Get real and get rich: a critic’s take on books for African Americans on how to foster success, make money and hold on to it
August 20th, 2007 by moniesA solid savings plan is a powerful tool. Yet as beneficial as good money habits are, too many of our folks find themselves on the wrong side of the savings equation. Our kids rooms may look like branches of Toys “R” Us or Niketown, but our savings accounts are strictly thrift shop.
A large part of the problem is that financial planning isn’t a sexy subject. Another reason for poor savings is know-how. The following crop of books by African Americans on finances and career planning can change that. And as the books listed below attest, there’s no lack of advice. The key is to find some that work for you. These books, some new and some older titles, are a good starting point.
Carrie Mason-Draffen is a reporter a workplace columnist for Newsday, a Long Island-based newspaper.
What’s Money Got to Do With It? The Ultimate Guide on How to Make Love and Money Work in Your Relationship by Cheryl D. Broussard and Michael A. Burns MetaMedia Publishing, October 2002 $23.95, ISBN 0-972-00941-8
Financial squabbles can undo the best of relationships. That’s the underlying premise of this book coauthored by Broussard, who also wrote Sister CEO: The Black Woman’s Guide to Starting Your Own Business. Much of that discord stems from money myths men and women have about each other, the authors contend. So, in an approach that is part financial adviser, part pop psychologist, the authors expose the falsehoods. For example, “Many men … consider women to be incompetent money managers,” the authors write. “Unfortunately, some women buy into this stereotype, as well.”
Written in a straightforward style, is comprehensive and offers an array of ideas on how to emulsify money and love, including a section on Dating Commandments (”Thou shall not discuss money or income on the first date”), prenuptial agreements and win-win money fights. It even has a chapter aimed squarely at those disillusioned sisters still waiting for Prince Charming to ride to their financial rescue (I thought women’s lib had finished them off). If the distressing statistics in the chapter don’t scare sense into them, nothing will.
Broussard and Burns show that love, with a clear mind, can do a whole lot with money.
Let’s Get Financial Savvy! From Debt-Free to Investing With Ease by Dr. Lois Center-Shabazz, CenNet Systems Publishing, October 2002, $16.95, ISBN 0-971-97950-2
“Break it down!” I just can imagine Center-Shabazz uttering those words to someone struggling with difficult financial concepts. Break it down is exactly what she does. Her breakdowns include the stock market, the bond market, investment clubs and real estate, all arenas where she feels African Americans should operate to create their own wealth.
This book nullifies the excuse that financial markets are rocket science. The weighty becomes light in Center-Shabazz’s hands. She includes tips on how to save money to invest and reminds you that your emergency fund is for you, not your mooching relatives. Summary lists at the end of each chapter are helpful.
Though informative, the book is a primer that requires supplements. For instance, she says you should research a company whose stock you are considering buying to see if the management has developed successful products. An example would have helped. Without a walk-through the task seems daunting.
Turn Your Passion Into Profit: Information, Inspiration and Ideas to Help You Make Money Doing What You Love by Walt F. Goodridge, January 2000, Company Called W, $39.50, ISBN 0-962-92029-0
This is honest, homey advice from a civil engineer turned financial guru with information and inspiration from a diverse array of leaders from Elijah Muhammad to Buddah. Goodrich doesn’t believe in angst-ridden debates about complex issues. “Therefore, if you are not exactly where you want to be, doesn’t it seem obvious that the thoughts you’re thinking aren’t working?” You may think you have to struggle to find where your passion and profession intersect, but for him the search boils down to a few key questions such as “Is it hiding in the compliments you give to the people you admire?”
Despite its good points, the book is too cheery. Finding your passion doesn’t cancel out the long hours you often work as your own boss. And it has an oversupply of the author’s poetry. But overall, it’s a good guide for anybody dying to jump the Corporate Ship.
The Black Enterprise Guide to Building Your Career by Cassandra Hayes John Wiley & Sons Inc., February 2002 $16.95. ISBN 0-471-41710-6
Author: Carrie Mason-Draffen
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