Black MBA - Winter 2008/2009 - (Page 28)

COVER STORY Back to Basics about when you’re going to have your mortgage paid off.’’ If you need to sell your house but are trying to hold off until the market improves, consider moving out and renting the property. You also can make minor renovations and green improvements that could pay off in the long run. KEEPING IT UP Jolanda Jackson, a 44-year-old mother of two, works as a secretary in Chicago. She has been watching her budget and saving at every opportunity since the economic downturn struck the nation. While she continues to invest money in her retirement plan, she won’t read the statements. “I just know it’s been wiped out,’’ says Jackson, whose husband works as a store manager on Chicago’s South Side. “It’s depressing, especially if you started saving at a young age, as we did, and you were hoping to use the money to send your kids to college and for your retirement. But now, it’s like, ’Oh, my God!’’’ Jackson plans to open the statements soon and shift her investments if necessary. She hopes to invest in the stock market while the prices are low. Mier says that he and his wife also have cut costs in order to invest more in the stock market. “That’s the best thing you can be doing,’’ he says. “You are putting more money to work and buying securities at a cheap price. As much as I hate the fact that my portfolio is down, I’m still investing more. You have to pace yourself because you don’t know how long this environment is going to last. If you lurch in the wrong direction, it can be expensive. My philosophy is to be conservative and to work with a game plan. That’s my advice for everyone.’’ mba dividend rates than most stocks, but these rates have been pummeled in the recession brought on by the mortgage crisis. Now, stocks pay higher dividends. “Maintain your asset allocation, but invest differently,’’ Tyler explains.” A lot of people get hurt when they panic and change their game plan. It’s important not to let the crisis change your game plan unless your life changes due to a layoff, a divorce, etc.’’ REAL ESTATE If you have weathered the mortgage crisis and still own your home, it’s best to think of it as a place to live rather than as an investment. “Too many people get caught up in property values,’’ Tyler says.”You should think about your home as a good place to live and ask yourself if it’s affordable. If the answer is yes to both questions, the short-term market fluctuations should not have that much of an impact on you. When you think of your retirement savings, you should be thinking Look for our next Back to Basics feature, “Back to Basics: Healthcare,” in the Spring 2009 edition of Black MBA Magazine. Located on one of the fastest growing UC campuses Areas of Study Include: • • • • • • • • Accounting Marketing Supply Chain Management Management Information Systems Internet Retailing Finance International Management Entrepreneurial Management Named a “Best Business School” in the Princeton Review Survey ” Growth is not just a platitude at AGSM; it is real and all around us. We invite you to come grow with us.” - David W. Stewart, Dean “The curriculum at AGSM bridged the gap between academia and real–world business by providing opportunities to work on real projects, for real companies, throughout the Inland Southern California. Graduating from AGSM positioned me to serve my community by working for the City of Riverside Development Department. Riverside is in the midst of a rapid economic expansion and it is exciting to be part of this chapter in the City’s history. “ mba@ucr.edu - Anthony Griffin, M.B.A. Class of 2006 www.agsm.ucr.edu 28 BlackMBA • Winter 2008/2009 • www.nbmbaa.org http://www.ucr.edu http://www.nbmbaa.org

Table of Contents Feed for the Digital Edition of Black MBA - Winter 2008/2009

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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