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Recently in Wealthy CategoryTwo of America's largest low-cost airlines, Air Tran Airways and
Southwest Airlines, have "put the U.S.A. on sale," according to Tom
Parsons, CEO and founder of Besfares.com, a discount travel Web site
that monitors air travel. Parsons says Air Tran Airways has given
consumers some super-low airfares for travel through November 4, 2009.
--Michael H. Cottman Sonja Ebron's got the power--and she's got it for a cheaper price.
Ebron is chief executive officer of blackEnergy LLC, a=2
0unique business that helps African Americans lower their heating bills
and purchase more energy-efficient green products at discounted rates.
Guided by the motto "the power to empower," customers enroll for
the free service by logging onto blackEnergy.com, and the company uses
its relationship with gas providers in Georgia to works its magic
negotiating rock-bottom rates. "We also arrange for the energy company
to make a small charitable contribution in the customer's name to a
non-profit of their choice," says Ebron, 45, of the company she
established in 2001. "It's a win-win situation for everyone."
The Atlanta-based company's services are now available in
deregulated utility markets--cities and towns where multiple service
providers are available to customers--across Georgia, but Ebron
eventually hopes to branch out nationwide. The company's other
offerings seem well-timed with the country's ongoing economic
challenges.
blackEnergy.com also hosts "energy town hall meetings" upon
request several times a year to help African Americans learn ways to
improve energy efficiency in their homes. And through its Web site,
blackEnergy sells environmentally friendly products, such as low-flow
shower heads, programmable thermostats, weather stripping and attic
fans--often at lower prices--which help customers lower their home
utility bills. blackEnergy's services are marketed to African
Americans, but are open to all.
"We decided to target the black community because on average
African Americans tend to pay more on their utility bills and we tend
to know less about energy efficiency," she says. "Many of us are
wasting up to 80 percent of our energy because we don't know how much
money we could save by making simple changes, like changing out the
light bulbs and filters and caulking windows."
Ebron's environmental efforts have landed her on the pages of Ms., where she was cited as
an agent of change for "the belief that environmental and social
consciousness can create satisfaction in the soul and the wallet" and
as a "Super Woman" of 2008 by the Atlanta Tribune magazine. A senior
fellow of the Environmental Leadership Program and a member of
Engineers Without Borders, Ebron has also earned "non-traditional
business" kudos from the Atlanta Business League.
She shrugs off her accolades, insisting that her green work is a
labor of love. She says the concept of her business was inspired over
the 20 years she spent "teaching, studying and researching" energy
systems. During that time, Ebron, who has a Ph.D. in electrical
engineering, says she gained insight into the inner workings of utility
companies, particularly as it relates to small-scale residential
customers.
"We usually get the short end of the stick," she says. "During my
speaking engagements I start off by asking the audience if they think
they're not paying enough for their monthly utility bills. I tell them
'if you're not being energy efficient in your home, you're just sending
these utility company executives on yet another ski trip!'"
Gloria Ware, who last year launched Black and Into Green, a weekly
environmental blog targeted to African Americans, says efforts like
Ebron's are critical for the black community. "Her efforts are very
timely because more African Americans need to be involved in the
environmental movement," contends Ware, a Cleveland banker. "From an
economic standpoint what she's doing makes sense. Our community tends
to be affected disproportionately in a crisis, primarily due to
economic disparities, so it makes sense to make the investment now to
better manage our resources."
Ebron is especially excited about President Barack Obama's pledged
commitment to environmental initiatives. She hopes this year to expand
her business to include a "green team" that would dispatch trained
technicians to African-American homes to assess and implement
energy-saving tactics. "Small changes," she says, "can save you some
change in the long run!"
--Chandra R. Thomas
By Lynnette Khalfani-Cox, The Money Coach
Are you ready to get rid of those dreadful credit card
bills? Then follow these simple steps to having zero debt.
1) Put your debts in writing
The first step in becoming debt-free is knowing exactly how much credit card debt you owe. Don't "guesstimate" about your bills. Get honest about your situation and list all your bills in black and white. Use whatever method works for you. But do get everything on paper, by either writing it down or using a spreadsheet Web site resource: www.AnnualCreditReport.com Get your credit reports free from TransUnion, Experian and
Equifax for a complete listing of all your credit accounts, including
mortgages, student loans, car notes and credit cards.
2) Negotiate with creditors
Have you tried calling your credit card companies and requesting a lower interest rate? You might be surprised at how readily you can get a "yes." A study from Synergistics found that 75 percent of all consumers who asked for a lower rate got it. If you've been paying on time, and a creditor won't budge on a sky-high interest rate, consider switching cards. Web site resource: www.CardRatings.com CardRatings.com lets you comparison shop online for the best available credit card rates. 3) Use windfalls properly A windfall is any "extra" lump sum of money that comes your way. It could be a year-end job bonus, an income tax refund check, a stimulus payment from the government or even life insurance proceeds or money from a divorce settlement. Don't blow this money! Use it to knock out debt. Web site resource: www.IRS.gov
Instead of getting a big tax refund check each year, adjust your W-4 withholdings at work, so you get a bigger paycheck. The IRS Web site has detailed instructions--see IRS Publications 505 and 919--on how to adjust your withholdings. 4) Get free, quality financial help Don't allow shame and embarrassment to keep you from receiving professional help. Being in debt doesn't mean you're a bad person, nor is it a knock against your intelligence. Unfortunately, most of us simply didn't learn about managing credit and debt wisely at home, or even in school. Web site resource: www.NFDM.org The National Foundation for Debt Management is a reputable non-profit agency that helps people struggling with debt. Their HUD-certified credit counselors negotiate with creditors to lower your interest rates and can create a plan for you to quickly eliminate debt. 5) Create a realistic budget to stop over-spending
The #1 rule of proper budgeting is to spend less than you earn. It sounds simple enough. But 70 percent of all Americans don't have a working budget. And even most of those who do create a budget can't stick to it--even though a well-made budget can help you avoid going into debt Web site resource: www.mint.com
This is a great
online budgeting Web site with tools to help you track your spending and stay
out of debt.
She didn't see it coming. In March of 1993, Gwendolyn Lewis
anxiously prepared to start a new chapter of her life in Florida, where
she was relocating with a new job and home. The furniture had been
shipped, her Virginia home placed on the market. Everything seemed to
be going smoothly, that is, until she received an alarming phone call
the evening before her departure. It was from a furniture company,
threatening to garnish her wages if she didn't pay more than $3,000 in charges made in her name. The problem: Lewis never made
those purchases.
"I really didn't know
what to make of it," recalls Lewis, who now works as an attorney in
Washington, D.C. "They verified that it was my Social Security number
and my name." With that personal identifying information, the
perpetrator left a trail of ruined credit that Lewis is still dealing
with more than a decade later as yet another victim of identity theft.
"I will feel violated until I find this woman, if I ever do," she
admits.
Lewis is not alone in
her struggle. An estimated 9 million Americans are victims of identity
theft each year, according to federal government statistics, a figure
that isn't surprising to experts. "This is the fastest growing
financial crime in the nation," says Tanja L. Darrow, an attorney for
Littler Mendelson in Los Angeles, who regularly advises employers on
identity theft.
While Lewis doesn't
know who stole her identity, most victims of this type of fraud can't
say the same. In fact, Darrow says that "more than 50 percent of the
time, it's somebody you know," like a friend, neighbor or family
member. Whether the thief is known or unknown, that person is still
stealing someone else'
s personal information--such as a name, Social Security number or credit
card number--for use in committing fraud.
And in an era where
technology reigns supreme, connecting the dots of someone's life is not
that hard. Just check out social networking sites like Facebook and
MySpace, which have become increasingly popular for people of all ages
to reconnect and network on both a personal and professional level. "It
would shock you how much personal information people expose about
themselves because they are not in the mindset that everybody's out to
get you," Darrow says. "People just need to be more cautious."
Such sensitive personal
information can also be gleaned from stolen purses or mail, which may
hold credit card offers or other sensitive financial information.
Thieves may resort to dumpster diving, where they dig through trash
searching for bills and other documents rich in personal identifying
information. And anyone who has received e-mails from imposter
companies or financial institutions requesting personal information,
like confirming a banking account number online, has witnessed
"phishing" firsthand.
"People get duped
through phone or written correspondence," explains Darrow, who warns
against opening e-mails from unknown people or clicking on to un
known hyperlinks. "Do not do it!" she insists. Instead, Darrow urges
computer users to make smart investments in personal firewall and
anti-spyware software to protect against information hijackers. Most
experts agree identity theft is a crime without prejudice, striking
regardless of race, creed, color or economic status. So is there any
way to avoid becoming a target?
"There's no fool-proof
way to prevent identity theft completely," says Harrine Freeman, a
personal finance expert with H.E. Freeman Enterprises in Bethesda,
Maryland. But there are ways to reduce the risks of victimization. However,
most of those steps require individuals to do something that is often
easier said than done: become their own best advocates.
"You should never give
anyone your Social Security number unless they have a good reason. And
the two questions to ask to find out if it's a good reason are: Why do
you need it? And what will happen if I don't give it to you?" stresses
Linda Foley, who founded the Identity Theft Resource Center in San
Diego after a former employer stole her personal information and
"within two days bought a cell phone and within three weeks had started
applying for credit cards."
Still, there are some calculated measures every person can take to limit their exposure to identity theft.
-- Arnesa A. Howell
The buzz word these days is "green." And while you may want to do
your part to live a more environmentally friendly lifestyle,
advertisers only serve to confuse you. But experts say there are quick,
easy tricks to living a more cost-effective green lifestyle. "Green
living is more important when considering health care costs and the
impact to our planet," says green living expert Amy Todisco, who runs greenlivingnow.com from Vermont. "You have to do your research."
Todisco recommends:
Los Angeles-based Jessica Jensen, co-founder of lowimpactliving.com, offers more tips on how to save green:
--Beverly James
If a layoff is imminent and the time left on your health insurance
is short, be selective about what medical care you have performed.
Follow these tips:
--Kendra Lee
Q. I've been paying off old income taxes through an installment plan, but with penalty and interest, it seems the amount I owe never decreases. I keep seeing commercials about ways to get past tax debt slashed. Is there a legal way to do this?
A: Uncle Sam is not your relative, but he will always be in your life. I understand your frustration with the installment plan that seems neverending because of the penalties and interest. Keep in mind plans are meant to be changed. You do have options. Note: A taxpayer ends up paying more with an installment agreement. For example, if you owe $20,000, you actually pay $24,910 (based on a five-year plan and the 9% IRS interest rate). The installment plan compromise offer is not for everyone, but you should seek advice from a tax adviser as soon as possible. So how do you find a reputable advisor?
Believe it or not the IRS has a Taxpayer Advocate Service. Go to www.irs.gov or call (800) 829-4933 for more information. And always remember :THE and IRS together is "THEIRS!" -- Gail Perry-Mason Q: I've been paying my mortgage every two weeks, but times are tight
financially. Does this help me or the mortgage company in the long run?
A: By paying your mortgage every two weeks, you have made a great
investment in your home and credit score. This strategy adds one
payment more per year, which doesn't seem like a lot, but the savings
are substantial over the long haul. Sending money every two weeks pays
off your mortgage in 23 years instead of 30. Also, by setting up
electronic payments from your account to your mortgage holder, you can
reduce mail delays and attack your principal balance a few days sooner.
But all mortgages don't work the same. If you have an adjustable
loan, don't just pay the minimum amount. Some loans have a negative
amortization feature that lets you pay less than the standard payment
and then your principle increases. You end up owing more each month
instead of less!
So check the payment coupon carefully. Make sure you pay at least
the payment, which fully amortizes the loan. Check out the mortgage
calculator at business.com or mortgagefreesocal.com.
I know these are hard economic times, but this is "home
economics;" your home is an investment for the long term. You might
need to downsize your spending plan. Track your spending and make some
layoffs. Your goal is not to run your home like a non-profit. You are
the CEO of your financial future, and if you keep paying your house
payments bi-weekly, it will be a profitable move.
--Gail Perry-Mason
Relationship-building junkets like the cocktail reception and
deal-making dinner are not going away. And who wants them to? Our
instinctive appreciation of free food and drink is among our most
powerful biological responses. The food is important: It communicates
hospitality, articulates values and status, and eliminates at least one
physiological barrier to concentrating on business.
But it's easy to get so focused on the fun and finger food that
you forget the deeper reason you're there: to make career-flourishing
connections. "Many people have lost ground on their career track based
on Christmas parties," says Doris Young Boyer of Young Boyer Associates
in Maplewood, New Jersey, a protocol consultant whose site, etiquettestrategist.com,
and workshops at Columbia University explore how manners can be a
competitive advantage. Employing a few best practices may mean the
difference between working the room and working nerves.
Eyes on the prize. You prepare for business meetings; the same
principles apply here. Sustain the habit of determining details such as
event significance, location and directions, fees (for parking or coat
check), dress codes and possible attendees. Young Boyer suggests that
social agility should be a key objective in your professional
development, whether that means conferring with mentors or colleagues
about corporate cultural context, hiring an adviser or examining a book
on the subject.
Years ago, Young Boyer did the latter before a dinner with a
company she had joined only six months earlier. On the book's advice,
she set a goal: to sit next to the company chairman during the meal.
Throughout the evening, she used what she'd read and found herself
seated just where she'd planned. "I was scared to death, and I was the
only junior person at a table of20people who knew how to follow the
chairman around. When I got there, I was quiet; it was time to learn."
Don't go hungry. Because eating is a basic need, your reptilian
brain may kick in without warning when presented with appealing dishes.
Young Boyer advises taking the edge off your appetite with a
pre-gathering snack. "You're not there to eat. Food is an accessory.
Don't put so much on your plate that you call attention to yourself,
that you can't shake a hand or talk to someone. If you're that hungry,
go off to the side, take care of yourself and then come back to the
party."
Nix--or nurse--alcoholic drinks. No matter how well you think you
can hold your liquor, that second Mojito may sedate your best
judgment. And don't be fooled by the boss' apparent good humor: It's
unlikely that witnessing your buzz will impress her. "Let the alcohol
go," Young Boyer says. "Business is the higher goal." She suggests
ordering a decoy beverage such as water with a twist, nursing a single
drink or stating your preference for something non-alcoholic.
You never know who's watching. "People notice what you do, how you
carry yourself. You always want to be as much in control of that as you
can," Young Boyer says. "There are people who seem to handle things
well. Watch what they'r
e doing" and adapt what works to your own personality and
circumstances.
The event's setting, service and other attendees may offer useful
messages. Make a deliberate effort to seek out people who might not be
part of your usual circle. "It's important when you're networking or at
a dinner not to stay with the same group all night," Young Boyer says.
"Move out of your comfort zone."
Respect physical and personal space. Arms length is standard," she
says. If you're being touched in an intrusive way, Young Boyer suggests
gently moving out of range or offering a polite deflection, but never
simply enduring it, no matter who the instigator might be.
Equipping yourself with social sophistication and dexterity can
distinguish you from your peers, especially when food, drink or a
relaxed setting seem to invite self-indulgence. "There is power to
being charming, to being kind and prepared." Young Boyer says. "As
African Americans, we've always known that we have to know the rules
even when others don't. Know them not just as a way of surviving and
getting in the door, but as strategies to thrive."
--M.C. Tapera
The telephone rings as an unidentifiable phone number pops up on
the caller ID. After some inner wrangling, you pick up with a cautious,
"Hello." There's a moment of silence before a representative from a
banking institution offers the deal: For $12.99 a month, you can have
the safety of a fraud monitoring service that can protect you from
being the next victim of identity theft, with a free credit report to
boot. Sound familiar? It should. Companies are offering consumers these
types of services by phone, by mail and through television
advertisements for hundreds of dollars a year with the promise of big
savings if victimized. But are they worth it? Besides the peace of
mind factor, many experts seem to think there are better options--for
less.
"They really aren't doing anything extra that you can't do
yourself," says Tanja L. Darrow, an attorney with Littler Mendelson in
Los Angeles.
Sure, you could pay for a basic credit monitoring service to
detect if someone is trying to open a new account in your name. Or you
could be proactive, monitor your own credit and add a free fraud alert
to your credit report. That way, creditors should contact you before
issuing any new credit in your name. A fraud alert is good for 90 days
and can be extended if needed.
But if there are "serious, serious" concerns regarding one's
credit being tapped illegally, "you could put a credit freeze on your
account," adds Darrow of this security option restricting access to
credit reports and is free for identity theft victims, but otherwise
costs $10.
In the end, any fraud monitoring service claiming it can protect
from identity theft is making false promises. But if trying one out is
the only way to bring a sigh of relief, make sure to do your homework.
Google to find out service pros and cons, and check with the Better
Business Bureau for complaint listings that may help in the
decision-making process, advises Linda Foley, founder of the Identity
Theft Resource Center in San Diego. "If you have a lot of
discretionary money and you want to do that, and it gives you a sense
of peace, do some shopping around," says Foley, but "all have their
limitations."
--Arnesa A. Howell
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