Author Archives: Khooppres

Reflecting on 2011

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As we prepare to close the ‘book’ on 2011, I thought it would be a good time to reflect on some of the top news stories / events of the year.  Whether your year was fantastic or not so great, in a couple of days, 2011 will become a mere memory.  While memories are often great to have, we must keep in mind that there is nothing we can do to change them.  As a result, I urge you to ‘brush your shoulders off’ and look forward.

Although we should all make a conscious effort to live in the present, reflection is important and there are some valuable lessons that can be learned from past experiences.  Included below are some of the year’s top stories that not only affected Americans, but also had a huge impact from a global perspective.

Use of Social Media to Change the World – The first time we all had to take notice that social media was more than a mere way to connect family members and long lost friends was during the 2008 presidential campaign.  More recently, protesters in Egypt utilized Facebook and Twitter to spread the word about organized protests.  In an article published by fastcompany.com, the author communicated that social media played a role in three main dynamics:

  • Organizing protests and gathering supporters
  • Shaping the narrative and ensuring that the government could not shift the global dialogue
  • Putting pressure on Washington to take a stance.  Because of the amount of information that was being released through social media channels, Washington lost its ability to maintain its distance from the controversy

Because social media has become a major and acceptable method of communicating, we must all ensure that we’re aware of the ‘dos and don’ts’.  For more information on the effective use of social media, please review my post, Social Media:  The Rules of Engagement.

Death of Osama bin Laden – On a Sunday night in early May, President Obama announced to the American people, “Justice has been done.”  Almost ten years after the September 11 terrorist attacks, the mastermind behind them was killed by US Navy Seals and CIA paramilitary forces.  This was indeed a pivotal moment for our Country.  Although the death of bin Laden won’t bring back loved ones that lost their lives during the attacks, it does send a clear message that the American people won’t give up the fight for freedom and justice.  The war on terror reminds me of the story we all heard as children, The Tortoise and the Hare; slow and steady wins the race.  In our own lives, if we commit to a mission or goal and stay laser-focused, we will be victorious.

Death of Steve Jobs – In October, the world lost a brilliant mind.  For those that aren’t aware, Steve Jobs was Co-founder and CEO of Apple, Inc.  What I found most intriguing about his story was that he wasn’t born with a ‘silver spoon in his mouth,’ and he succeeded in spite of the odds.  In my post, Dream It, Achieve It, I highlight his commencement speech at Stanford University, and how we can apply some of his life’s lessons to our own lives.

Decrease in National Unemployment Rate – Earlier this month, the Bureau of Labor Statistics announced that the jobless rate fell by .4% between October and November to 8.6%, which is down from 9.8% in November 2010.  While the shift in the economy is happening a lot slower than we’d like, I believe that we all experienced a brief sigh of relief when hearing this news.  Although things are slowly improving for our Country, African Americans are still unemployed at higher rates than any other ethnicity group.  Historically speaking, this is the norm, but given the state of the economy and the housing market, this is a major drain on wealth creation in our community.  If you or someone you know is struggling to find work, my Aim to Win in this Economy series has some useful tips that may help you ‘get back in the ring’ and ready to fight again.

Many of the events of 2011 will definitely be written in tomorrow’s history books.  As we prepare to shift into a new year, my question to you is how will you leverage the experiences of the past year to live your best life in 2012?

 

Financial Gift Ideas for Teens

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Last week’s Post focused on financial gifts for young children.  As I reviewed the hits on my blog and the terms that people used in search engines, I realized that a post on financial gift ideas for teens would be beneficial as well.  For most teens, a gift card or money is a welcomed gift, but what happens when you ‘fork’ over the cash?  While I guess it qualifies as a financial gift, in most instances, the gift does not last beyond the holiday break.

 I’ve lost count of the number of times that I’ve heard parents say their teens do not have good money management skills.  As a parent of a young child, I will admit that I don’t have the personal experience of raising teenagers.  However, I do believe that parents often contribute to their teens’ money habits through the act of setting boundaries or giving in to their every whim.  If you’re looking for ways to teach your teens about money and investing, the following gift ideas may be helpful:

Contribute to a 529 Education Savings Plan or purchase a Certificate of Deposit (CD).  If asked, your teen will likely say, “Give me the cash now!”, but this type of monetary gift will serve as a lesson in understanding the ‘big picture.’  As your teen prepares to transition to college, I am a firm believer that they should have some ‘skin in the game.’  Even if you have invested and planned for your child’s education, it’s important that they understand and appreciate the sacrifices you’ve made on their behalf. 

A 529 education savings account is a tax deferred investment account that is designed to help families save for future education expenses.  If you haven’t set one up, there’s no time like the present.  If you decide to purchase a CD, it’s important to shop around.  A CD is a type of account that yields a higher interest rate than most savings accounts, and requires that your initial deposit is invested for a fixed period of time.  If you’d like to compare CD rates, bankrate.com offers up to date information on rates and reviews.  Please note that most banks will charge an early withdrawal fee if the CD is redeemed before its maturity date.

Purchase a book on investing and open an investment account.  We often feel that we have to have a lot of money to begin purchasing stock.  I recommend starting small.  Sharebuilder is a great option for someone starting out because there’s no minimum deposit or investment amount.  In addition to allowing you to invest ‘your way,’ the site has a plethora of resources that can assist you in making sound investment choices.  A book that has received good reviews and may be helpful to teens is The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of .  This book along with an initial deposit in an investment account may be a good igniter to help your teen begin investing in their future.

Purchase the Pretend and Play Checkbook.  This gift was featured in the post, Financial Gift Ideas for Young Children.  While your teen may perceive this as a joke, the gift can serve a great purpose.  If your teen is preparing for college, in all likelihood, they will have a checking account at some point.  This ‘checkbook’ can be used to practice managing their money for college preparation.  For instance, as a part of the gift, I recommend adding a beginning balance.  The money should be ‘earmarked’ for college expenses (e.g., college tours, applications, etc.)  As they begin to incur expenses, help them manage this ‘account’ by adding deposits on a periodic basis.  Their ability to manage their Pretend and Play Checkbook will assist them in managing the real thing.

Purchase the game of Monopoly.  I’m sure that we’ve all played Monopoly at least once in our lifetime.  Why is this important?  The game of Monopoly teaches players how to strategize and the art of negotiation.  It also teaches the most important factor in purchasing real estate – location, location, location.  Although this game is older than many of us, it is still relevant. 

I hope these gift ideas are helpful.  As we prepare to give, let’s also look for opportunities to educate those we love.  While they may not welcome your new approach to giving, they will thank you later.  We’ve all experienced being a teenager and assuming that we knew what was best.  As we matured, we realized that our parents did know a ‘thing or two.’  Your teen will arrive at the same revelation at some point; it’s only a matter of time.

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