.

African American families are more likely to have life insurance than any other race in the U.S. Most African American families feel that life insurance is their only means of leaving an inheritance to their love ones. Unfortunately, African Americans are also the biggest consumers/spenders in the country, so insurance money like our pay checks doesn’t last very long. What can last for a long time is $469,000. Where does this figure come from? If a person is left $64,000 after the death of a family member, invest the money earning 8% interest, never touch it and pass the earnings down one generation, over a 25 year period, that $64,000 will be worth approximately $469,000. If that $469,000 is reinvested under the previously mentioned terms, the initial $64,000 will be worth over $3.4 million. Three million dollars, managed properly, changes the scope of the financial health of a family.
You may be thinking that 50 years is a very long time and it is, but remember this is money a family can earn without doing anything outside of periodically evaluating their investment strategies over time. I challenge our readers to be the person responsible for generating wealth in your families. Encourage your parents to develop a will. If you really want to be progressive, tell your parents they need to consult an attorney to create a living trust. A living trust protects your inheritance from a lot of taxes and fees you may incur while going through the legal process to obtain your funds. Building wealth requires patience, time and a commitment by someone in your family. You can be that person.
So what did we learn?

Leaving money for future generations is very admirable.
Life insurance is a good instrument to build wealth for future generations.
Your parents should create a will or living trust ASAP.
Your parents should be saving money and/or have a life insurance policy with you as the beneficiary.
Do your research on the people you look up to.

C Hale

So you have your part time check and what’s on your mind? Let’s see…. shoes, car gas, movies , nail polish and those dope pair of jeans you saw last week. You say to yourself, “Well that’s about it! What else do I really need to put my money? I bought everything I want and even needed!”

Hmm well “Congrats!” on buying your weekly needs and even throwing in some of your wants but you receive a “F” in the class of saving. Sorry to break it to you, if you’re not putting money away for rainy days it’s going to take you awhile to get the passing grade. Yes, I know necessarily you feel like either there is no point of saving, you don’t make enough to save or even don’t have anything worth saving for in my life. Well I’m here to break it to you that “Saving” isn’t your worst friend or evil nemesis in actuality it’s your best friend in camouflage. Still think I’m lying?? Ok, here it goes…you made me do it….

Rainy Days– Yes, we would love to live in a perfect world where you know what would happen next but unfortunately we don’t (at least it keeps life exciting, right?). Anyways let’s jump back on track. So you never know what can happen and yes that includes unexpected expenses. I know looking at your checks you feel like you don’t have enough money to save, well you’re wrong. You do not have to put hundreds in the bank a week, just put what you can afford. Instead of agreeing on an amount of what you would save because your check changes every week, agree on a percentage. So let’s say every two weeks you put 10% of your check. Trust me…it adds up!

Swap Out!– Sometimes the best trick when it comes to savings it is to do the “ Swap Out.” You ask what the swap out is, well I’m so glad you asked! The swap out is when you look at the list at the things, places, and people you spend your money on and see what you can swap out for savings. So instead of your money buying new accessories take that money place it in your savings account. By you doing this you can save more money by just limiting yourself.

“You Can’t Touch This”– Just like MC Hammer said as he rocked the stage same goes with you and your savings account. As excited as you get by how much you are savings you have after couple of months, make sure you do not touch it. And if you do it has to be in emergency situations in which the savings were made for! Oh and let me get one thing clear the shoe sale at the boutique does not quite make the cut!! I know it may seem like self torture now but you will thank me for this later

-C.O.R.E Family

The sun is high and school is out! Time to grab your shades and enjoying your summer. Check out these HOT styles that are all under $10 bucks!

Wayfarer Sunglasses – $5.80

Aviator Sunglasses – $5.80

Hollywood Shades– $9.95

Pink Aviators – $5.95

Print Pattern Shades – $5.00

So you did all your Spring Cleaning and tossed out all your old clothes? The only problem you have now is your closet is looking a little empty and so does your wallet. No need to stress! Check out these thrifting tips that can help you revamp your wardrobe without event breaking your bank!

Check out what TheChicestGeek has to say about thrifting…

Check out what MackMel has to say about thrifting…

So after Drake dropped “Fancy” we all feel the need to live up to those lyrics right? From clothes to shoes to what bag we carry on our right arm….Hmm try again girls. Yes, living a fabulous lifestyle is simply awesome BUT let’s not forget life is not a music video nor are our finances.

Let’s face it, being fabulous on a part time retail gig may be a bit difficult (trust me, I’ve been there!). Especially working at a hot clothing boutique, you may not be able to pay mortgage with your checks BUT the 50 percent employee discount gives your heart full content! The only problem is that those bi-weekly checks just seem to miraculous disappear and somehow every new clothing arrival has found its way to the front of your closet. With all these magic tricks of turning your check into clothes you manage to do one last trick. In all this mix your savings has not moved an inch from when your mother put the 200 dollars to start as a spring board to get your own personal account rolling. Poof!

Ok, so I get it ….you’re thinking “Save for What?” No rent, no gas bill, no car note, no electric bill and you didn’t even know there was a bill for water (it’s not like Fiji is running from the faucet.) The only bill you may be aware of care about is your cell phone bill. So your current weekly budget consists of at least 3 new outfit , hmmm gas money for your car( but your mom’s bp card is always there, so scratch that) & your cell phone. Other than that, you’re good to go. Ok, let me let you guys in on a secret these budget plan habits will have you on a corner looking very fly with nowhere to lay your head at night if you keep this up though your older age.

Three quick tips to let your savings grow and your closet go on a diet….

Just Say “NO”- Ok, yes I know media deeming the word “Shopaholic” as if it’s a  cute new career choice. Well, they lied. In reality having every designer piece of clothing and no savings to fall back on is not the hot look of the season! Have a priority list every time you receive your check so you’re not buying up the world. Maybe one week you snag those jeans you wanted and say “No” to the rest of the outfit. Save at least 20-30% if your check. It may not seem a lot now but believe me it will add up.

Non-Negotiables– Not only in dating you should have your non-negotiables but in finances too! Now, when you first receive your check you should have a list with the breakdowns of departments you need to pay. For example it can be easy Your list can be…1. Tithes 2. Savings. 3. Phone Bill. Now you know that every month that these are your non-negotiables. No matter what, these items need to be paid. From here you can base your budget of what you need.

DON’T FORGET ABOUT “Moi”–   Savings are important but don’t forget about yourself either. You don’t necessarily have to buy everything but you  can turn your savings into a rewards program for yourself. Once you reach your savings goal you set  tell yourself you are going to treat yourself to those strappy, animal print stilletos you’ve been spying. This causes you to motivate yourself to stay on track.

“Remember the Lord your God, for it is He who gives you the ability to produce wealth.”
Deuteronomy 8:18

Miracles & Blessing,