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4 ways to protect your credit during the holidays

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Black-Owned Credit-Building App, Michael Broughton


The holiday season is sort of here. But before you finalize your plans, stop and be certain that you are not practicing behaviors that might jeopardize your credit.

Falling into vacation mode – and the charging frenzy that comes with it – is what gets lots of us into trouble. Here are 4 ways to keep your credit in great shape during the holidays:

Don’t apply for retail credit cards

Getting 10% off your purchase really is not value it in the long term. Opening a brand new account could mean problems for your credit rating, as the length of your credit history accounts for 15% of your FICO rating. The older your credit age, the higher, because it shows you’ve a protracted history of credit management. Opening a brand new credit card account will lower your overall credit age and, subsequently, your rating. Applying for a loan also signifies that an inquiry can be processed on your report. Inquiries make up 10% of your FICO rating.

Be careful when shopping online

If you might be purchasing gifts online, remember to only visit sites you might be conversant in or have done business with in the past. Don’t share your credit card number with anyone.

Don’t overload

Be careful how much you spend. If at the end of the month you might be unable to repay the amount charged, reconsider your purchases. Overcharging your card will end in a rise in the amount due. Amounts owed are 30% of your FICO rating.

Don’t forget to pay your bills

It could appear obvious, but when traveling and visiting relatives, it is easy to forget to pay the bills. Set reminders on your calendar or automatic bill payments so you do not miss a payment and get a negative mark on your credit report. Your payment history accounts for 35% of your FICO rating.


This article was originally published on : www.blackenterprise.com
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Business and Finance

CAM’RON BET ON HIMSELF AND THIS IS THE MOST REAL RETURN ON INVESTMENT HE HAS EVER SEEN –

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The Harlem native was just just a few minutes behind, but was very apologetic for being late. Before he prepared to take a seat within the barber’s chair for a fresh cut and styling, he shook hands with the patiently waiting production crew and – once more – took full responsibility for his lack of punctuality, albeit on the mercy of the cross. rural travel, New York City traffic, and an unexpected commotion at the doorway of a constructing that left an individual unconscious and waiting for an ambulance.

Cam’ron returned to his hometown of Harlem, where he once “tweaked amps” and “put together computers.” With an almost 30-yr music profession, selling tens of millions of albums and performing in sold-out arenas, the “” rapper has a business portfolio that is just not limited to hip-hop.

In recent years, Cam’s profession ambitions have reached even greater heights, driven by his move into digital media. To understand Cam’ron, you could understand that he is rarely enterprising or takes advantage of opportunities.

In February 2023, the rapper-turned-loquate made his big break by releasing an irreverent, sports-centric podcast hosted by Cam, his childhood pal Ma$e, and Treasure “STAT Baby” Wilson. The initiative was an influence move that turned his $120,000 investment into an eight-figure enterprise.

“I would be arguing on the phone with my man… I look at the phone; I argued with this guy for an hour and 50 minutes about sports,” Cam’ron said.

“So I thought I’d just invest my own money and just make it look like a professional setting, put on a suit and talk like people talk in a gambling establishment, on the corner, in the projects, on the porch or at the barbershop.

“That was the vision,” Cam said.

stepped in to cater to an underserved demographic that might enjoy sports commentary – without changing the code.

Less than two years later, it has about 279 episodes in the can. The show is ranked #45 in the sports podcast category on Spotify, has 630,000 followers on Instagram and 551,000 subscribers on YouTube, with over 80 million views. The concept is brilliant and successful. In addition to the sweet payday for those involved, a fan base has emerged, with thousands of supporters greeting the triumvirate and giving Cam’ron flowers. A glance under a given episode’s post will display the network’s subscribers I leave endearing comments:

OH BOY

Cam’ron is aware that there are conflicting views about him depending on perspective or scenario. His conflicts with controversies that have seemingly irritated a few people are often misinterpreted and perhaps viewed without nuance. In many cases, his reactions and responses have rhyme and reason, and he is more than willing to explain.

“I do what the situation requires,” he says. “I wouldn’t regret anything I’ve done in the past.”

Cam continues, “A lot of people say, ‘Cam, when he was on the Bill O’Reilly show, he was bugged. “When he was on CNN he was acting like a madman,” but if you ever want to get my perspective on any of these situations, I’d be happy to explain what happened in any situation where someone would think I was ignorant and stupid, arrogant, stupid, stupid, not representative of black culture.”

Art doesn’t always imitate life, but those lines can easily blur when viewing life through digital lenses. However, Cam’ron is every bit who he says he is, not who people might imagine him to be. He admits that his hip-hop attitude, tongue-in-cheek comments and shoot-from-the-hip mannerisms are often mistaken for Cameron Giles.


This article was originally published on : www.blackenterprise.com
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Shark Tank’s Daymond John is the host of Black Entrepreneur Day 2024

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Daymond John, Andre Dickens, Black Entrepreneur’s Day


On November 22, business mogul and star Daymond John hosted the fifth annual Black Entrepreneur Day in Atlanta. In honor of the event’s presence in Atlanta, Mayor Andre Dickens issued a proclamation to John, officially recognizing Black Entrepreneurs Day.

The event celebrating Black business owners attracted hundreds of participants through in-person participation and virtual streaming. At the historic Fox Theater in Atlanta, Black Entrepreneurs Day featured special guests and speakers similar to Kelly Rowland, Jordan Chiles and Charlamagne Tha God. Rashad Bilal and Troy Millings, co-founders of the business media platform “Earn Your Leisure”, also participated in the educational celebration.

During the event, there was also a conversation with Flava Flav, who considered authenticity to be the key to her success. In an exclusive conversation with BLACK ENTERPRISES Flav shared encouraging and thoughtful business advice with entrepreneurs.

“Once you start a business, all you have to do is really believe in it,” said the rapper and TV personality TO BE. “(As long as) you believe in it, it will become yours and it will grow beyond anything you ever thought.”

“… with the ability to be a (skilled) athlete and a collegiate athlete at the same time… I believe it is a blessing in disguise because there are so much of things you could have to learn, but additionally understand that you could have a reputation for something that is also your brand.

She continued: “Navigating this, whether it is a Nike contract, a leotard contract, (or) whatever it is, has definitely been difficult. But I actually have the right people around me who can assist me achieve financial stability in the process…

As for Chile, it engaged in the wealth management discussion led by JP Morgan Chase. The Olympian talked about her own “balancing act,” which involves making smart financial decisions as her profession takes on a brand new dimension.

On this occasion, three grants value PLN 25,000 were awarded. dollars to black firms. The grants were awarded in partnership with the NAACP and event sponsors similar to Hilton and T-Mobile for Business. Based in Salt Lake City dessert shop named Parfé Diem won one grant for Black mother-daughter fashion accessories line Gabby Bows awarded one other one. Vontelle from Brooklyn glasses companywon the last prize of the day.

John founded Black Entrepreneurs Day in 2020 in response to the growing Black Lives Matter protests. Wanting to uplift their community from inside, the event was launched to encourage Black entrepreneurs with resources and financial opportunities.

Before the 2024 release, John he was talking its evolving intentions for the program.

“This is our fifth year and it will be special. This year we will exceed $1 million in grants,” John told an area news outlet. “It’s free money for black businesses. We have already given money to 40 black businesses. You’ll also meet great entrepreneurs and other people you might want to work with. We’ll have fun.”

He added: “The whole reason it was created was because in 2020, when we saw people burning down companies instead of building them, I said the reason they were doing it was because they had no hope. But if you see me there and see what I’ve learned after failing and how I draw resources, you can do exactly what I did… Black Entrepreneurs Day is about meeting people who look like you’re successful.” .

The evening was stuffed with game-changing activations and conversations, from artificial intelligence to closing the wealth gap. As Black Entrepreneurs Day continues, John hopes to expand his impact by fueling the growth of these businesses.


This article was originally published on : www.blackenterprise.com
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To control your spending this holiday season, stick to cash

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The holiday shopping season is here and Americans are ready to splurge. The average US shopper expects to spend over $1,000 for Christmas and other winter holiday gifts this 12 months, research shows.

Today, consumers don’t have any shortage of payment options, and each seems more tempting than the last. Do you swipe your bank card and claim “free” miles? Do you utilize the buy now, pay later option and spread the payment over time? Do you utilize a debit card to avoid debt?

as business school professor who writes concerning the holiday shopping season, I used to be wondering what’s one of the best ways to pay for holiday gifts without breaking the bank. My advice, present in my future book is counterintuitive. Don’t use any of this stuff. Instead, use good old-fashioned paper money.

Yes, using cash as a substitute of paying electronically is an easy way to control your holiday expenses while helping others. And I speak from my very own experience.

Why cash is less likely to pay you back

Before we spend any money, it is vital to set a holiday budget. The problem is that while everyone thinks setting a budget is a great idea, few people actually do it even fewer stick to it.

Appropriation it’s like a food plan: Temptation and time pressure cause the perfect intentions to fail.

I’ve seen it in my life. One holiday season, I rigorously set my budget. However, with the gift exchange only hours away, I had nothing for my three nieces. In desperation, I went crazy overboard with gifts that I doubt were ever used.

Using cash may assist you avoid making the identical mistake I did. It works for a couple of easy reasons:

First, committing to using only paper money provides an automatic budgeting method. When you run out of cash, you stop shopping. I do not recommend putting all your money into your wallet directly. Instead, take only a part of your budget for shopping, and in the event you take all of it, divide the cash and keep some in a separate reserve.

Secondly, using cash helps you spend less due to “the pain of paying” Research in the field of consumer psychology shows that spending paper money causes a temporary feeling of regret. This, in turn, helps slow down your shopping. People don’t feel the same pain when they use bank cardssince the bill might be due in the longer term.

Third, paying cash for things is cheaper in the long term since you haven’t got to pay interest on your purchases. ABOUT half of all bank card users carry a balance every month. WITH the typical balance currently exceeds $6,000The interest alone on collecting gifts can cost lots of of dollars.

And yet one more thing: many individuals buy Christmas gifts for themselves and others Research shows that paying cash makes you initially value your purchase more than within the case of electronic payments. Cash payers feel empowered because they’ve made a “mental investment” within the item.

Using cash when shopping online

Cash is simple to pay for in-person purchases, but you may’t stick paper money to your computer or phone screen to make online purchases. However, in the course of the holiday shopping season, Online shopping is predicted to exceed $240 billion.

It is feasible only use casheven in the event you use e-commerce. The easy method is to purchase online sellers gift card, paying cash and add this gift card to your account balance. If you wish to spend more, you will need to physically go to a spot that sells cards, similar to your local supermarket, and spend cash.

This causes the pain of paying and likewise takes a while, providing you with the chance to take into consideration whether it is basically the fitting gift and the fitting amount to spend on it.

Let the principles of behavioral economics apply to your shopping journey.
Burak Sür/E+/Getty Images

One final note: the holiday season shouldn’t just be the holiday season practice consumerism. Instead, one goal is to help others. Paying for gifts with cash actually accomplishes this. Many individuals who haven’t got bank cards, debit cards or mobile payment apps are excluded from stores that do not accept cash.

People who wouldn’t have electronic methods are, to start with, poor and older. Millions of Americans pay with cashAs research shows, using cash is useful for them since it sends a transparent signal to businesses that paper money remains to be desirable and needed.

The holidays ought to be fun, but they are not as fun in the event you’re stressed about money. How are you able to stick to a budget and be sure you haven’t got to pay huge bills after the vacations? The answer is straightforward: use cash. Cash alone won’t make the vacations merry, but it’s going to solve one big problem.

This article was originally published on : theconversation.com
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