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African-Americans Want More Financial Education From Their Employers

Jae Alan

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“Across the board, African-Americans are more likely to say they are unprepared for retirement and feel less financially secure, but [they] are more open to education and financial guidance,” says Evan Taylor, head of MassMutual’s African American Markets.

His observations derive from a study by MassMutual that surveyed 492 African-Americans with an annual household income between $35,000 and $150,000. Forty-five percent of African-Americans who bring home $75,000 or more say they feel less than financially secure compared with just 28% of other Americans in the same income category.

African-Americans are more likely to say they are behind in saving for retirement, and 41% of survey respondents expressed concerns about making ends meet. Respondents also indicated a greater proclivity to making withdrawals or loans from their 401(k) or other employer-sponsored retirement plan compared with the general population—24% vs. 14%, respectively.

Middle-income African-Americans are more likely to report difficulty managing their household’s monthly finances than do others, the study notes. Thirty-six percent said they found managing finances “somewhat” or “very difficult” compared with 27% of the general population. Nearly half of African Americans with an annual household income below $45,000 find it “much more difficult” to manage their finances.

According to the study, the top financial issues African-Americans face are:

  • Debt – 28%;
  • Lack of income – 23%; and
  • Cost of living – 18%.

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Business News

As More Shoppers Go Online, D.C. Retailers Face A Choice: Evolve Or Go Extinct

Jae Alan

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Retail in Washington DC story by Ally Schweitzer
Julie Egermayer owns “Violet”, a women’s clothing store, in an upscale mixed-use building off U Street NW. It is in a pop up space right now following the failure of her store location in Georgetown.

Not long ago, Chevy Chase boutique owner Susanne McLean began to notice a change in her customers’ behavior. Instead the usual browsing or buying, some people were starting to treat her shop like a showroom.

“A customer will come in, and we’ll help them for 30 minutes, fitting a pair of shoes. Then, they’ll take out their cell phone camera and take a picture,” said McLean, who has owned clothing and home-goods store Catch Can for nearly 30 years. “Then they’ll go home and order the shoes online.”

Browsing in person and buying online is the kind of “new normal” feared by small shop owners, especially those that specialize in apparel, furniture and other merchandise easily purchased on the internet. As mall anchors and chains shutter across the country — spurring headlines about a retail apocalypse — some predict local mom-and-pops are succumbing to the same fate.

Read full story HERE

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Business News

IS 2018 THE YEAR YOU BECOME A FRANCHISE ENTREPRENEUR?

Jae Alan

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Happy New Year!  One of the top questions I was asked in 2017 is should I go the startup route or purchase a franchise, so I thought I’d start out 2018 addressing that. The first step is to determine if you would make a good entrepreneur, and then consider if franchising is the right path to becoming a business owner. Sixty-five percent of Americans want to be their own boss. Let’s face it, a lot of us think we’re smarter than our bosses, so being our own boss is a natural desire. An entrepreneur is defined as:

  • “One who pursues opportunity beyond the resources currently controlled”
  • “A person who sees an opportunity and creates an organization to pursue it”
  • “A dreamer who attempts to turn an idea into a profitable reality”
  • “Anyone who assumes the risk and responsibility for starting and managing a business”
  • “Anyone who takes the risk of starting a business for the purpose of making a profit”

Read full story @ Black Enterprise

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ESSENCE MAGAZINE HISTORY TIMELINE

Jae Alan

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Black Enterprise has chronicled the journey of Essence Magazine before the first issue launched in May of 1970. Click through the below slideshow to view the timeline of this iconic brand….

@ Black Enterprise

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