Accusations Of 1988 Sexual Assault Leveled Against Jermaine Jackson In New Lawsuit
The lawsuit claims Berry Gordy, founder of Motown Records, helped Jackson cover up the alleged assault.
Jermaine Jackson, former member of the Jackson 5 and brother of the late Michael Jackson, is facing serious accusations of sexual assault in a lawsuit filed by Rita Butler Barrett on Dec. 28. The lawsuit alleges that Jackson sexually abused Barrett during the spring of 1988. Barrett, described as a survivor of sexual abuse, assault, and harassment, filed the lawsuit under California’s Sexual Abuse and Cover-Up Accountability Act, which allows survivors to pursue legal action after the statute of limitations has expired.
According to documents obtained by Fox News Digital, the alleged assault occurred when “Defendant Jackson forced himself into Plaintiff’s home, and with force and violence sexually assaulted Plaintiff.”
Barrett, who knew Jackson through personal and familial connections, including Berry Gordy, claimed to have reported the assault to Gordy a day later. The lawsuit alleges that Gordy, the founder of Motown Records and a family friend, concealed the acts and perpetuated a cover-up to protect Jackson’s reputation. The suit stated, “Instead, Mr. Gordy withheld and concealed the acts, further perpetuating the cover-up and allowing Mr. Gordy, Defendant Jackson, and others in the business relationship to continue to reap profits derived from Mr. Jackson’s work and reputation for years to come.”
As part of the legal action, Jermaine L. Jackson Music Productions, Inc. and his Work Records, Inc. were also named in the lawsuit. The lawsuit claims that as a result of the assault, cover-up, and ratification, Jackson’s reputation remained intact, while Barrett endured years of suffering in silence and shame.
The representatives for Jackson, Gordy, and Barrett did not immediately respond to requests for comment.
The California’s Sexual Abuse and Cover-Up Accountability Act is similar to the New York Adult Survivor’s Act and allows survivors to seek legal recourse against entities after the expiration of the statute of limitations. The California act CA-AB2777 is set to expire on Dec. 31, 2023.
Dental Patient Files Lawsuit Against Dentist, Alleging Unsafe Anesthesia and Subpar Treatment
A Minnesota woman says a dentist left her disfigured after extensive and unnecessary dental work.
A Minnesota woman named Kathleen Wilson has filed a lawsuit against Dr. Kevin Molldrem, a dentist in Eden Prairie, Minnesota, claiming negligence and disfigurement resulting from extensive dental work conducted in a single visit in July 2020, the Star Tribune reports. Wilson’s lawsuit, filed last week in Hennepin County District Court, alleges that Dr. Molldrem provided unsafe anesthesia levels, falsified medical records, and failed to deliver appropriate care.
Wilson’s legal team enlisted Dr. Avrum Goldstein, a Florida-based dentist, to review her medical records. In a report dated Nov. 14, Goldstein identified breaches of duty of care, stating that while Molldrem made the correct diagnosis, the treatment quality was subpar. Goldstein emphasized that Wilson’s extensive decay required a careful and measured response, and Molldrem’s attempt to address all Wilson’s issues in one visit was both ineffective and inhumane.
Dr. Goldstein explained, “Trying to fill every hole in every tooth in her mouth in one visit is not only the antithesis of what was indicated, it is not humanely possible to achieve in an effective or constructive manner.” He highlighted the challenge of maintaining adequate anesthesia during long appointments and noted that Molldrem administered 960 mg of anesthesia to Wilson, exceeding the maximum recommended dosage of 490 mg.
Records show that Molldrem claimed to have administered eight tubes of dental anesthetic, but Goldstein found that the first dose alone was eight tubes, with a total of 15 administered throughout the visit. Wilson sought evaluation and treatment at the University of Minnesota Dental School in 2022 for recurrent decay and other damage.
In addition to potential medical costs, Wilson, if required to replace all her teeth with implants, may find the previous dental work rendered futile. The lawsuit asserts that beyond financial implications, Wilson endured pain, embarrassment, disfigurement, and distress, and seeks damages of at least $50,000.
Molldrem and his attorney, Nathaniel Weimer, have yet to respond to requests for comment. The lawsuit raises concerns about the quality and safety of dental procedures conducted in a single visit, prompting a call for accountability and patient safety in dental care practices.
Meghan Markle Makes Onscreen Comeback As An Extra In Ad For Latte Brand She’s Invested In
Meghan Markle is featured in an advertisement for Clevr Blends, a 'mission-driven wellness company' she holds shares in.
The Duchess of Sussex, Meghan Markle, is featured in an advertisement for Clevr Blends, a coffee company in which she holds shares.
Markle is an extra in the video for the company she has invested in since 2020. Clevr is an oat latte brand co-founded in 2019 by CEO Hannah Mendoza, a University of California Santa Barbara graduate.
The Instagram reel shows Mendoza at the company’s headquarters, thanking everyone for their commitment to the company in 2023. Markle acts as an intern who is brewing hot drinks and stacking boxes. Everyone appears to be having fun as they film the video. Markle goes for a fist bump with a team member, leading to members on the set of the advertisement laughing out loud. “So grateful for the immense love and support this year—thanks for helping us keep the latte-loving dream alive, and thriving!xo,” read the video caption.
Clevr Blends sells superfood lattes and teas made with brain-boosting, mind-clearing and mood-lifting ingredients. The public got a glimpse of the blends after Markle sent a basket to Oprah Winfrey, who went online and shared the product with Instagram followers in 2020. The brand was featured two years in a row on “Oprah’s Favorite Things.” According to the latte brand’s website, the media mogul described Clevr as her “new drink of choice for the morning and night.”
“I’m proud to invest in Hannah’s commitment to sourcing ethical ingredients and creating a product that I personally love and has a holistic approach to wellness. I believe in her and I believe in her company,” she said.
Mendoza commented on Meghan’s investment: “Entrepreneurs need funding, but they also need advisers who care deeply about what they are building.” She expressed gratitude for finding both in the Duchess of Sussex.
Hit-Boy Looks Forward To Possibly Winning A Grammy With His Father By His Side
'Every time I won a Grammy, he was locked up,' Hit-Boy said. 'That would be dope to win. I’m going to speak it into existence.'
Grammy-nominated music producer Hit-Boy had an interesting year but looks forward to 2024, when he learns if he can add another Grammy to his mantle. What would make it better for him this time around would be to do it with his father in attendance after his recent release from prison.
According to The Associated Press, the music producer was nominated for a Grammy Award. This time, unlike the first three times Hit-Boy won a Grammy, his father, who just completed a nine-year sentence, will be right by his side at the ceremony. Now that his father is home, Hit-Boy wants to strengthen their relationship.
Hit-Boy’s father is also a rapper. The 52-year-old, whose moniker is Big Hit, recently released his debut project, The Truth Is in My Eyes. The album features the likes of Snoop Dogg, Benny the Butcher, Musiq Soulchild, Dom Kennedy, The Alchemist, and Mozzy.
Big Hit hates that he missed important parts of his son’s career because he was incarcerated.
“It was torture just knowing the kind of impact I could’ve had and what I missed in his life,” he said.
“I thought about how I could have shaped and molded him,” Big Hit continued. “Being a wonderful addition. Instead of bringing him down, I could have tightened him up. But I still did my best in the situation where I was at. But we’re pushing full speed ahead. We’re bridging that gap.”
His son treasures what he can do for his father now and is working to make sure that they work together.
“It’s bigger than just doing the music,” Hit-Boy said. “I’m creating that network, helping them to have a workflow. I’m spending money on these marketing plans. I’m coming with all the best ideas I can. Every day is an adventure. My whole life, he’s got out and went back in. Stressed out that he might do something to jeopardize it again. It’s part of that brainwork where you just got to hold it down and financially. I wanted to build, put together pieces that would bring people completely into his world.”
Now, with the Grammys coming up on Feb. 24, it would be a great feeling to grab that Grammy with his father there with him, Hit-Boy said.
“Every time I won a Grammy, he was locked up,” he shared. “That would be dope to win. I’m going to speak it into existence.”
Hit-Boy is nominated for Producer of the Year, Non-Classical.
Kujichagulia: Revisiting 4 Black Movements That Promoted Self-Determination
Kujichagulia encourages us to “define ourselves, name ourselves, create for ourselves, and speak for ourselves."
Traditionally, on Dec. 27, families all over the world are lighting the first red candle on the kinara with the second principle of Kwanzaa in mind: kujichagulia, or self-determination.“Who am I, am I really who I am, and am I all I ought to be?” These questions challenge us to “define ourselves, name ourselves, create for ourselves and speak for ourselves,” according to the official Kwanzaa website.
This is consistent with current agendas of Black organizations such as Black Lives Matter, Black Youth Project 100, Afrikan Black Coalition, Black Alliance for Just Immigration, and Institute of the Black World 21st Century.
Starting from the era of slavery and segregation, the majority of Black Americans still do not have meaningful access to political, economic, and cultural resources of the country. While past Black movements introduced ideas of self-determination, personal identity and intra-racial connections, the struggle for cultural identity and multicultural democracy has not yet reached its desired goals.
Three ideological movements that reconnected African Americans to Africa and promoted self-determination were Garveyism, the Harlem Renaissance, and Pan-Africanism. But many historical accounts say the objectives of cultural self-determination and fundamentally transforming Black America were not successful. As we celebrate Kwanzaa, BLACK ENTERPRISE encourages you to learn from past struggles and leaders in order to incorporate the best practices in the future pursuits of self-determination, economic development, and multicultural democracy. Here are four trailblazing Black movements and organizations that highlight Kwanzaa’s theme of freedom, justice, and peace.
Nation of Islam (1930-1975)
The history of Muslims in America dates back 400 years with the arrival of enslaved Africans. The Nation of Islam emerged into an Islamic and Black nationalist movement founded in Detroit by Wallace D. Fard Muhammad in 1930. The movement’s educational and economic programs appealed to the Black masses in the 1950s and 1960s, fostering creativity and a spirit of resilience in building institutions and overcoming social disparities at the time — including drug and alcohol abuse, teen pregnancy, crime, poverty, and high unemployment. Although Malcolm X and other prominent members like Muhammad Ali left the movement, thousands of students each year continue to learn about the group from Malcolm X’s Autobiography, published in 1965.
Organization of African American Unity (OAAU) (1964-1965)
Due to his militant views, Malcolm X was expelled from the Nation of Islam. He then formed OAAU in 1964 Harlem. The organization consisted of independent African states that agreed to collaborate their efforts toward eliminating Africa colonialism and all oppression and exploitation being suffered by African people. OAAU worked to bring complete independence to the people of African descent in the Western Hemisphere, and first in the United States. Malcolm X declared OAAU’s motto in his 1964 speech: “We want freedom by any means necessary. We want justice by any means necessary. We want equality by any means necessary.”
Source: Source: Quote from Malcom X’s 1964 speech about OAAU
The Civil Rights Movement(1954 to 1968)
By 1966, thousands of African Americans had nonviolently protested against racial segregation and demanded equal rights under the law. A series of seven marches, boycotts, and sit-ins led by civil rights leaders and activists empowered the agenda of the Civil Rights Movement, including the 1966 March of Fear. Three major civil rights leaders were Martin Luther King, Jr. of the Southern Christian Leadership Conference (SCLC); Stokely Carmichael of the Student Nonviolent Coordinating Committee (SNCC); and Floyd McKissick of the Congress of Racial Equality (CORE).
The Black Power Movement (1966–1980s)
The Black Power Movement’s mission was to redefine Black cultural identity, liberate Blacks from the racial caste system, and create social transformation in the Black community. For example, The Black Panther Party, a revolutionary organization with an ideology of Black nationalism, socialism, and armed self-defense, was founded by Huey P. Newton in 1966. The group developed its Ten-Point Program that same year and facilitated demands for political power, self-determination, full employment, better education, housing, food, social justice to end police brutality and unfair trial, and economic development.
Source: Source: The Black Panther Party Ten-Point Program,
Written October 15, 1966
In the spirit of sankofa, an African word from the Akan tribe in Ghana, “It is not taboo to fetch what is at risk of being left behind.”
Maine Blocks Trump’s Ballot Access Over Capitol Riot
Trump's camp called the decision "partisan election interference.”
Former President Donald Trump’s camp isn’t happy about his being removed from Maine’s upcoming 2024 voting ballot.
The Associated Press reports that Maine’s Secretary of State Shenna Bellows followed in Colorado’s footsteps in removing Trump from the ballot under Section 3 of the Fourteenth Amendment. Bellows’ decision marks the first election official to take action on deciding whether Trump will maintain eligibility to return to the Oval Office.
Her 34-page decision came after finding Trump could no longer run for the job due to his role in the violent Jan. 6, 2021, Capitol riots under Section 3 for those who “engaged in insurrection.” Some residents, including lawmakers, challenged his ballot position.
“I do not reach this conclusion lightly,” Bellows wrote. “I am mindful that no Secretary of State has ever deprived a presidential candidate of ballot access based on Section 3 of the Fourteenth Amendment. I am also mindful, however, that no presidential candidate has ever before engaged in insurrection.”
Once Trump’s camp caught wind of the decision, they called it “partisan election interference.”
“We are witnessing, in real-time, the attempted theft of an election and the disenfranchisement of the American voter,” campaign spokesman Steven Cheung said.
According toPolitico, Cheung went after Bellows in a statement, attacking her career as “a former ACLU attorney, a virulent leftist and a hyper-partisan Biden-supporting Democrat.” Chung said his team “will quickly file a legal objection in state court to prevent this atrocious decision in Maine from taking effect.”
In a joint statement, lawmakers who filed the petition, Republican Kimberley Rosen, independent Thomas Saviello, and Democrat Ethan Strimling, praised Bellows’ decision. “Secretary Bellows showed great courage in her ruling, and we look forward to helping her defend her judicious and correct decision in court,” their statement read. “No elected official is above the law or our constitution, and today’s ruling reaffirms this most important of American principles.”
After Colorado’s historic decision, it is even more likely that the Supreme Court will step in to make a formal decision. Meanwhile, some Republicans were repulsed by the state’s decision. “The Secretary of State’s decision would deny thousands of Mainers the opportunity to vote for the candidate of their choice, and it should be overturned,” U.S. Sen. Susan Collins wrote on Twitter.
Maine voters should decide who wins the election – not a Secretary of State chosen by the Legislature.
The Secretary of State’s decision would deny thousands of Mainers the opportunity to vote for the candidate of their choice, and it should be overturned.
5 Simple Tips To Conquer Your Fitness And Wellness Goals In 2024
Unfortunately, the average person stops following their game plan after 2 weeks and has totally given up by February.
Every new year brings new resolutions, and achieving fitness and wellness goals is usually in the top three.
Unfortunately, the average person stops following their game plan after two weeks and has totally given up by February.
There are common missteps people make as they list their resolutions. These include making superficial goals to look like someone else, goals that are too vague in just vowing to “exercise more,” or goals that are too technical, as we can drive ourselves crazy counting calories. Those mistakes leads to failure, year after year.
Here are five obtainable and sustainable guideposts to help you achieve your personal fitness and wellness goals.
Stop doing things you hate—right now
If you only show up to a group exercise class because it fits in your schedule, but you really hate the music and the instructor isn’t that exciting, you will eventually stop giving your best effort.
You’re simply going through the motions of being physically present, and it does not take long for this to be a complete waste of time with no results.
Seek variety
They say variety is the spice of life, and that applies to exercise, too.
Just as you wouldn’t eat the same meal every day, your workout should also be full of options. Introducing several activities to your weekly routine helps bust plateaus and keeps monotony at bay.
Additionally, variety helps prevent overuse injuries due to repetitive movements.
Find friends to help you achieve your fitness and wellness goals
Once you have planned out your schedule, recruit a different friend for each activity.
A running partner with a similar pace, a fellow yogi, and a friend who enjoys lifting weights as much as you do keeps conversation fresh and camaraderie high.
Remember to take time for yourself as well. Devoting a day or two to a solo workout also has its perks. It’s the perfect time to collect your thoughts, enjoy new music, or catch up on an audiobook.
Keep a journal to track your fitness and wellness activities
It is an excellent way to have an honest conversation with yourself. Understanding how we function emotionally plays a bigger role than one may think when it comes to our decision-making processes.
If a person is stressed and frustrated, they might channel that anger into the best workout they’ve ever had, or skip the workout and eat a pint of ice cream. Acknowledging our triggers helps us navigate through them and make better choices.
Every evening before you call it a night, instead of scrolling through social media, take 10-15 minutes to document your workouts, the foods you ate, and your feelings.
Include reflective thoughts and motivational quotes as well.
Designate a day to review a week of entries to gain more insight into what drives you. This visual accountability is very beneficial for identifying behavioral patterns that point to why you keep falling off the fitness wagon.
Meditate
Meditation goes hand in hand with journaling. This is a time for you to be in your personal space, free of distractions. Guided imagery, breathwork, reciting mantras, or simply sitting in silence are all forms of meditation.
This practice can evoke mindfulness, focus, and clarity in your daily life and help you eliminate stress and negative self-talk. It also has a plethora of health benefits, from calming anxiety to lowering blood pressure. This practice can help you set the tone for your daily physical activity. It can be a challenging process to “be still,” so begin with five minutes each morning and progress from there.
Resolutions are not unattainable. These guideposts are uncomplicated ways to find the right direction toward your goals. Find your variety, find your friends, find your inner peace, and find your success!
Alex Rodriguez To Become Majority Owner Of The Minnesota Timberwolves And The Lynx
Alex Rodriguez and Marc Lore intend to purchase 40% of the Minnesota Timberwolves to become majority owners.
Former MLB player Alex Rodriguez, who is already a minority owner in NBA franchise the Minnesota Timberwolves as well as WNBA franchise the Minnesota Lynx, has made it known that he intends to purchase 40% of the two franchises to become a majority owner, along with his business partner Marc Lore.
According to an X posting by ESPN’s Adrian Wojnarowski, the two men had until the end of the year to purchase the controlling interest in both teams.
ESPN Sources: Marc Lore and Alex Rodriguez are expected to exercise their option to acquire controlling ownership interest of the Minnesota Timberwolves and Lynx from Glen Taylor as soon as today. They have a Dec. 31 deadline. pic.twitter.com/qCYnBZJ0pG
Of course, the NBA Board of Governors would have to OK the purchase to make it official. Wojnarowski wrote that Lore and Rodriguez have a Dec. 31 deadline to make the deal happen, and intend to do so. When it does take place, the two men will have 80% ownership of both Minnesota teams.
Rodriguez and Lore are buying the Timberwolves at an opportune time, as they are having their best start in team history. The team sits atop the Western Conference with a 22-7 record.
The current owner, Glen Taylor, who bought the franchise back in 1994, will become the minority owner with a 20% stake in the team. He will have the option to sell it to the pair at a later time. Rodriguez and Lore initially bought into the franchise in April 2021. They purchased two installments of 20% of the franchise, which had a valuation of $1.5 billion.
Rodriguez is a former professional baseball player who played on several teams for more than 20 years. His career started as a shortstop with the Seattle Mariners in 1994 before heading to the Texas Rangers and ending with the New York Yankees (where he won the World Series in 2009) in 2016.
Megan Thee Stallion Brings ‘Big Fitness Energy For Everybody (Ody-Ody)’ To Planet Fitness Partnership”
The campaign promotes fitness confidence through marketing, charity initiatives, and a barrier-breaking New Year's Eve performance.
Grammy Award winner Megan Thee Stallion has teamed up with Planet Fitness as the new face of the brand’s “Judgement Free Zone” campaign. As “Mother Fitness,” she aims to break down barriers that intimidate people at traditional gyms, like unrealistic beauty standards and high membership fees.
According to a press release, the partnership intertwines music and wellness in an integrated marketing campaign that spans advertising, augmented reality filters, charity merchandise, and custom workout plans through the free Planet Fitness app. Megan will inspire routines focused on confidence-building.
A spotlight ad features Megan as a superhero who destroys bad gym vibes. By channeling the Judgement Free Zone’s supportive energy, she creates a feel-good atmosphere for all fitness levels. The collaboration connects Megan’s influential voice, creative spirit, and passion for health with Planet Fitness’ mission to provide an affordable, welcoming fitness space.
“Working out is such an important part of my routine, so this partnership with Planet Fitness genuinely embodies my personal values,” Meg shared. She encourages self-care so everyone can “reach new heights in 2024 and continue to grow into the best version of themselves.”
The partnership also includes the launch of an exclusive limited edition merch line, with proceeds going to Meg’s Pete & Thomas Foundation, which she established to support underserved groups. Items include sweatshirts proclaiming “Big Fitness Energy for Everybody (-ody-ody),” bucket hats, water bottles marked “Real Hot Girl Fit,” and sticker sheets.
Planet Fitness returns as the Times Square New Year’s Eve sponsor, and Megan will be the first performer of the new year as she takes the Planet Fitness stage during “Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest 2024.” PF Chief Brand Officer Jamie Medeiros said, “Megan Thee Stallion celebrates all the values of Planet Fitness through her dedication to physical and mental wellness, plus her powerful message of body positivity…”
Together, they aim to smash barriers in fitness, support everyone on their fitness journeys, and channel their Big Fitness Energy.
Here are Tips From 10 Top Money Experts To Help You In The New Year
Black Enterprise has 10 tips to help you reach your financial goals in 2024, whether it's for retirement, saving for college, or starting a business.
Originally published Dec. 26, 2022
2024 is just over the horizon as we close out December, and it’s setting up to be another year of instability, even with inflation cooling and lingering fears that the country is heading into a recession.
If you’re a budding entrepreneur, an investor, or someone looking to build wealth, doing it right will take research, a hustle mentality, and the right information. BLACK ENTERPRISE is here to help you with 10 tips from top financial experts in the new year.
Determine your financial goals
Everyone has different goals. Whether it’s restoring credit, saving for retirement, buying a home, or paying college tuition, knowing what you want to do in the new year is the first step.
Determining your short and long-term financial goals is the first step toward reaching them and will also keep you from setting your goals too high.
“One of the difficulties with goal-setting is ‘all or nothing thinking,” Brittney Castro, a certified financial planner, told NBC. “It’s an extreme mindset, and when we do things like that, we set ourselves up for failure because we don’t take into consideration all the grays of life.”
Budget
The second step in any financial plan is budgeting. It doesn’t matter what your goals are, saving, restoring your credit, or wealth building; you can’t get on the road to financial freedom without a map, and your budget is that map.
“My best tip for tracking, organizing, and staying on top of my finances is to create a monthly budget or a spending plan (for those who find the word budget really boring). The importance of creating a budget cannot be over-emphasized because having a budget helps me,” Esther Mukoro, a financial coach and the founder of Money Nuggets, told Liberty Paperwork Solutions.
If you can’t stick to your budget, plan your spending
If you’ve set budget after budget and continuously blow through them, then it may be easier to create a spending plan instead.
“The concept of living on a spending plan instead of a budget can give you freedom and peace of mind,” Loreen Gilbert, a wealth manager, toldBankrate.
Additionally, a spending plan allows you to choose what to spend your money on instead of being focused on what you can’t buy. Start with necessary expenses, rent, food, utilities, and savings. Money management apps can also help you keep track of things and make automated payments or transfers.
Track your accounts and your purchases regularly
In some months, people can be frugal, while in other months, people might overspend a bit if issues or events come up. Tracking your accounts regularly will not only show you where your money is going but also when your spending is getting out of hand. It can also help let you know when it’s time to pull back on spending and save more.
“Check your account balances daily and see where your money is really going. This can also help you see when your funds are getting too low, and you need to curb your spending. I also recommend that people track every purchase for 30 days and also write down how they felt after the purchase. Many times, we spend mindlessly and not necessarily within our values. This exercise can be eye-opening,” Melanie Lockert, author and founder of the blog Dear Debt, told Liberty Solutions.
Plan monthly no-spend weekends
One of the best ways to save money is by not staying in. No-spend weekends are a great way to give your accounts and cards a break. Start by planning for your weekends ahead of time. Pick up whatever food and entertainment you need before the weekend. If you live in a large metro area, figure out what free events there are that weekend that’ll pique your interest. Another option is to stay at home with some comfort food, stay out of the winter weather, and stream your favorite movies and shows.
“I did my first no-spend week a few months ago and saved over $200,” Emma Newberry said in an article she wrote for The Motley Fool.
For those of you who are already well into your financial plan and are waiting for that beautiful day called retirement, boosting your retirement savings is paramount, as inflation is driving many who called it quits back into the workforce.
Today, you need to ensure your retirement money will last and that unpredictable circumstances don’t empty your savings faster than you planned. Lorna Sabbia, the head of retirement and personal wealth solutions at Bank of America, suggests taking a long-term approach to your retirement plans.
“Use [the new year] to boost or maximize contributions to 401(k)s or HSAs, plot out holistic retirement goals (e.g., Where will I live? Will I work? How much to budget for travel?) and, no matter your age or life stage, take meaningful steps to boost your financial wellness,” Lorna Sabbia, the head of retirement and personal wealth solutions at Bank of America told Bankrate.
If you’re investing, wait for the right opportunity
In 2023, finance experts across the U.S. continued to say that a recession was coming, and while many are scared about that, Kara Stevens, The Frugal Feminista, told Black Enterprise Senior Vice President Alfred Edmond Jr. that a recession also brings opportunity.
“Technically, a recession is when there is no growth or negative growth in the economy, and typically you’ll see higher unemployment, higher interest rates, and less consumer spending,” Stevens told Edmond on the Your Money, Your Life podcast. “The larger context is that these are cycles.”
“For those of us that understand the cycles, this is a great time to take advantage of sales in the market, so if you change that mindset of scarcity into one of opportunity, knowing that recessions happen and after the bear market, there’s a big bull market right after so you want to be able to get through the recession for whatever happens after.”
Sticking to your financial goals during a recession will give you access to more opportunities as the market and the economy begin to bounce back.
Finding capital to start or help your business
If you’re a budding entrepreneur looking for funding, there are now a wealth of places where you can apply for funding. Lendistry, the only nationwide fintech CDFI and the only African American-led small business lending company is giving out $200 million to small and micro-businesses in New York. The Black Cooperative Investment Fund provides micro-loans to Southern California’s small businesses.
“We consider ourselves probably one of the largest African American deployers of capital in the US,” Everett Sands told BLACK ENTERPRISE. “And after George Floyd, what was very important to me as the CEO is that we got a chance to sit at the table and help to influence or add our voice when various clients were starting to create programs such as the NY State Seed Fund.”
Additionally, Black celebrities, including tennis legend Serena Williams, rapper Jay-Z, producer Pharell Williams, and others, are giving out loans to minority and female-led small businesses.
Stay away from risky investments
The tech industry has been one of the most tried and true investments in recent years, with the growth of Amazon, Apple, and Google. Cryptocurrency has also been viewed as a fast way to drive your accounts up.
However, the tech industry is laying off thousands of workers nationwide. At the same time, many who poured money into cryptocurrency have lost it in what is an unregulated market, including some notable celebrities and athletes who took money in Bitcoin.
Investing in safer areas isn’t foolproof, but they are areas where investment and the world are growing. Green energy is an area where investment is exceeding predictions due to rising energy costs worldwide. Additionally, several sectors in green energy, including solar, wind, hydroelectric, and geothermal, are growing worldwide, including in the U.S.
Remember, money management is a marathon, not a sprint
Any form of money management, no matter how big or small, takes time. Rome wasn’t built in a day, and your financial goals won’t be achieved in a day, either. It will take months and maybe even years of you saving, spending frugally, and sacrificing.
If you feel like budgeting and limiting your spending is too hard, remember what the goal is and how far you’ve made it. Also, make it a point to celebrate small milestones on the way to your goal; it’ll keep you motivated to get to the finish line.
Remember, this is for your financial future and freedom, so stay positive and keep your goal in mind because when you finally hit that goal, you’ll realize it wasn’t as hard as it seemed on that first day.
