Black MBA - Winter 2008/2009 - (Page 26)

COVER STORY Back to Basics do to rebuild her portfolio is hire a financial adviser, says Chris Mier, a research analyst at Loop Capital, an institutional securities brokerage firm in Chicago. “If you don’t have an account executive or a financial planner, I strongly recommend that you get one because managing your money in this environment is complicated,” Mier explains. “You really need someone to help you and please know that no one person is going to have all of the answers. If you can’t afford it, sign up for an account at a brokerage firm and oftentimes they will give you advice.’’ MEETING THE CHALLENGE Mintz is not alone. Scores of Americans have seen their portfolios float away like so much flotsam from a sinking ship as the nation’s markets began to take on water last fall. But all is not lost. Now that the federal government has announced that the nation officially is in a recession, the stock market may begin to see an uptick because stocks tend to recover before the economy fully recovers, experts say. Over the past nine recessions, the S&P 500 has gained an average of 13 percent during the second half of downturns and another 13 percent the year after they ended, according to SmartMoney Magazine. Even during the Great Depression, the S&P rose 33 percent from the market’s bottom to the end of recession, the magazine said in its December issue. Warren Buffett, the highly-respected financial wizard, advises, “Be greedy when others are fearful.’’ Besides hiring a financial planner, another step toward building or rebuilding your portfolio in this tumultuous economy involves mapping out a long-range financial plan to save, save, save. “To build long-term wealth, you have to have a well-thought-out plan that you have executed with discipline, which means that as a young person you have saved a lot,’’ Mier says. “The best advice says. “It won’t. And there’s no way out without changing this mindset.” WHAT ABOUT RETIREMENT? Wanda Mintz, 42, began saving in earnest for retirement when she started working as a data processor at a nonprofit organization in Chicago seven years ago. One of the first steps the mother of four took was to invest in the organization’s retirement plan, placing 50 percent of her investments in stocks and 50 percent in an international fund. “Things were going well for years – that is, until the economy went south,’’ says Mintz, a widow who lives on the city’s South Side. “Now, the only one that’s doing well is the international fund. I’m at a loss as to what to do because even the international fund fluctuates in value. I thought I was on my way to being set. Now it’s all up in the air.’’ One of the first things Mintz needs to It’s more than a Mission. At Wyeth, we strongly believe in fulﬁlling our mission to bring to the world pharmaceutical, consumer and animal health care products that improve lives and deliver outstanding value to our customers and shareholders. But it's much more than words. It's a commitment we make each day to build the industry's strongest R&D pipeline, and foster long-standing customer relationships. That is why we foster an inclusive culture rich with recognition and reward, and offer highly competitive compensation and industry-leading beneﬁts. Your career says a lot about you. Take this opportunity to add real meaning to it. statement. Wyeth is a proud sponsor of the NBMBAA 30th Annual Conference. www.wyeth.com/careers Wyeth is an equal opportunity employer that shares the vision of a diverse workplace. Leading the way to a healthier world 26 BlackMBA • Winter 2008/2009 • www.nbmbaa.org http://www.wyeth.com/careers http://www.nbmbaa.org

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Black MBA - Winter 2008/2009 Contents Preserving Dr. King’s Legacy: Harry E. Johnson is Six Years and $100 million into his First Fundraising Effort Online: www.nbmbaa.org and www.blackmbaonline.com Up Front: Inauguration Takes Over D.C. From the President: Connecting With the Basics The First 100 Days – Already in Progress Back to Basics: Finances 101 Is the Middle Class Disappearing? – Your View From Medals to MBA Conference Highlights Market Forces: The Job of Trying to Find a Job in a Tight Market Applying to an MBA Program?: Avoid Making these Five Critical Mistakes How They Did It: Catching up with the Winning Teams from NBMBAA’s 2008 National Case Competition Change It Up: If a New Job is at the Top of your New Year’s Resolutions, it’s Time for Careful Planning and Preparation Bull Market: Now is the Time to Take Advantage of Web 2.0 On the Move: Member News, Promotions and More Backstage at BET: NBMBAA’s Leadership Institute Takes on BET’s Case for Growth Toronto Rising: NBMBAA’s Toronto Chapter is on a Progressive Track, Building Strong Partnerships and Exposure as Membership Climbs NBMBAA® Chapters: Find Your Local Chapter Here Do What You Love: Turning Your Passion into a Successful Business Requires Patience, Planning and Plenty of Hard Work Above and Beyond: Meet the Winners of the 2008 Wells Fargo/NBMBAA Entrepreneurial Excellence Award Decorating by Design: Michelle Rider Leaves Corporate Life for Entrepreneurship Culture Shock: Black Museums Nationwide Appeal for Greater Support from the People whose Heritage they Strive to Preserve Gear Up for 2009: Books to Herald Success in the New Year Advertiser Index: Who’s Who in the Issue

Black MBA - Winter 2008/2009

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