6 Financial Things HBCU Men Must Do Before Getting In A Serious Relationship


Teach self-denial and make its practice pleasure, and you can create for the world a destiny more sublime that ever issued from the brain of the wildest dreamer. – Sir Walter Scott

So you are a man now you say? You have graduated from your HBCU with degree in hand and maybe you have your dream job, maybe you are still looking, and maybe you are contemplating going to graduate school. Regardless of where you are in life, there is a strong chance that you have a desire to be in love. Before you give someone the world, make sure you have taken care of a few things before you embrace the responsibility that comes with a serious relationship.

Societal norms put the financial burden of courtship on men in heterosexual relationships. Historically, this makes sense because it has only been in very recent decades that women have earned the right to their own financial independence within many societies and in more than a few still have limited financial rights. However, this presents a bit complicated in the United States for African America where the women have surpassed men by leaps and bounds in almost every major category. It also does not help that African American men have the highest unemployment rate among all groups in the country, which creates a courtship complexity of sorts within the community. African American men who are 20-24 years old as of December 2018 had a 11.8 percent unemployment rate, while their European American men peers were at 5.9 percent and African American women peers were 7.5 percent. That being said, for African American men who are part of the LGBTQ community, the instability can be even more pronounced since both parties are part of the most vulnerable economic population and will be facing additional discrimination.

A relationship can be an expensive endeavor, according to a USA Today study the average date cost $102.32 and if you assume one date a week in a relationship that comes out to a total of $5,320.64 per year. This of course is not including special dates or holidays where the purchase of gifts, etc. can drive that cost even higher. The problem of course is that African American median income, last among all ethnic groups, is at $40,258 according to the 2017 Census. In other words, over 13 percent of African American income can be used up in dating, while no other groups even spend 10 percent.

To say the calculus is complicated would be an understatement. Do African Americans simply not date? This of course would be problematic since one of the fundamental ways of building wealth is through the scalability of marriage. Instead, get a strong financial foundation under you by adhering to these six principles and objectives:

BE HONEST. BE HONEST. BE HONEST.

This honestly could be the whole article, but it is certainly worth leaning into. Being honest about your finances up front with the person you are dating can take a lot of pressure off them and yourselves. This does not mean you have to tell them everything right away, but if you can not afford to do something tell them and do not feel ashamed of it. If you want to share with them that you have certain financial goals you want to meet, then do so and let them be part of what you are trying to accomplish not an adversary to it.

HAVE AN EMERGENCY FUND – NO, SERIOUSLY.

African American men are the most vulnerable population as it relates to employment as the numbers bear out. As such, if you are a recent graduate and happen to have employment you can not save fast enough. Most personal finance experts will say as a general rule 3-6 months of expenses is a healthy emergency fund, but for African American men 9-12 months is much more imperative. An emergency fund can take the edge off of dating because you know that you and your date are not spending your potential car note or rent payment. Do NOT touch it except for an emergency. Also, do not base your emergency fund off expenses, but instead use gross income. You want to have 9-12months of gross incomes saved. Saving based on  your income instead of expenses will allow you to maintain some semblance of a normal life should an emergency arise.

SET EXPECTATIONS AND A BUDGET.

Once you decide to send someone flowers every Monday, fine dining every Friday, and a trip every other month you have set an expectation. Now, this is not to say you can not do those things, but they need to be within the confines of your budget. You should have an amount that you are going to spend every month on dating activities. If you want to save for something a bit more costly, spend a bit less each month and set it aside until you can afford that moment. Should your finances change and you need to alter the budget and expectations, remember – be honest.

BE CREATIVE.

Contrary to popular belief, you do not have to spend a lot on someone to let them know you care about them. The internet is full of helpful resources that can help you create low to no cost dates. Feel free to also use your social media networks for ideas.

DO NOT CONFUSE INCOME WITH WEALTH.

Income is not wealth. Again, income is NOT wealth. Assets build wealth and you have to use your income to acquire assets. Beyond your emergency fund, you should be thinking about saving to invest in stocks, bonds, real estate, etc. Find a financial/investment adviser as soon as you have a job. You do not have to wait until you have “money” to start investing. The earlier you start, the greater chance you will have of creating wealth over the long-term. Passive income, money earned from not having to work, should be a central focus of what you use your income for. Do no squander away the opportunity to set up yourself and future family while you have the opportunity.

LEAVE THE MATERIALISM FOR SOMEONE ELSE.

We have all seen that friend or friends who gets a job after college and decides to go on a spending spree for the nice car, clothes, and showing off for Instagram. This is not the man you want to be. Becoming a slave to material possessions and forsaking your financial future while being part of a labor population that is the most vulnerable is not only not smart, but dangerous. Material things lose value and defer from your ability to invest among other things.

Ultimately, if you are a man and are not financially safe or stable, then you are not ready for a serious relationship with anyone. Do not confuse stable for rich. Most of the time financially stability can be achieved in a relatively short period with the proper sacrifices (like having a roommate or two or three) after graduating. Becoming financially literate is vital to helping remove the stresses of finances in African American relationships. A stress that is often noted as being the greatest area of conflict within relationships. After all, love does not cost a thing, but bad financial habits do.

 

Advertisements

HBCU Money’s 2019 African American Owned Bank Directory


All banks are listed by state. In order to be listed in our directory the bank must have at least 51 percent African American ownership. You can click on the bank name to go directly to their website.

OTHER KEY FINDINGS:

  • AAOBs are in 16 states and territories. Key states absent are Florida, Mississippi, New York, Ohio, and Virginia.
  • There has not been an AAOB started in 18 years.
  • Only 4 of 2018’s 19 AAOBs saw increases in assets, down from 11 last year.
  • Alabama, Georgia, and Tennessee, each have two AAOBs.
  • Only 5 of the 19 remaining AAOBs saw increases in assets. A drop of over 50 percent from 2018, when 11 AAOBs saw increases.
  • African American Owned Banks have approximately $4.1 billion of America’s $17.1 trillion bank assets or 0.02 percent.
  • AAOBs control 1.8 percent of FDIC designated Minority-Owned Bank Assets, which is down from 1.9 percent in 2018. A second straight year of declines.
  • 2018 Median AAOBs Aseets: $142,129,000 ($133,096,000)*
  • 2018 Average AAOBs Assets: $217,533,000 ($222,831,000)*
  • For comparison, Asian American Owned Banks have approximately $119.4 billion in assets spread over 75 institutions. Asian AOBs saw an increase of $7 billion increase (6.2 percent) in assets from 2018, while African American Owned Banks saw a 2.4 percent decrease in assets.
  • TOTAL AFRICAN AMERICAN OWNED BANK ASSETS: $4,133,126,000

 

ALABAMA

ALAMERICA BANK

Location: Birmingham, Alabama

Founded: January 28, 2000

FDIC Region: Atlanta

Assets: $27,122,000

Asset Change (2018): Down 23.2%

COMMONWEALTH NATIONAL BANK

Location: Mobile, Alabama

Founded: February 19, 1976

FDIC Region: Atlanta

Assets: $46,771,000

Asset Change (2018): Down 5.5%

CALIFORNIA

BROADWAY FEDERAL BANK FSB

Location: Los Angeles, California

Founded: February 26, 1947

FDIC Region: San Francisco

Assets: $417,335,000

Asset Change (2018): Up 1.4%

DISTRICT OF COLUMBIA

INDUSTRIAL BANK

Location: Washington, DC

Founded: August 18, 1934

FDIC Region: New York

Assets: $421,121,000

Asset Change (2018): Down 0.5%

GEORGIA

CARVER STATE BANK

Location: Savannah, Georgia

Founded: January 1, 1927

FDIC Region: Atlanta

Assets: $39,686,000

Asset Change (2018): Down 5.7%

CITIZENS TRUST BANK

Location: Atlanta, Georgia

Founded: June 18, 1921

FDIC Region: Atlanta

Assets: $395,923,000

Asset Change (2018): Down 7.6%

ILLINOIS

GN BANK  (FORMERLY ILLINOIS SERVICE FEDERAL)

Location: Chicago, Illinois

Founded: January 01, 1934

FDIC Region: Chicago

Assets: $142,129,000

Asset Change (2018): Up 6.8%

LOUISIANA

LIBERTY BANK & TRUST COMPANY

Location: New Orleans, Louisiana

Founded: November 16, 1972

FDIC Region: Dallas

Assets: $596,695,000

Asset Change (2018): Down 1.5%

MARYLAND

HARBOR BANK OF MARYLAND

Location: Baltimore, Maryland

Founded: September 13, 1982

FDIC Region: New York

Assets: $284,055,000

Asset Change (2018): Up 6.7%

MASSACHUSETTS

ONEUNITED BANK

Location: Boston, Massachusetts

Founded: August 02, 1982

FDIC Region: New York

Assets: $649,058,000

Asset Change (2018): Down 1.4%

MICHIGAN

FIRST INDEPENDENCE BANK

Location: Detroit, Michigan

Founded: May 14, 1970

FDIC Region: Chicago

Assets: $255,617,000

Asset Change (2018): Down 10.8%

NEW JERSEY

CITY NB OF NEW JERSEY

Location: Newark, New Jersey

Founded: June 11, 1973

FDIC Region: New York

Assets: $180,631,000

Asset Change (2018): Down 15.5%

NORTH CAROLINA

MECHANICS & FARMERS BANK

Location: Durham, North Carolina

Founded: March 01, 1908

FDIC Region: Atlanta

Assets: $262,050,000

Asset Change (2018): Up 2.9%

PENNSYLVANIA

UNITED BANK OF PHILADELPHIA

Location: Philadelphia, Pennsylvania

Founded: March 23, 1992

FDIC Region: New York

Assets: $54,055,000

Asset Change (2018): Down 8.4%

SOUTH CAROLINA

SOUTH CAROLINA COMMUNITY BANK

Location: Columbia, South Carolina

Founded: March 26, 1999

FDIC Region: Atlanta

Assets: $59,771,000

Asset Change (2018): Up 13.7%

TENNESSEE

CITIZENS SAVINGS B&T COMPANY

Location: Nashville, Tennessee

Founded: January 4, 1904

FDIC Region: Dallas

Assets: $104,819,000

Asset Change (2018): Down 2.2%

TRI-STATE BANK OF MEMPHIS

Location: Memphis, Tennessee

Founded: December 16, 1946

FDIC Region: Dallas

Assets: $83,180,000

Asset Change (2018): Down 4.0%

TEXAS

UNITY NB OF HOUSTON

Location: Houston, Texas

Founded: August 01, 1985

FDIC Region: Dallas

Assets: $89,522,000

Asset Change (2018): Down 6.8%

WISCONSIN

COLUMBIA SAVINGS & LOAN ASSOCIATION 

Location: Milwaukee, Wisconsin

Founded: January 1, 1924

FDIC Region: Chicago

Assets: $23,586,000

Asset Change (2018): Down 1.6%

HBCU Money’s 2018 Top 10 HBCU Endowments


The past 365 days for HBCU endowments has seen a lot of press, mainly led by Bennett College’s #StandWithBennett campaign as the school is embattled and was raising money to retain its accreditation and keep the doors open. A constant reminder of the fragility of HBCUs and their financial uncertainty. Economic conditions in the United States have made overall growth in higher education tempered and with it HBCU endowments have been a mixed bag. While the top ten HBCU endowments have five endowments that beat the median increase in endowment market value, only two endowments beat the national average. In comparison the top ten PWI endowments had eight endowments beat the national median average and seven of the ten exceeding the national average.

Over the past 12 months, the top ten HBCU endowments have increased their market value by $134.5 million or an increase of 7.4 percent over last year. There is plenty of argument that HBCUs should not be compared to the largest PWI endowments in behavior and instead to schools that are comparable in their size and scope. This is certainly a valid argument, but at a time when there are more PWIs with $1 billion plus endowments than there are HBCUs, it maybe hard to continue to lean on such an argument. The reason being is that higher education in general is experiencing and going to continue to consolidation and contraction with education alternatives entering the market. Smaller colleges and HBCUs are going to have to be over capitalized and nimble in order to shift to changing market demands and conditions. At the moment, over 90 percent of HBCUs do not have even $100 million endowments leaving them highly vulnerable as we have seen with the closure of a number of HBCUs in recent years and more than just Bennett in current crisis.

This year we included more than just the top ten, but all HBCUs who reported to NACUBO, which is the reporting endowment organization we use to keep our reporting date uniformed.

All values are in millions ($000)

1. Howard University – $688,562 (6.5%)

2. Spelman College – $389,207 (6.3%)

3.  Hampton University – $285,345 (2.2%)

4.  Meharry Medical College – $159,908 (4.1%)

5.  Morehouse College – $145,139 (2.6%)

6.  North Carolina A&T State University  – $63,827 (14.9%)

7.  University of the Virgin Islands – $61,491 (10.7%)

8.  Tennessee State University – $58,697 (5.1%)

9.  Texas Southern University – $58,158 (7.4%)

10.  Virginia State University – $54,479 (6.6%)

OTHERS REPORTING:

Take a look at how an endowment works. Not only scholarships to reduce the student debt burden but research, recruiting talented faculty & students, faculty salaries, and a host of other things can be paid for through a strong endowment. It ultimately is the lifeblood of a college or university to ensure its success generation after generation.

*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY2016 to FY2017 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses.

HBCU Money™ Turns 7 Years Old


By William A. Foster, IV

“Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world.”

Seven years strong with so much more to do. The past two years have been a test of mettle for HBCU Money and HBCU journalism as a whole. As journalism and media as a whole are becoming an even more complicated business with much of larger media being purchased by a small class of people who can afford to pour resources into it without needing it to make any money, yet leveraging the benefits of shaping public opinion it leaves an industry in flux. This dynamic leaves many smaller imprints with less external resources in a precarious position. Making enough money to keep the doors open, grow, and still able to put some Ramen noodles on the table for our families.

HBCU media ownership has, is, and will continue to be a labor of love certainly, but if we want it to scale to the level of influence we need in our community we need to have real conversations about just how and what needs to happen for that scale to take place. The importance of HBCU owned media can not afford to have all chiefs and no warriors.

At HBCU Money, I am excited for some of the things ahead that have been in the works for quite a few years on the drawing board finally getting off the board. Unfortunately, some of it maybe the leap of faith more than the resources available. Seven years into this though, faith is certainly something never to take for granted. I thank everyone who has restored it when it has been shaken and filled up the bucket when it was running low. There are too many to name, but you are appreciated. It is my hope that HBCU Money can continue to be worthy of your support and faith.

 

Love & Entrepreneurship: Relationship Therapist Misha Granado On How Spouses & Relationships Impact Entrepreneurs


If you have ever been in a relationship with someone who is an entrepreneur, then you know it can have its fair share of ups and downs. Although most relationships do, there is something unique about those ups and downs when it comes to being with an entrepreneur. We were able to catch up with Misha Granado, an alumnae of Florida A&M University and Prairie View A&M University, who is herself and entrepreneur through her company Love Grows, a relationship consulting firm, to discuss what all comes with loving and living a life with an entrepreneur.

A relationship with an entrepreneur is not for everyone, what “warning” label would you put on entrepreneurs for those considering dating or getting into a relationship with one?

As an entrepreneur you are the only one who truly knows yours schedule, goals and needs for both your professional and personal life. It is imperative to be extremely clear on who you are and the characteristics and qualities that compliment and constrict both you and your goals. Reflect on your previous relationships (historical markers) to identify what does and does not work for you. Also, it is important to be honest with yourself about where you are on your journey.

If you are interested in a relationship, ask yourself, “What type of partner complements me?

  • A fellow entrepreneur? If so, what type of entrepreneur? Someone at the beginning stages (idea)? Growing? Established?
  • An entrepreneur who also has a corporate gig?
  • Someone with a demanding corporate career requiring significant time and dedication outside of the house?
  • Someone with a career with a traditional schedule (M-F) but has an active personal life who is self-sufficient?
  • Someone who is artsy and a free spirit who does not require much ‘hand-holding’ from you?
  • Someone with traditional relationship expectations?

Do you have the resources (time, energy, emotional and mental bandwidth) to co-create and co-nurture a relationship or is a social, casual dynamic more feasible? There is no universal right or wrong answer, only the only right for you. Once you are clear on who you are and your needs have honest, unapologetic conversations with potential partners.

All entrepreneurs are not the same, but what are some baseline ways you believe spouses and significant others can be supportive to their entrepreneur partner?

Significant others and spouses can be supportive to their entrepreneur partner by:

  • Holding the vision of the overall goal(s) – Being an entrepreneur is not easy and there will be many moments where the stress, loses, delays, frustration, fear, anger, despair, panic, etc obscure the vision of your entrepreneur spouse. Having the skill and ability to hold the vision for him/her at all times, but especially in these moments are key. Remind them of their why, the reason they embarked on this journey and all of the ways they will succeed.
  • Informative – Are you knowledgeable about their entrepreneurial endeavors? You do not need to be an expert in the field but showing real interest is very supportive. By having a bit of knowledge of the industry, goals, challenges coupled with knowing your spouse you become a wonderful asset because you can help with troubleshooting, be an empathetic ear, strategize and/or provide support. Of course this varies per entrepreneur. However, some entrepreneurs desire a ‘mental break’ from their work and prefer not to speak business with their spouse, which is okay as well. Knowing your s/o and what they need is another way to be informative.
  • Patient – The entrepreneur life does not follow the trajectory of other fields nor does it provide the ‘comfort and safety.’  On this journey income may vary significantly depending on project, climate, acquisition of clients, etc. Traditional hours do not exist. Sacrifices are the norm. Questioning self seems to be scheduled on the calendar daily. Therefore a s/o who is patient is a welcomed reprieve. Patience varies for each couple.

What are some common issues you see that arise between spouses and entrepreneurs in relationships? How do you believe couples can get ahead of them or best deal with them?

One of the most common issues between spouses and entrepreneurs is unspoken expectations. Each partner has expectations in their head for the other but has never articulated it to each other. As a result, needs go unmet and resentment silently builds meanwhile the partner is oblivious. It is similar to your employer setting goals for you without telling you only for you to discover you did not meet these benchmarks during your annual review. Unspoken expectations are a set up for failure. This is unfair.

The best tool for any relationship is transparency, vulnerability and honesty. For both partners to articulate to each other their expectations, needs and areas where they desire more support. If you do not feel emotionally safe to be vulnerable with your significant other, seek therapy to identify the barriers that serve as a hindrance and gain the tools and healing needed to overcome this barrier.

An entrepreneur sees the world in a very different way than most people. What are the ways spouses can impact how an entrepreneur sees the world?

The relationship one has with self, determines and influences all relationships in their life. In a partnership, especially a romantic relationship due to the intimacy of the space, both parties have the ability to impact each other in a negative or positive manner and this can influence the way partners view self and the world. This is such a delicate space because of the direct access to the heart and mind. A spouse who has unmet/unspoken expectations, resentment, frustrations, etc will knowingly or unknowingly begin to engage in behavior (i.e. passive aggressive, argumentative, petty) that constricts both their partner and the relationship. This behavior increases the entrepreneur’s stress level impacting business, creativity, productivity etc. Whereas, a spouse who is happy with self, articulates their needs and wants, feels fulfilled, supported, loved will demonstrate behaviors (i.e. encouragement, support, joy, happiness, consideration, patience, kindness, etc.) that complement the relationship and their partner. The latter has the ability to change perspectives. When we feel seen, heard and validated we feel inspired, energized and creative all of which are excellent for business.

Women entrepreneurs have an even tougher road ahead of them typically. So for the men/women/partners who love them, what advice would you give specifically to the support and love that will be needed?

Whether it is the entrepreneurial, corporate, artistic or the academic route, unfortunately women are not treated equitably. This adds another layer of stress to the already taxing entrepreneur life. As the partner behind the scenes supporting a woman entrepreneur, perhaps the best way you can support her is by knowing her, implementing and executing what she needs when you know she is stressed, excited, hopeful, disappointed, etc. If you do not know what she needs during these various spaces, ask her directly (when she is not in it). For example:

  • How can I support you when you are scared?
  • What can I do when you are stressed?
  • How do you like to celebrate your wins?
  • What would make your daily routine run smoothly?
  • How can I support your business?

When she needs/wants to vent about something before she begins ask: What do you need from me in this moment? A sympathetic ear? To help strategize a solution? To serve as your hype man? Knowing which role she needs from you is important, because she does not always need you to fix it. Sometimes she just needs to vent to effectively move that stagnant energy through her. Other times she just wants you to listen and validate her feelings.

A relationship is not all about the entrepreneur and in that respect reciprocation is important. How can entrepreneurs, who are often demanding a lot of their significant other/spouse, ensure that they themselves are being good partners?

Make your significant other a priority. The business will always be there. There is always something to do. You can always fill each minute with something for the business. Place weekly dates on the calendar and be fully present. Inquire about your significant other and their life and developments. This is a no business/dumping zone, instead it is a place to renew, restore and reciprocate all of the love and support your partner has and continues to give to you. Invest in your partner as well. Show up for your partner and be fully present. If you are attending an event as his/her/their date, be engaging, light, and attentive. Implement a cut off time where you disconnect from gadgets and connect with each other.  This is also applicable if children are involved. Time is one of your most precious commodities; invest it intentionally with your loved ones.

How can relationship counseling help a spouse and entrepreneur keep a happy and loving relationship?

Therapy always begins with the individual even if you are in a partnership. This is because individuals bring everything with them into the relationship (experiences, values, culture, perspective, emotional wounds, isms, insecurities, fears, family dynamics, beliefs, etc.) and all of these influences and determines the quality of the partnership. Now add the stress of an entrepreneurial journey to the equation and there is plenty of material here for therapy *wink*.

The benefit of therapy is having an objective person who provides a safe space for both parties to explore their emotions, identify expectations, stressors, goals and tools to address each. Therapy allows each person to speak, be heard, seen and validated. Also, therapy provides strategies; tools and techniques the couple can implement to help cultivate a relationship that is nurturing for both parties. Additionally, therapy provides different perspectives which are extremely beneficial in those times where a couple cannot agree. This alternative option may be the very catalyst to re-establishing or establishing a healthy relationship baseline.

You can follow and contact Ms. Granado:

www.mishaNgranado.com

Twitter & Instagram: @lovegrows_misha