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The Invitation



Your attendance has been requested to be part of CNN’s financial forum on the State of African American Women and their personal finances. Based on your contributions to society we feel that you are an asset for this discussion. The event will be held at the CNN Center in Atlanta, GA on August 1, 2010 at 1pm and will be taped for a news segment to air later this year. The question at hand is are African American Women over their heads in debt and spending behavior and is it negatively impacting the African American Community. If so, how can we fix this issue? We invite to offer your career and personal financial experiences in hopes of inspiring other African American Women to become financially literate, achieve their dreams and stop living beyond their means. We hope that you will join us.
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Moderator: Welcome to CNN Forum on the State of Personal Finances concerning African American Women. The question we are going to answer is are African American Women over their heads in debt and spending behavior and is it negatively impacting the national income. If so, how can we fix this issue?

First I want to introduce our panel. First we have Suzie Orman, a national financial advisor. Samuel Jackson CEO and founder of the Economic Empowerment Initiative, Inc. Cheryl Brossard, author of many self help books for African American Women. Melody Hobson, founder of the first African American investment banking firm. Gloria Mayfield Banks, the first black millionaire of Mary Kay Cosmetics. Oprah Winfrey, America’s favorite Billionaire. Beyonce Knowles, a singer, dancer, clothing designer. Along with our esteemed guests, we have Tarshika Johnson, mother of 3 girls and a member of the Atlanta community.

Our first question goes to Ms. Orman, what is the state of personal finances around the country before and after the recession?

Suzie Orman: Generally, the personal finances of America are in deep turmoil. They were suffering before the recession and there finances are even worse now.

Moderator: Mr. Jackson, how has the level of retention and want to learn financial literacy since the beginning of your company in 2001.

Samuel Jackson: Young People and those in the community are slowly yearning for way to educate themselves before it is too late and miseducation is a lesson learned. However based on campus sessions, it is still not the most attractive learning activity.

Moderator: Ms Johnson, please tell us about your personal finance journey.

Ms. Johnson: Well at 31 years old, I just got off of welfare and just landed a secretary position at a local law firm. In the past I lived off my daughter’s child support and below minimum wage jobs. I had 3 girls shortly after high schools when I moved out of my parent’s home and moved in with my girlfriends. I lived paycheck to paycheck and always borrowed money from the guys I was dating to take care of my share of the rent and basic grooming. I never had much but I made sure the four of us had a home, food and clothes on our back. Now that I have a job I am not on welfare but I still live off child support and borrowed funds. Life is hard but I use every dime that I bring in to take care of my family.

Moderator: This question goes to our other guest. As African American women, what do you think about this issue and how do you think it is affecting our culture.

Cheryl Brossard: As a woman who writes books on how women can take matters in to their own hands, I am very aware of the issue and I am playing my part in alieving the burden to our African American sisters.

Mellody Hobson: As founder of an investment banking firm, I have acquired much success and I know that there are large number of African American Women who are not as fortunate.

Gloria Mayfield Banks: As part of my duties to help woman become businesswomen, I train these women to avoid poverty and give them options to make money.

Oprah Winfrey: Growing up poor and working for my billions as taught me to give back by any means necessary.

Beyonce Knowles: I know that I am very privileged to be where I am and there are others who are not as fortunate.

Moderator: To Ms Knowles and Ms Winfrey. After acquiring success and fame your taste and the amount of money you have earned as really hanged how do your expenditures have contributed to America’s over spending.

Ms. Knowles: Once I started receiving paychecks that I could afford the finer things in life, then the price tags of my purchases increased. When I received my first royalty paycheck from my record deal my parents advised me to save my money and not to spend it on items that would not last long.

Oprah Winfrey: Yes, my tastes have become better but I do have sufficient income, so I can afford such luxuries. I cannot be compared to those of middle class and low income African American Women. However I have not forgotten where I have came from I was once poor and my family couldn’t even afford the basic necessities. We saved our last and didn’t dare to spend it on frivolous items.

Moderator: Since your spending habits have changed, have you started saving more or even setting up a retirement fund, this goes to Ms. Hobson, Ms Banks, Ms Winfrey and Ms Knowles.

Ms. Hobson: As a financial advisor, before I advise clients on investment packages I ensure they have sound saving and retirement plan. So to practice what I preach I do have a regular savings plan and I contribute to my retirement fund, on a regular basis.

Ms. Banks: Coming from corporate America to starting my own business, I was able to keep my 401K and IRA. The way I have built my business, I have various streams of residual income that I can live on, travel, and use for savings for short and long term.

Oprah: I wouldn’t say that I save regularly but I do have leverage and I am prepared for retirement, if I choose to go in that direction.

Ms. Knowles: Being in the music business and owning a fashion line after the recession, the income is not what it used to be. To avoid low economic times, I set a budget to live by. Additional funds left over are used for savings.

Moderator: Ms. Johnson, we know that your financial situation has not allowed you the opportunity to save but what are your opinions on financial security.

Ms. Johnson: well security in general is welcomed if we all have the means to have it. Financial security is a luxury I hope to have one day

Moderator: Ms. Orman what are your takes on what the ladies have mentioned and do you think that they are one the right track.

Ms. Orman: If you talk to any financial advisor we all say that regular contributions to your savings, retirement fund and costly expenditures should be done wisely but in comparison to your income. Now we certainly cannot compare Ms Johnson’s financial plan to those of Ms Knowles, Ms Winfrey, Ms Banks and Ms Hobson. But I would like to pose a question to Mr. Jackson. After listening to the financial plans of our guest how have your middle and lower class clients mock or differ from the stories above?

Mr. Jackson: well I think the point we must focus on is that it’s not the amount of income you make for a financial plan, but it’s your plan that is important. The mind blowing reoccurrence in our community is that we are so preoccupied with what we want to buy we don’t not self instill the mind set to set a goal for savings.

Ms. Johnson: Well if you don’t have the money to back up your plan, what is the purpose of having a sound plan. There are millions of Americans in my situation who struggle everyday to survive so the only security that we are focused on is food, shelter and clothes for today and then we will worry about tomorrow when it comes.

Ms Banks: I agree, I reach out to women everyday in her situation. Feeling good is great but even having $20 for food for an entire family is a struggle so asking them to save or even investing it is out of the question.

Ms. Knowles: I totally agree, when my Dad lost his job, my Mom’s salon which was struggling, was our only income and I hadn’t landed a record deal, we fell on hard times. We had little savings but saving it for long-term life was out of the question.

Moderator: I am going to play devils advocate here and run off some statistics about African American mainly women their personal finance struggle. The Review of Black Political Economy Over one-half of black families headed by women are in poverty and they constitute two-thirds of all black families in poverty. The Pittsburgh Gazette list the median wealth of Black Women at $5. The Defenders Online states nearly half of single black women have zero or negative wealth.

Ms. Orman: Well I don’t think that is not just a Black Women’s issue, that is a issue of many Americans. After the recession thousands of Americans are in the same situation.

Ms Broussard: This is true Suze, but throughout history Black Women have been on the lower tier as far as the finances are concerned. This is the reason I went into business.

Moderator: Ok I think we are reaching a turning point here but its one more question I would like to ask why are African American Women more likely to consume materialistic products rather than save for future investments.

Ms Winfrey: As women we want instant satisfaction from things we can get now that we get blinded by what we could get by holding off on those short term expenditures.

Moderator: So how do we help our community change their prospective from instant gratification to preparing for a more opportune future?

Mr. Jackson: well I think the first step is to reach out to the middle and lower class and show them options to a better life and help them with their finances to develop a life plan

Ms Johnson: ok but a life plan around our finances cannot help us if we are constantly being denied a better future

Moderator: When we reach out we must come equipped with ample resources to help our fellow Americans. We cannot simply suggest options we need to go directly to the neighborhoods, schools and churches and be willing to help one another.

Ms Banks: Resources such as small businesses, non-profits, and schools should reach out to give their resources to those who are in need, who may not come forth and simply to give options

Mr. Jackson: Exactly, there are thousands of resources across the country to help everyone. Non-Profits such as the Economic Empowerment, Inc have pilot programs across the country and in the Atlanta area, residents can come to our office on the first Saturday of each month to attend a financial literacy session. If you are a college student in the Atlanta or Charlotte area you can attend these seminars on your campus.

Mellody Hobson: Ladies, if you are in the Chicago area please contact Ariel Investments, LLC. We offer free financial planning services for those in the community as apart of our community relations intitiative.

Cheryl Broussard: Ladies, I will begin my financial planning tour starting in January 2011. Look out for tour locations and dates on my website. In the meantime, start reading books, contact local financial planners and use online resources to create a budget and start a savings and retirement plan.

Oprah Winfrey: I am going to pledge a 1 million dollar Black Women Financial Empowerment Initiative to help our Women get back on track.

Ms. Knowles: I am going to support this Initiative with my 1 million dollar pledge for Black Women to start their own businesses, receive financial planning help and to plant a seed in savings for our young women.

Ms. Orman: I offer many services through my website and my TV so make you check those out.

Moderator: I would like to thank our guest for speaking today, we have a lot of work to do to help our Black Women and the African America Community. If you missed today’s show you can view what each guest www.blackwomensfinances.blogspot.com. If you would like to contribute to this issue please post your information on the blog.

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Table Setting

The Location for the Black Women's Financial Forum Will be held in the CNN News Room

Source: www.videssence.tv/ images/CNN_Spain2.jpg
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Bibliography

"Oprah Winfrey." 2010. Biography.com. 19 Apr 2010, 12:18 http://www.biography.com/articles/Oprah-Winfrey-9534419.

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Reflective Journal

March 20, 2010

Journal for Dinner Dialogue

Searching for African American Women who speak on financial literacy. When the topic in class was categorized only for African American Women I knew off hand that I would already have a hard time. This industry is hard and for the African American community it is a huge cookie to break off, since we are the most targeted by consumption. I already have Suzie Orman, who is white but speaks out for Americans and educating them on their personal finances. Luckily I found Cheryl Broussard, a black women who teaches black women on a variety of subjects including financial literacy. Once I found her and familiarized myself with her work, I am making it mission to meet her and possibly a future mentor. I am still looking for African American women to be apart of the dialogue.

March 21, 2010

Journal for the Dinner Dialogue

Still maintaining my cool with all of these assignments. Encountered the assignment sheet for the proposal and thought it would be in my best interest to make the two of similar subjects. The proposal will give Americans especially African Americans the motivation to get their finances in order. The Dinner Dialogue will seek out prominent people to discuss the issue on Black Woman and their finances. Black Women are getting more attention than ever especially since most of us are single, have kids, educated with little income. I believe that my dialogue will serve as a very on time piece and my post-grad roll as a Program Director of an organization that teaches financial literacy all falls in place. Found many interesting article. Still debating what form of media I will choose. Thinking about the topics of discussion. Still there is a lot left to do.

April 4, 2010

In class assignment

Feeling a little pressure because the due date of this assignment is rapidly approaching and I still have a lot to put on paper, though I have lots of mental notes. I decided that it was time to put these notes on paper and move forth with my project.

April 5, 2010

Writing the proposal

Writing the proposal was not going to be a problem since I made the majority of my decisions when the assignment was first giving. All I had to do was make sure I followed the guidelines for submission. I had also thought about creating a well rounded guest list these included business women, financial advisors along with supporters and those who do not support African American's overspending.

April 7, 2010

April 11, 2010

Status update

I still must finish the script though I have a lot of mental notes. Just must spend a lot of time putting it to paper. I found to additional people that I will add to my script that will give the view point of a African American Women consumer. These two women will be Oprah Winfrey and Beyonce Knowles. While these women do have business expertise they purpose in the forum will be to discuss their pricey expenditure as African American Women.

April 12, 2010

Creating the Script aka the menu

I really dreaded writing this part of the project. I knew how i could have a debate because I would simply could create various opinions from each guest. Also I had so many guest I didn't think I would be able to keep up with all of the guests. So I had no choice but to start writing since I had to turn in one for class. Once I started writing I got creating by making up questions so that everyone had a chance to participate. Then I forgot that I had to add a debate and solution to my proposal. I decided that it would come at the end when we all decided how to inspire to make a change and their debate would come in their differences.

April 15, 2010

Dialogue Decisions

So Ive been debating what type of multimedia method I will use for my project. I initaitally wanted to create a webpage because I would be able to use those skills elsewhere. Then I thought making a movie would be fun, but I do not know how to make a movie nor create a webpage. So rather than take a lot of time, I decided to create blog. Since I have taken time out a few months ago to figure out how it works i decided to display my dinner dialogue on a blog.


April 17, 2010

So I realized that I had a movie maker on my mac computer and I tried to use it but it was really difficult. I then realized it was just like the adobe editor I used in high school to edit news clips for our TV show. Since I had already started my blog I decided to make 2 mini movies and put them on my blog. The first mini movie are pictures of my guest and the second one is the audio invitation.


April 18, 2010

There are many features being added to blog that I think it will be interesting, eye catching and moving. I have many videos, pictures, links, related blogs and the tasks needed for class.

April 20, 2010

Since I could not present in class I took the liberty to fine tune some items to my blog. I shared my blog with close friends and family.

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Place Cards

Since this will be a taped event each guest bio will be played as a television promotion right before the special is aired on tv. When it is their turn to speak, their name and occupational will be shown on the television screen. Here is a clip of what be shown when each panelist speak.


The source of each picture will be in the bibliography page.

Suzie Orman

Ms. Orman was born in Chicago and earned a BA in Social Work at the University of Illinois. Years later, Ms Orman has become a national financial advisor, author, motivational speaker and television host of The Suze Orman Show on CNBC. She is the author of The Money Book for the Young Fabulous and Broke (2005), Women and Money: Owning the Power to Control Your Destiny (2007) and Suze Orman's 2009 Action Plan (2009). She has won many awards such as two Emmy Award and six Gracie Awards. Ms Orman is also a regular contributor of The Oprah Magazine.

Samuel Jackson

After graduating from Emory University with a BA in Economics in 2001, Mr. Jackson founded the Economic Empowerment Initiative, Inc (EEI). EEI is a non profit designed to help students on K-12 schools and college campuses understand how to manage their financial resources, to build entrepreneurial success, and to create wealth. Using a peer-led, train-the-trainer approach, EEI uses innovative techniques to teach financial literacy. Mr Jackson has partnered with many celebrities, non profit organizations and corporate sponsors to make EEI a success.

Moderator: Myia Janelle Elliott

Myia Elliott is a graduating senior at Spelman College and a native of Baltimore, Maryland. She majors in economics and minors in Spanish. She has been volunteering for the Economic Empowerment Initiative, Inc since her freshman year. There she learned and began teaching financial literacy workshops. Her volunteer experience include teaching financial literacy to her Spelman Sisters and to residents of the Metro Atlanta Community. She believes in having extra money saved and multiple sources of income. In high school she always had jobs that paid above minimum wage and had additional income from various entrepreneurial ventures. She is a passionate believer of working for your self, being equipped with financial literacy and with these keys any person can be financially free.

The Typical African American Woman: Tarshika Johnson

Ms Johnson is a 31 year old African American Female and native of the City of Atlanta, GA. After graduating from high school, she quickly started a family with her boyfriend and moved in with him as well. Acquiring several low paying jobs and 3 kids later, Ms Johnson realized that she needed a change. She recently accepted a position as a secretary for a local law firm and wants to start living by her means. She is no longer living off her kids child support and she is off of welfare. Ms Johnson now wants to learn how to stop spending so much to provide a better life for her 3 daughters.

Cheryl Broussard

Cheryl D. Broussard, is the CEO of Cheryl Broussard & Co., LLC., a California based financial consulting and marketing firm. She conducts consulting and seminars on building wealth, living the life of your dreams and how to have a fabulous lifestyle to fortune 1,000 companies, small businesses, universities and colleges, and organizations. Broussard is the author of three bestsellers: “Sister CEO; The Black Woman’s Guide To Starting Your Own Business, “ and “The Black Woman’s Guide To Financial Independence; Smart Ways To Take Charge of Your Money, Build Wealth, and Achieve Financial Security.” And What’s Money Got To Do With It; The Ultimate Guide On How To Make Love and Money Work In Your Relationship, co-written with Michael Burns. Broussard is a former personal financial adviser on CNN Financial Network, and CNN & Co., and CBS Marketwatch. She is also the creator of Sister CEO™ BootCamp and The Ms. Money Millionaire ™ Financial Boot Camp. Broussard’s mission is to inspire and empower wealth to people through financial education.

Oprah Winfrey

Oprah Winfrey is a television host, producer, and philanthropist who resides in Chicago, Illinois. There she is the owner of Harpo Productions, a television production company and is the host of The Oprah Winfrey Show, which generates billions of dollars each year since its launch. Not only does she have a tv show she is the owner of O Magazine. Ms. Winfrey is a huge philanthropist. She started a school in Africa for girls, she helped President Obama in his presidential campaign and she gives away millions for several charities and to those who attend her show.

Beyonce Knowles

Beyonce Knowles is a native of Houston, TX. In high school she formed Destiny’s Child, an R&B group with LaToya Luckett, Kelly Rowland and LaTavia Roberson. As a group they produced 2 albums before breaking up. Destiny’s Child then became a group of 3 including Beyonce, Kelly Rowland and Michelle Williams. After several tours, 3 albums and more fame the group separated and Beyonce became a solo artist. She then produced several albums, became an actress of many films and became an entertainer. Ms. Knowles is a very talented actress, singer, dancer and songwriter. She is now married to rapper Jay-z and resides in New York City.

Gloria Mayfield Banks

Gloria Mayfield Banks was born in Detroit, Michigan. She fought her battle with Dyslexia by obtaining a BA from Howard University’s Business School and a MBA from Harvard University. After divorcing her first husband from domestic violence and leaving her fortune 500 position with IBM, she began her career with Mary Kay Cosmetics. In record-breaking time she quickly advanced to the top of the company as National Sales Director (NSD). She is the first Black Women in Mary Kay to become a NSD with over $500,000 in commissions. Now her title is an Elite Executive Sales Director, a position created for her because her and fellow NSD’s due to the millions of dollars earned, prizes won, Pink Cadillacs earned and the number of Mary Kay Beauty Consultants on their team. While running her Mary Kay business, Ms Banks conducts seminars around the world on goal setting and building your Mary Kay business.

Mellody Hobson

A graduate of Princeton University, Ms Hobson has been working for Ariel Investments, LLC since she interned during her undergraduate career. Since obtaining a full time position she has become the Senior Vice-President, Director of Marketing and currently serves at the President of the company. She serves on many boards in Chicago including The Chicago Public Library and The Chicago Public Education Fund. Ms. Hobson also has appeared on the Good Morning America show as a financial contributor.

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