• Sports

by Cedric 'BIG CED' Thornton

October 31, 2023

James Harden Traded To The Los Angeles Clippers

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Former Philadelphia 76ers player James Harden has gotten the trade he asked for in the summer.

According to ESPN, the player forced his way out of his third team when the Los Angeles Clippers acquired Harden from the 76ers. The trade was announced early Tuesday by basketball insider Adrian Wojnarowski.

BREAKING: The Philadelphia 76ers have agreed on a trade to send guard James Harden to the Los Angeles Clippers, sources tell ESPN. pic.twitter.com/wAyuJKMfAw

— Adrian Wojnarowski (@wojespn) October 31, 2023

The 76ers will receive a lofty package of players and draft picks in exchange for Harden. Those players are Marcus Morris, Robert Covington, Nic Batum, and KJ Martin. The team will also get a 2028 unprotected first-round pick, two second-round picks, a 2029 pick swap, and an additional first-round pick from the Oklahoma City Thunder.

The Clippers will get P.J. Tucker and Filip Petrusev, along with Harden.

The Sixers are acquiring Marcus Morris, Nic Batum, Robert Covington, KJ Martin, multiple draft picks, and a pick swap for James Harden, PJ Tucker and Filip Petrusev, sources tell ESPN. https://t.co/fSOkgO5xd3

— Adrian Wojnarowski (@wojespn) October 31, 2023

The 76ers will waive guard Danny Green to make room for the newly acquired players, sources said.

Harden will now be reunited with former Oklahoma City Thunder and Houston Rockets teammate Russell Westbrook, who the Clippers picked up at the end of the 2022-23 season.

Harden, who is affectionately referred to as “The Beard,” is said to be “ecstatic” about the move that has been anticipated since he demanded a trade. There is a possibility that he will be with his new teammates in Los Angeles at Tuesday night’s Clippers home game against the Orlando Magic.

This is Harden’s third time forcing his team to trade him after being a disgruntled player. He previously demanded and got a trade from the Houston Rockets, where he played from 2012–2021. He was then traded to the Brooklyn Nets, where he remained until 2022 after being teamed up with future Hall of Famers Kyrie Irving and Kevin Durant. Harden requested yet another trade and the Nets obliged, shipping him to the 76ers. During summer 2023, after signing an extension with the club, Harding became involved in an unknown dispute with 76ers’ president Daryl Morey in which “The Beard” called him a liar and stated he would never play on a team employing Morey.

by Jeffrey McKinney

October 31, 2023

These Options Can Help Black Americans Grow Investments In The Coming Year

Stocks, bonds and 401(k)s are often aligned when investors are seriously looking at ways to build a hefty nest egg for retirement

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Stocks, bonds, and 401(k)s are often aligned when investors are seriously looking to build a hefty nest egg for retirement.

Determining which investment choice to pour hard-earned money into can be mind-boggling when trying to build a robust financial strategy. Yet you don’t have to be a high-profile Wall Street investor to devise such a plan. Investment experts who analyze financial markets can provide fundamental insights to help you enhance your financial planning efforts for 2024.

A recent report for this year shows some top investments. They consist of high-yield savings accounts, short-term corporate bonds, value stock funds, and rental housing, among them. However, investors must consider there are no assurances for investments, meaning they can come with gains and losses.

BLACK ENTERPRISE connected with Roberta King, a vice president and branch leader at an investment firm, and other experts at one of the nation’s largest mutual fund companies to help Black Americans examine some top investment options.

King urges investors to think about asset location—investments that are kicking off significant taxable distributions may be better held in a tax-advantaged account like an IRA. Indeed, there are other types of tax-advantaged investment partnerships, such as municipal bonds, annuities, and qualified 401(k) retirement plans.

And though there are other asset classes like real estate, stocks, and bonds, money is generally the main option in a 401(k) and what most people use to produce a cache for the golden years.

King added investors should consider their cash flow and emergency fund.

“If those needs require access to cash in two years or less, investors should develop a short-term asset allocation strategy and weigh the benefits and risks of various cash equivalent investment products to maximize the return on their cash holdings.”

When saving for retirement, King advised investors to strongly consider first contributing up to any employer match in employer-sponsored plans and, if eligible, maximizing HSA (Health Savings Account) contributions.

Another key point to examine: “Ensuring financial security with insurance, in the case of illness, disability or loss of life should be a primary objective for every individual.”

Still, experts contend the initial step to successful investing is determining your goals and risk tolerance, whether on your own or with help from a financial professional. The reason: If you do your homework and gain facts about saving and investing with a keen plan, you can boost your chances of increasing financial security over time and better help manage your money.

Needless to say, stocks, bonds, and 401(k) plans are not risk-free. Consider there is no guaranteed return with stocks. Bonds often provide a lower return than stocks and can fall in value as interest rates rise. For 401(k) plans, cons can include an early withdrawal penalty of 10% of the amount withdrawn before age 59 ½, and people make investment choices with scant advice from plan providers.

Here’s a peek at stocks, bonds, and 401(k)s and what they can offer:

Stocks

Also called equities, stocks can be a great way to build wealth as one of their benefits is the investment typically appreciates in value as a company performs well. Another bonus is companies share profits with investors through customary payments known as dividends. Stocks fall in several different categories—ranging, for instance, from growth stocks to large-cap stocks that include the S&P 500— that can show how investors make money. Selecting what stock to buy can take much diligence, and this link and another here might be helpful.

A new report shows the portion of Americans owning stock in individual shares, mutual funds, and retirement accounts rose to a record level in 2022. Nearly 58% of American households owned stock in those investments last year, topping the previous high market before the global financial crisis. The fresh finding is from the Federal Reserve’s most recent Survey of Consumer Finances.

In a recent survey, Clever Real Estate found that 27% of Black Americans said they plan to invest more in 2024—making it one of the most popular financial goals for the upcoming year. That number is even higher for Black Americans under 34 at 29%. It’s encouraging to see that more Black Americans are taking this opportunity to improve their long-term financial outlook.

Matt Brannon, the study’s author, says it’s no secret that many Black Americans are feeling economic insecurity now, given high prices and interest rates. He added the rise in stock ownership is a direct response to this environment, noting investing is a hedge against inflation.

He offered this investing tip:

“Buy low, sell high” sounds easy, but it rarely is that simple. So don’t try to time the market or beat the market. Consider investing in low-cost index funds or ETFs. Investing in the S&P 500, for example, is likely to be less volatile and more consistent than trying to pick stocks individually.”

William Michael Cunningham, an economist and banking analyst, says over the long term, large publicly traded stocks are a good investment.

“Having said that, we appear to be entering a period of short-term uncertainty. I still think stock index funds, like the Vanguard S&P 500 Index Fund, will do well over time.”

Bonds

Investing in a bond means you’re buying into a fixed-income instrument that represents a loan made by an investor to a borrower. Essentially, you’re buying a part of a company’s debt and repaid with interest on it on the bond’s maturity date. Bonds are known as fixed-income investments, as their main goal is to provide constant income. Check out these resources tied to bonds.

If you have a low-risk tolerance, Brannon suggested investing in CDs. He says CDs are generally FDIC-insured, so you have a minimal risk of losing money, provided you don’t pull your investment out before maturity. With interest rates as high as they are now, investing $10,000 in a CD earning 5.5% annually would net you $550 in 12 months.

“Just like that, paid for multiple trips to the grocery store, or added to your retirement fund, by parking your money and doing nothing.”

401(k) plans

Here is some disturbing data: Black retirees, on average, have $120,460 saved versus $170,726 for all retirees. And around 51% of Black retirees say they have no money saved for retirement, versus 37% generally. The data was disclosed in a recent BE report.

Yet, the bright side is there are some actions you can take to help boost your 401(k) account if you have one; regardless of whether you’ve just started working or are an experienced investor, you can gain more details about 401(k)s and how they work. To help get started, an investment firm recommends putting away 15% of your income, which can include an employer match. The firm explains the 15% goal is often aspirational, but it could be great to have that target in mind. If able, try to boost your contribution by 1% each year.

RELATED CONTENT: Apps To Help Make Filing Taxes Easier For Self-Filers In The Upcoming Year

A Year to Forget: Americans Fall Short of Financial Goals in 2023

• News

by Sharelle B. McNair

October 31, 2023

Kamala Harris Says She’s Not Worried About Concerns Over Biden’s Age

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Vice President Kamala Harris answered questions — again — about donors’ concerns over President Joe Biden’s age, Business Insider reports.

During an interview with CBS’ 60 Minutes, Bill Whitaker asked Harris why donors seem skeptical of her joining Biden, 80, if he doesn’t see his reelection bid all the way through. Harris said she’s not worried about it since Biden will be around for a while. “Well, first of all, I’m not gonna engage in that hypothetical, ’cause Joe Biden is very much alive and running for reelection,” Harris said. 

“I hear from a lot of different people a lot of different things. But let me just tell you, I’m focused on the job. I truly am.”

Biden announced his bid for a second term in April 2023 on Twitter, urging supporters to “let him finish the job.” Since then, voters and donors alike have started questioning whether a second term is a good idea, noting that if Biden wins he will be 86 years old at the end of his term.

While Biden has said the concerns are valid, he said all people need to do is watch to see what he can do. 

“I think it’s a legitimate thing to be concerned about anyone’s age, including mine. I think that’s totally legitimate,” Biden said during a 2022 MSNBC interview. 

“I think the best way to make the judgment is to watch me. Am I slowing up? Am I going at the same pace?”

The first female vice president of the United States shared the same sentiments, telling Whitaker that the right choice is clear, regardless of age.

“Our democracy is on the line, Bill. And I frankly, in my head, do not have time for parlor games when we have a president who is running for reelection,” Harris said. “When the American people are able to take a close look, at election time, on their options, I think the choice is gonna be clear. Bill, we’re gonna win.” 

While Harris continues to be optimistic, the polls show a different story. Whitaker pointed out that only 41% of adults give Harris a stamp of approval regarding her work as second-in-command, according to Fox News. The Biden-Harris campaign is up for a fight against Rep. Dean Phillips (D-MN), who recently announced he wants to challenge Biden in the primaries, hoping the party will “pass the torch” to the new generation. 

RELATED CONTENT: President Biden To Deliver Howard University Commencement Speech

• Money

by Derek Major

October 31, 2023

Wealth-Building Apps Can Help You Unlock The Journey To Financial Freedom

Building wealth is a slow and patient process, but with the right digital tools, you can achieve your financial dreams faster than ever.

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In today’s world, financial literacy is paramount to wealth building and unlocking your life dreams, whether it’s owning a home, buying that expensive new toy, or retiring early.

Building wealth is a slow and patient process, but with the right digital tools, you can achieve your financial dreams faster than ever. BLACK ENTERPRISE is here to help you with a list of wealth-building apps that can put you on the fast lane to financial freedom.

1 . Empower Personal Wealth

The Empower Personal Wealth app is largely an investment tool. However, it also includes tools that can help users track spending and monitor checking and saving accounts and credit cards. Users can also use it to keep track of their 401(k)s, IRAs, mortgages, and loans.

Users can also tailor the settings to break down their monthly spending and see the percentage of total monthly spending each. This app is great for getting your finances in a position to begin investing and having your money work for you.

The Empower Personal Wealth app is available in both the Apple Store and the Google Play Store and is available on desktop as well.

2. Goodbudget

Goodbudget helps its users develop good financial habits by using the traditional envelope system to help its users budget their expenses—the app includes both a free version and one with more capabilities that cost $8 a month.

Additionally, Goodbudget analyzes your income and where users spend their money. The app also provides resources, including podcasts and courses, to help users better save and spend money.

While the app doesn’t have investing resources, this is another terrific app that can help users get to the point where they begin to think about investing. The app has earned a spot on Forbes Advisors’ Best Budgeting Apps of 2023.

3. Acorns

For those who want to invest but aren’t experienced with it, Acorns Invest could be the full-service app for you. Not only does Acorns allow users to invest in a range of accounts, including brokerage accounts, retirement saving accounts, and Environmental, Social, and Governance (ESG) portfolios, but Acorns also includes banking options, including checking accounts and debit cards.

Additionally, Acorns includes multiple options for investing for as little as $3 a month. Acorns offers educational videos and tips so users can learn the ins and outs of financial literacy.

Acorns Invest is also partnered with a bevy of companies, including Airbnb, Google, and PayPal. When users make a purchase with one of its partnered retailers through its Found Money portal, Acorns will invest a percentage of your sales into your Acorns Invest account.

4. Ellevest

Ellevest is the first and only investing platform founded, funded and built by women, for women, although the app is for both men and women.

Unlike other investing apps, Ellevest charges a flat $12 fee for new clients no matter the amount you have, so as your assets grow, your advisory fee will stay the same. Ellevest clients receive up to a 50% discount on one-on-one financial planning with a certified financial planner. Clients can also access individual sessions on budgeting, homebuying, and more. If you want to access 1:1 support and guidance, it’s best to become a client, saving you money.

If you will use most or all of Ellevest’s features, it’s best to become a member, saving you money.

• Money

by Atiya Jordan

October 31, 2023

7 Expert Budgeting Tips And Practices For Better Days

By establishing well-defined goals, giving priority to expenses, and consistently evaluating and adapting your budget, you can make strides towards a future that is both secure and prosperous.

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Are you stressed, anxious, or overwhelmed about your money during this unofficial recession?⁠ Optimism is the prevailing mood. BLACK ENTERPRISE spoke with two experts who are in the business of teaching Black entrepreneurs and investors the importance of mastering their finances.

Yvette Butler, founder and CEO of Hive Wealth, advises us to think of wealth-building as a financial house and offers her best tips for investing.

Traffic, Sales and Profit creator Lamar Tyler drops his best budgeting practices to shed light on an essential strategy every entrepreneur needs for success. With inflation and high-interest rates, talks of a recession are looming.

Budgeting can be the freedom with eyes on your future. By establishing well-defined goals, giving priority to expenses, and consistently evaluating and adapting your budget, you can make strides toward a future that is both secure and prosperous. 

 “The foundation includes making more than you spend (budget), saving 3-6 months of expenses as an emergency fund to weather the storm, keeping your credit score high (over 680) so that you don’t pay more of your budget in interest expenses and keeping your credit card utilization low (below 30%),” Butler explained.

“After building your foundation, it is important to maximize your savings plans, especially ones with before tax benefits and/or employer matches such as 401(k)s, 403(b)s, and Roth IRAs. If a financial storm forms, you can often borrow from these plans and essentially borrow from yourself.”

As an investor, Butler has witnessed greater utilization of 401(k) loans and more cost burdens among Black homeowners and renters in today’s economic climate. The median Black household in America has around $24,000 in savings, investments, home equity, and other elements of wealth. As a result, a whopping 38% of buyers under age 30 have even used a cash gift from a family member or an inheritance to afford their down payments—called nepo mortgages—according to a Redfin survey.

“Clients are hesitant to move for a new opportunity, for example, if they already have a home with a 3% or even lower rate,” Butler said. 

With that said, Butler told BE that her best tip for budgeting while investing is called “dollar cost averaging.”

• As your investments grow, your diversified index fund is a strong core because it is low-cost diversified, and you will not overpay to underperform because the goal with an S&P fund is market returns. 
• Next, you can look to add to that core with investments in small/medium capitalization funds, international funds, fixed income, and alternative investments such as real estate or private equity.

For Tyler, mastering your finances is non-negotiable for entrepreneurs. The popular seminar trainer and in-demand speaker has witnessed many rewards and challenges among clients. Tyler meets his clients at the Game Plan and continues to share his success formula for others to find financial, time, and family freedom by making money online.

He told BE that the primary challenge he’s observed is “insufficient financial reserves and limited access to business credit.”

As a business coach, he recommends establishing a specific profit goal for each year to make sustainable growth.

“Many entrepreneurs fail to save for unforeseen circumstances when business is booming,” Tyler said. “Additionally, if you’ve managed your business finances as you would your personal ones, avoiding credit and leverage, you’re setting yourself up for vulnerability in times of need. The golden rule here is to secure access to capital before it becomes a necessity; waiting until you need it may be too late.”

For better days, Tyler gave us his best budgeting tips and practices.

• Start by breaking down your expenses into fixed and variable categories, paying close attention to recurring costs like SaaS subscriptions. 

• Be on notice: many companies will hike up your monthly bill without notice, so make it a habit to review your financials at least monthly. 

• Create an emergency fund that covers three to six months of operations; you’ll be thankful you did when unexpected costs arise.

• Keep track of your revenue and expenses closely, ensuring that your spending aligns with your business goals.
• Secure access to capital before you find yourself in a pinch because by then, it might be too late.

by Derek Major

October 31, 2023

Create Multiple Streams Of Income Using This Wealth-Building Guide

If you're looking for new ways to bring in money, BLACK ENTERPRISE has some advice and tips to create multiple income streams.

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Getting by on one income has become increasingly difficult over the last two decades, even for single, young individuals.

Food, clothing, gas, rent, and utilities are more expensive than ever, making the need for additional income streams paramount. Identifying, developing, and avoiding pitfalls in creating multiple income streams can have significant benefits.

If you’re looking for new ways to bring in money, BLACK ENTERPRISE has some advice and tips for creating multiple income streams.

Additional Revenue Streams Means Additional Work

Additional revenue streams always mean more work, so if you work a 9-5, know your work day won’t end there. Depending on what your additional revenue stream is, you may need to get certifications, licenses, and even training. That means researching what you’ll need for your new revenue streams is paramount to success.

The best way to do this is to talk to or watch professionals about what you want to do and how they deal with the issues that come up. Additionally, be sure to pace yourself, as you can quickly get overwhelmed. Start at a pace you can manage, and make sure you can quickly pivot in case circumstances change.

“Many people think that passive income is about getting something for nothing,” financial coach and retired hedge fund manager Todd Tresidder told Bankrate. “It has a ‘get-rich-quick’ appeal… but in the end, it still involves work. You just give the work upfront.”

Talk To A Financial Planner Or Banker

Talking to a financial planner or banker can help you determine what startup costs will go into your new revenue stream, how much income you will generate with your new business, and how best to spend the additional revenue you’re making.

Once you start generating additional income, have a plan to invest that money into something that will generate even more revenue for you, especially if you plan to have more than one additional revenue stream.

Avoiding Risk

Avoiding risk when creating an additional revenue stream is key to success. If you don’t plan well, you might cost yourself more money. Make sure you plan both short-term and long-term goals for your new venture. When starting a new revenue stream, you can never plan enough.

Also, use social media to study and talk to others who have made a success of themselves doing what you want to do. They can tell you what to plan for, the risks involved, and how to avoid them. Talking to an expert may also give you some hidden gems people learn about down the road after starting.

Also, ensure you have the correct licenses and certifications for your new business. If you’re getting into real estate, you may need to take a few courses before starting your business. This can also be a way to test your interest level in your new revenue stream.

Ideas For Additional Revenue Streams

There are many ways and ideas concerning additional revenue streams today. The hard part is finding one that not only interests you but that you will be good at. First, identify your interests and how you can turn them into money. During the COVID-19 pandemic, many people, especially Black women, were forced to turn skills—including cooking food, making spirits, and more—into businesses.

Figuring out what you have that others will pay for can be a way of identifying streams of income. For example, if you’re a homeowner with a parking space, parking on the street and charging a monthly fee for your parking space can be an additional revenue stream, especially if you live in a metropolitan area such as New York City, where thousands of parking spaces have disappeared.

Originally Reported by Blacknews

• News

by BLACK ENTERPRISE Editors

October 31, 2023

Ex-Homeless Black Siblings From NYC Studying To Be Nurses

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Originally reported by Blacknews

Nationwide — Six sisters, the Lawrence siblings from New York City, are now on their journey to fulfill their dreams of becoming nurses together after facing nearly a decade of being homeless.

In 2013, the sisters’ parents, David and Yonette, lost their home in Queens, New York City. From then on, the family moved from one relative or friend’s house to another, they told People.

“It was challenging,” said 24-year-old Lauren. “There were a lot of very bumpy, depressing times.”

Two years into this hardship, their father decided he didn’t want their situation to hinder their education. The sisters, who had been struggling to attend school due to constant moves, enrolled in a homeschool program with hopes of earning their GED.

“He didn’t want what we were going through to hold us back,” said 25-year-old Dominique.

Indeed, the Lawrence sisters defied the odds. In 2019, all six earned their GEDs. They then attended Nassau Community College and later graduated from SUNY Old Westbury with bachelor’s degrees in public health in May.

“It’s been quite an adventure,” said 22-year-old Danielle. “But what really pulled us through is our faith in God and in each other.”

The sisters, who are now between 19 to 25 years old, said they are just getting started. In August, they began a master’s program in public health at SUNY Downstate Health Sciences University and plan to attend nursing school afterward.

Moreover, their father is very proud of his daughters who made their dream come true despite all the challenges of their uncertain childhood.

“I’m so happy they they’ve done this together,” said David. “I always tell them, ‘Life’s not fair. And when it throws you a curveball, you gotta adjust to it and keep going.’”

RELATED CONTENT: North Carolina ‘Team Genius Squad’ Siblings Launch STEM Toy Line In Retail Stores

• Health and Wellness

by Sidnee Michelle Douyon

October 30, 2023

Black Mom Creates All-Natural Skincare Line After Her 6-Week-Old Daughter Developed Eczema

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Meet Jocelyne Firmin, founder and CEO of Kiyamel, a Black-owned all-natural skincare brand that has quickly become the become the top choice for people battling with eczema, psoriasis, and sensitive skin conditions. She started the company when her daughter, who was 6 weeks old at the time, developed a case of persistent eczema.

Firmin, who is Haitian-American, collaborated with a skilled chemist to craft a potent formula using natural ingredients that has since brought relief and joy to more than 10,000 customers. Now her clinically tested products grace the shelves of retail outlets including the Sistah Shop.

Founded in 2019, Kiyamel only began its operational journey in January 2021, but its impact has already been profound. With nearly 30 million Americans grappling with some form of eczema, Firmin recognized the dire need and spent years in meticulous research and development to perfect her skincare brand.

Clinically tested and vouched for, Kiyamel is the First Black-owned company to be accepted by the esteemed National Eczema Association. This accolade speaks to Kiyamel’s quality and underscores its commitment to inclusivity and representation in the skincare realm.

In a strategic partnership with some of the country’s leading dermatologists, Kiyamel aims to provide solace to those seeking natural remedies for their skin woes.

Dr. Calvin Williams, MD, FAAD of Essential Dermatology Group, raved about the brand, saying, “Patients love it. I selectively use it for those who lean towards natural products, and that’s a significant number. Kiyamel’s offerings are phenomenal, and I’d recommend they reach out to more physicians with their samples.”

Kiyamel has expanded its reach to global platforms such as Amazon, Walmart, Beauty Bridge, and Women Market Place. Its Eczema Relief Oil and luscious Body Butters are flying off the shelves, becoming must-have items for individuals across the globe.

For independent retailers looking to amp up their offerings and revenue, now is the time to ride Kiyamel’s wave of success. As the brand continues its upward trajectory, stores that stock Kiyamel are not just offering top-tier products but also aligning with a brand that stands for quality, inclusivity, and genuine care.

For more information on Kiyamel and to support her products, please visit the official website at Kiyamel.com

This news was first reported on blacknews.com

RELATED CONTENT: 12-Year-Old Launches Natural Skincare Line For Black And Brown Kids