The legend receives a coveted Legacy Award at 2012 Women of Power Summit

This year at Black Enterprise’s 7th Annual Women of Power Summit, music legend Dionne Warwick takes center stage to receive a Legacy Award, along with an esteemed list of others—including Carole Simpson, Professor Anita Hill and entrepreneur/designer Amsale Aberra.

Below, on Our World with Black Enterprise, Warwick talks about building her own legacy after years in the entertainment industry . Click here to register for this year’s Women of Power Summit hosted by State Farm at The Ritz-Carlton, Orlando, FL. Register now and use code DGED12 to receive a $200 discount off the price of registration! (Cannot be combined with other offers).

Singer Dionne Warwick Campaign Against HIV/AIDS

Rosalind G. Brewer has been named Sam’s Club new president and CEO, making her the first woman and the first African American to hold a CEO position at one of Wal-Mart Stores Inc.’s business units. The announcement was made Friday along with a slew of executive changes at the nation’s largest retailer.

Brewer, 49, was most recently president of Wal-Mart’s U.S. east business unit and was responsible for more than $100 billion in annual revenue, representing almost 1,600 stores and more than 500,000 associates. Brewer was also the first chairperson of the Wal-Mart President’s Council of Global Women Leaders. In 2010, she was named to Black Enterprise’s “75 Most Powerful Women In Business” list.

Brewer’s appointment is a boost to the number of African Americans in the C-suite. “Rosalind is a proven executive who sets a high standard among her peers and colleagues,” says Arnold W. Donald, president and CEO of the Executive Leadership Council and Executive Leadership Foundation. Her appointment marks a significant step toward the ELC’s aspiration of a net increase in the number of African Americans within two levels of Fortune 500 CEOs, Donald notes. “Diversity of thinking needed at the top of America’s corporations is partially fueled by the diversity that African Americans bring at the highest level of Corporate America.”

Brewer succeeds Brian Cornell, 52, who has served as President and CEO since April 2009 and has departed for family reasons. Cornell led growth at the warehouse retail chain including the launch of new private-label goods and expansion of the food department. Industry insiders say Brewer will be challenged with continuing that growth.

In her new role, effective Feb. 1, Brewer will report to Wal-Mart president and CEO Mike Duke. “Roz came to us with an outstanding background in consumer packaged goods more than five years ago,” says Duke. “During that time, I have seen her develop into a talented merchant and retailer. She has strong strategic, analytical and operational skills and has successfully managed a large and complex business. I’ve also been struck by Roz’s servant leadership when I have visited stores with her,” he continues. “She always lets her team do the talking, with her focus being on how to better support their needs.”

Prior to joining Wal-Mart, Brewer worked for Kimberly-Clark Corp., advancing through various positions before becoming president of a key business sector in 2004. She joined Wal-Mart in 2006 as regional vice president overseeing operations in Georgia. She holds a board director seat at Lockheed Martin and serves as chair of the Board of Trustees at her alma mater, Spelman College.

Sam’s Club, with 610 stores and $49 billion in fiscal 2011 sales, is a smaller business than the Walmart division Brewer previously ran. Sam’s Club business has outperformed its namesake stores, and its same-store sales gained 5.7% in the quarter ending October, compared with a 1.3 percent increase for Walmart locations.

Are you a Woman of Power? Then join us for the annual Black Enterprise Women of Power Summit hosted by State Farm, Feb. 15–18, 2012, at The Ritz-Carlton, Orlando, FL. This exciting, executive leadership summit is your chance to focus on YOU. Network with industry leaders, learn career strategies, find work-life balance, and start creating—and living—the life you really want! REGISTER NOW and use code DGED12 to receive a $200 discount off the price of registration! (Cannot be combined with other offers).

As co-host for New York’s Power 105 FM’s popularBreakfast Club, Angela Yee is one of the most listened to voices in morning radio. A graduate of Wesleyan University, she majored in English and held numerous media-related positions—ranging from corporate consulting to artist management—before finding her niche as a media personality. But along with the public notoriety came expensive shopping habits that landed Yee nearly $30,000 in debt. Much wiser about her finances; the media maven shares with BlackEnterprise.com how she beat the credit card crunch and learned to better manage her money.

You’ve had great success in your first year at Power 105, but came from a management and consulting background. What lessons did you learn in switching career paths?

I’ve quit a job one time because I was going to make more money somewhere else and I was miserable [at the new job]. I really did like the job I quit, but I was looking at it like, “Well, I’m going to go here and make more money.” Sometimes, in the long run, it’s best to make less money, which is what I did when I left working at a clothing line to go work at Shade 45. I wasn’t happy where I was working and I took a crazy $30K pay cut to start all over at Sirius where I made way less.

What impact did that pay cut have on your quality of life?

That’s probably where the debt started from, having so many bills that I had to pay. I worked the first month without getting paid because it was a probation period to see if it was going to work because I had never done radio [at the time], so they definitely took advantage of me. It was a struggle for me for so long but the next year I got a $20K raise and a bonus and I got a raise every year afterwards. I think sometimes you do have to go backwards to get further in the big picture. Now I make more than double what I made at Sirius.

Is that when you started to manage your money better?

If I didn’t get this job at Power 105 I would still be in debt. Being in debt is a depressing thing. Right now it’s amazing to me that I can go out and buy what I want and still be able to save and now I’m saving to buy a house. That’s a realistic thing for me, before it wasn’t even something I could fathom happening. I have a good base going and I feel good about it.

How bad did it get before you got your finances back on track?

The most I ever owed was about $30,000 in credit card debt. I’ve never been at a $0 [balance], but that was the most I ever owed. A lot of that was from being a manager and having to pay for rooms and flights. It was taking forever to get reimbursed and it definitely piles up.

What are some of the steps you took to get out of debt?

Usually they say you should pay off your most expensive bills first, but what I did was paid off the small bills first to get them out of the way. A lot of those were store cards because I have a Neiman Marcus card, I have a Saks card, I have a Bloomingdales card, etc… Those were just little bills, like a thousand dollars or so each and they had the highest interest rates. It made it easier for me to get those out of the way. I also have three American Express cards. After paying off the store cards, I paid off two of them first and then the one that had the highest balance was paid last, but I stopped using all of my cards and that was the only one I would use. So it was really only one bill I had to pay and that was the one with the lowest rate.

What are some of the things you do now to avoid getting back in the same situation?

As far as clothing, it took me a long time to get the hang of it, but now instead of buying something I’m only going to wear once I’ll borrow clothes and return them. You’re wearing it one time [for a public appearance], why would you want to buy something you can’t wear again because you’ve been photographed in it? If I wear something I’ll tweet about it so [the brand] gets some attention.

A lot of my other bills aren’t that bad, my rent isn’t too bad, my car payment isn’t too crazy—I lease a BMW 328ix and my payment is $520 monthly. I don’t even want to tell you what I pay for rent, because it’s so affordable. I’ve been living in the same apartment in [Brooklyn] for six years. My apartment is so spacious and comfortable, and once I could I really invested in getting nice pieces of furniture that were quality and would last.

Do you find that it’s better to invest in practical items for the home over fashion and accessories?

My desk was expensive but it could last forever and I got it when it was on sale. I pay attention to when stores have their big sales at the end of the year or holidays so I’ll wait until a time like that to purchase. My mattress was also an expensive Stearns & Foster pillowtop mattress but I’ve had it for seven or eight years and it’s still great. You don’t have to get all great furniture all at once but it is a great investment to buy things that will last for decades. Cheap furniture will always break.

What would be your biggest piece of advice for anyone struggling with debt?

It’s never too late to fix your financial situation, it’s never too late to fix your credit. My attitude has always been that there are certain things that I like and I know I want and I know I have to work hard if I want to be able to afford the things I enjoy and appreciate. I’m not saying it’s the right thing to do and everybody should feel that way but it’s always worked for me. I’ve always said, “Okay, you know what, I want this,” and there’s times I couldn’t get it and I always told myself, “I’m going to work as hard as I can to afford the things I want to afford,” and it’s always worked for me.

What would you say is your most important investment?

Your education is always your top investment. Your retirement plan is a great investment and something you don’t even miss and I’ve also been donating money to charity. I just did that recently. I donated to Prep for Prep, which is a program I was in when I was younger and I always wanted to donate. I do a lot of events for Dress for Success and that’s also a write-off. Anytime I can donate my time there’s a few things I do a couple times a month. It’s a write-off but it’s also a good thing to give back to your community.

Are you a Woman of Power? Then Join us for the annual Black Enterprise Women of Power Summit hosted by State Farm, Feb. 15–18, 2012, at The Ritz-Carlton, Orlando, FL. This exciting, executive leadership summit is your chance to focus on YOU. Network with industry leaders, learn career strategies, find work-life balance, and start creating—and living—the life you really want! Register now and use code DGED12 to receive a $200 discount off the price of registration! (Cannot be combined with other offers).

by: Robin Young

As 2012 begins, you are probably reflecting on different facets of your life and may even be drafting a plan to make improvements.  In fact, you may be making a renewed commitment to get your financial life in order this year.  If financial independence is your goal, let me suggest the following quick assessment to get you started on your journey to wealth.  Grab your purse and answer these seven questions to assess whether you are a woman behaving wealthy.

1.  How many different credit cards do you have in your wallet?

Count the number of credit cards (exclude your debit cards).  If you have more than one credit card, then you are likely overspending and incurring debt.  Debt is the enemy of wealth and financial independence.  By spending tomorrow’s money today, you are giving up your future freedom.  On the other hand, financial freedom is built from consistently spending less than you earn.  Thus, a woman behaving wealthy spends on the basis of what is important and pleasurable to her on her current income.  Are you on the road to achieving wealth?

2.  What is the value of your purse and its contents?

Add up the value of your purse and its contents.  For example, if your purse costs $500, your smart phone costs $350, your wallet costs $200, your cosmetics cost $250, and your iPad costs $750, then the value of your purse and its contents is $2,050.  Now, ask yourself if you have invested that amount into savings or retirement accounts over the last month?  In this example, if you have invested at least $2,050 in the last 30 days, then you are building wealth.

3.  Is your cash organized by denomination and facing the same way?

Open your wallet or purse and look at how your cash is organized.  Cash arranged orderly is characteristic of a person whose financial life is organized.  However, cash bills in disarray reflect a disorganized financial life.  As you know, focusing through clutter and chaos is difficult.  Be a woman behaving wealthy and organize your cash, financial files, documents, and accounts.

4.  Do you have an up-to-date daily, weekly, or monthly to-do list in your purse?

Whether you maintain your to-do list in a traditional day planner or in an electronic gadget is not important.  What is essential is that you have a plan for what you would like to achieve.  A current to-do list reflects that you have identified, quantified, and prioritized your financial goals.  Researchers have proven that you are 45% more likely to achieve your goals if you write them down.  Are you on the road to achieving your goals?

5.  Do you have protection plans on the electronic devices in your purse?

Protection plans protect you from loss or malfunction of your gadgets.  Let’s say that you lost your $300 smart phone and you need to replace it.  With a protection plan, you have the option of receiving a free replacement or one for small fee.  Protecting your gadgets is analogous to protecting your assets.  Everyday, you face innumerable risks and, thus, some degree of risk exposure.  A woman behaving wealthy protects her assets – loved ones, income, health, and property.

6.  Do you have an emergency card in your purse?

An emergency card details your healthcare emergency names and numbers (e.g., hospital, doctor, dentist, pharmacy, health insurance plan, insurance policy).  It also holds your family’s contact information (e.g., spouse’s, parent’s, and kid’s contact numbers) in case of an accident.  The best time to prepare for an emergency is before it happens.  If you have an emergency card, then you have taken steps to create a preparedness kit.  Women behaving wealthy are also prepared for the occurrence of other unfortunate instances.  Have you selected a custodial and financial guardian to care for your children in case a tragedy befalls you?  A woman behaving wealthy has a plan in place that protects her loved ones in the event of misfortune.

7.  Are your receipts and important papers (in your purse) organized by category?

The receipts and important documents in your purse can represent additional income and savings for you if you apply them to decrease your taxes.  Many purchases are potential deductions from and credits to income taxes.  By consistently categorizing the expenditures you make that are potential deductions and credits, you are employing tax-reduction strategies to increase your income or wealth.  Taxes are another detour on the wealth-building journey, as they erode your investing power.  A woman behaving wealthy has the objective of retaining as much income as possible, which can then be redirected to more savings.

After Peeking in Your Purse, are you a woman behaving wealthy?

Congratulations are in order if your answers to six or seven of the above items indicate you are on the journey to wealth! However, if your purse audit suggested that you aren’t quite on your desired road to financial independence, don’t worry! Take action today and transform your financial life by completing Women Behaving Wealthy’s FREE Wealth Assessment at www.womenbehavingwealthy.com.

Dream it.  Plan it.  Live it.

Wealthy Women are rarely born that way. Most wealth is created. Robin A. Young creates Wealthy Women. It is Robin’s mission to educate and empower women to embody the necessary habits that create wealthy lives. Hence, Women Behaving Wealthy™ was born. Over Robin’s 12-year career as a Wall Street executive and financial advisor, she has adeptly integrated her academic training and investing experience with sound financial principles and a unique customized approach. This approach has allowed her to successfully manage the portfolios of over 500 millionaires and hundreds of other investors.

Are you a Woman of Power? Then Join us for the annual Black Enterprise Women of Power Summit hosted by State Farm, Feb. 15–18, 2012, at The Ritz-Carlton, Orlando, FL. This exciting, executive leadership summit is your chance to focus on YOU. Network with industry leaders, learn career strategies, find work-life balance, and start creating—and living—the life you really want! Register now and use code DGED12to receive a $200 discount off the price of registration! (Cannot be combined with other offers).

How do true women of power network? Ask the expert, Debra Langford. For the last six years Langford’s power networking sessions have been “must-attend” events at Black Enterprise’s Women of Power Summit, and this year will be no exception!

BlackEnterprise.com host Tai Beauchamp met up with Langford at the 2011 Women of Power Summit  and asked for tips on how to make meaningful business connections using Langford’s three essential tools. See more below, and then be sure that YOU register for 2012 Women of Power Summit hosted by State Farm, Feb. 15–18, 2012, at The Ritz-Carlton, Orlando, FL. Register now and use code DGED12 to receive a $200 discount off the price of registration! (Cannot be combined with other offers).

by Elayne Fluker

2011 Women of Power: Debra Langford on Power Networking