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First, the good news. The stock market crash of 2008 lasted through March 9, 2009, but things improved rapidly after that. From March through July of last year, Standard & Poor’s 500 stock index gained 35.62%, enjoying its best five-month run since 1938. For the entire year, the average U.S. stock fund returned about 33%, and virtually every category of mutual fund tracked by Morningstar wound up with positive results.
Greg Marchand is founder and managing director of Gizmos LLC, a communication, computer and technology company that supplies hardware, software, enterprise solutions and IT support to members of the Zambian business, government, development and diplomatic community. Their customers include MTN Group, a South Africa-based multinational mobile telecommunications company, UNICEF, United States Agency for International Development (USAID), the government agency providing US economic and humanitarian assistance worldwide.
If you have a mortgage with Bank of America, and you’re extremely underwater, you just might be in luck. Bank of America has announced plans to extend about $3 billion in loan forgiveness to 45,000 homeowners who are in dire straits. This is an enhancement to its National Homeownership Retention Program, which was launched in 2008 to help borrowers stay in their homes by offering loan modification. The news couldn’t come at a better time. About one in four homeowners in the United States was underwater on their mortgage at the end of 2009, according to real estate information company FirstAmerican CoreLogic.
In the 34th edition of the its State of Black America report, the National Urban League outlines plans to get African Americans back to work, insured, better educated and prepared to be major players in the industries that will fuel the economy and their future.
The word itself sounds and feels restrictive. Budget. When you hear the term, you think you have to stop eating out, eliminate vacations, sell your car, or get rid of that HBO subscription. Admittedly, budgeting can involve some difficult belt-tightening, but in reality, the process is an exercise in empowerment.
