Three Simple Lifesaving Strategies for Good Health

A recent survey conducted by AARP found that the top concern on the minds of African Americans over 50 is staying healthy. So as we come to the end of April, which is National Minority Health Month, we are spotlighting health disparities in the Black Community and how we can stay healthier and live longer. According to the CDC Health Disparities and Inequalities Report — United States, 2013, here are some of the disparities: African-American adults develop diabetes at twice the …

What Will Retirement Look Like for Our Adult Children?

For decades, the three-legged stool was the metaphor for funding retirement: Social Security, pensions and savings/investments. Because of the recession and drop in pensions, the stool started to shake. That hasn’t escaped the notice of our adult children as they watch parents head into retirement. The upside of those watchful eyes is that many millennials have begun saving for their own retirement. At an unprecedented age of  22, some 70 percent of working millennials are socking money away, according to …

Millennials Are Spending Less and Saving for a Rainy Day

While waiting in line last week at Starbucks, I realized that I was the only “guest” ordering black coffee — not a grande, no-foam macchiato concoction — and the only person using cash. The mostly millennial customers were flashing a smartphone app or swiping credit or debit cards. The way our adult children spend and save money is very different from their boomer parents. “I want it fast, and I want it now” is the millennial mantra when it comes …

Guard Your Home Equity With Your Life

Home ownership is the foundation of middle-class wealth. The home equity asset is created when mortgages are paid down. It represents the difference between what your house is worth and what you owe on your mortgage. African Americans are less likely to own homes than others — fewer than half of all African Americans own their homes, compared with 66 percent for others. With fewer assets, however, we often have more pressure to tap into home equity than others. I …

Time to Have That Talk With Your Children About Money

Whether your children are 14 or 40, if you are at or near retirement age you must have a conversation about money. The conversation should be age-appropriate, and designed not to frighten, but to inform. Still, 13-year-olds need to know how much college you can afford for them, and 30-year-olds should have a sense of how much money you will have to support yourself when you will retire and what kind of help you may need from them. Lots of …

Lending to Relatives? What You Need to Consider

Sonny has bad credit and needs a small business loan. Of course you want to help, but can you make the payments or afford losing collateral if he defaults? Your daughter is going through a divorce and she needs the security deposit for her new apartment. If you give it to her, can you count on her to pay it back? Auntie wants to go to Las Vegas and has asked her children, nieces and nephews to pitch in so …