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Everything posted by richardmurray
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https://1drv.ms/u/s!ArspJ5yABJDqg7tEM5u2mq1KOTSwgQ?e=lu5eAp
Artist: Michele Rosewoman's New Yor-Uba, featuring Oru de Oro
Album: Hallowed
Track: The heart of it (chango)
THE MAGIC OF NEGRO SPIRITUALS
kathleen battle side jessye norman
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KWL Live Q&A – Romance Roundtable with B. E. Baker, Elana Johnson, Jean Oram, Jan Moran, & Kellie Coates Gilbert
MY THOUGHTS AS I WATCH5:54 publishing wide
opportunities expand with going wide.
you get to join with partners, book publishing, better.
you lose personalization on larger platforms11:12 define sweet romance and what is the difference between women's fiction and sweet romance
women's fiction , a woman enters one way and exists another
the focus is different, women's fiction where point of view are females, while sweet romance is a double
Advertising between women's fiction or sweet romance is not the same.
We do readers a disservice by trying to labelize or niche their stories.
The Notebook is beloved21:43 marketing reader expectations
Covers are our billboards
most use script because script smbolizes for most romance
big heavy romance readers are more acute and have many categories. if you make a romance that is small town and it is set in nyc, the readers will have a problem.
use subtitles, to specify for readers clarity
mafia romances are usually black red and gold , so an author changed her colors on her book, to handle the common assumptions of certain audiences
explicit titles can be blunt but can make it easy to be remember and focus, and in the blurb give them all the details to what is in it
branding is essential, if you go in a store and every can has no label, how do you know what you are buying.
your audience isn't everyone
as trends change, you can change books, especially if they fit39:30 marketing strategies and what has worked best for you
one started a reader group, and she did author interviews, she uses newsletters, the she's reading group is better
one said connecting to readers and she has a readers group , and her mailing list
one is her email marketing is her best avenue, stop marketing books, and start marketing experiences, and she is on a place that nobody can change.
one don't limit herself. she is very active in her facebook group. go for vertical sales, where people who like you and they buy your work. horizontal sales is new people. if you are selling at 99 cent and doing a lot of giveaways then you may have a marketing problem. do you need to get an editor. people on a restrictive budget are on kobo plus, not the regular sales.51:00 audience questions
one said, if you keep writing, this is a backlist. It may not work at the beginning but when you find your audience these books can do better.
one said, you write because you love doing it. and she had a story on the shelf for five years. But, all her books are clean. People think clean means cheesy.
one said, find yourself author friends, you can link. Don't do the journey alone.
one said, what few say when they reach six figures in sales, even they have days when things don't go well, where you will want to quit. you watch the graph go down, and you wonder. Get your tribe:)
husbands don't make great girlfriends:)
one, i write for it is a therapy.1:06:00 any advice for new authors coming into the industry
one said, if you are starting out, you are going to have to write and write and write.
one said, it is hard to advertise one book.
one said, take a little time every day to go into author groups. consume but don't take everything to gospel
one said, your working with something small at the beginning, every decision can be undone, everything you are making can be unfixed, following advice takes away from writing. Everyone's process is different, and other's may do well, and not your system.
try to have fun being a creator
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My thoughts in reply to the source
I don't see a problem at all. But I grew up in a home where my parents worked together to pay bills, to rear me. This concept of the male role or the female role is silly or dysfunctional.
A woman has the right to have a dominant charater type like a man has the same right.
The following image is shared as a photo of proper gender representation
https://twitter.com/ShadayaKnight/status/1626159504575414274
I don't see the problem with either. If Oprah side her partner/husband wants to appear side to side while Rihanna's partner/husband want to be seen with her in the lead and him being led carrying their child what is the problem?
I am a heterosexual man, a rare thing I tout , but I do now cause a dysfunctional mentality exist among many, and I argue most, of my fellow heterosexual men. And that is this idea that the man is lessened, or taken out of masculinity, ala emasculated, when he appears in any role where a woman is in a superior posture.
I do not know Rihanna, but if we actually knew each other, and we became intimate, and she said she wanted to have a child side me, and I said yes, I will not feel lessened or emasculated because we are in a photo shoot like the one above.
I can't even comprehend why I will feel lessened or emasculated. I will not feel embarassed or insulted by Rihanna or the photographer. In the photograph, Rihanna doesn't have a chain around the man's neck. She isn't walking in front disconnected which was a common and still visible married posture in public in Nippon or Japan.
The best question is, if Rihanna was holding the baby and being led by the male, would that then be an image of proper gender roles by those who judge the Rihanna photo above as emasculating to men?
Not for me. If my wife, no too easy, if my girlfriend wants to create a baby side me and I concur, then I have no problem at all with her wanting to have such a photo shoot. Notice I didn't mention money. I wouldn't mind this photoshoot. Now if my girlfriend has Rihanna's money, I daresay this photoshoot is warranted. I don't mind being the father whether my girlfriend is rich or poor if we both agree. But, I am not ashamed to say my girlfriend who has joined me in creating a baby, and another baby:), who is a billionaire warrants the photo. I am not less of a man because a woman is a billionaire and I am looking for work/hustling/struggling through my own road.
I think men who feel emasculated by Rihanna's photo are why so many women who are financially successful don't trust men. Cause many, and i argue most in global humanity, heterosexual men, whether rich or poor, feel/think/believe/know a woman , whether she is financially superior to them or not, needs to act like a housewife.
I recall a scene in Crazy Rich Asians, I never read the book, when a male character fiscally poorer than the female character he is married to couldn't handle their environment or reality in their community.
My fellow Heterosexual Men, calm down:) Your manhood isn't lessened because a woman can make more money than you, can want children without marrying you, can not need to rely on you for what men forced women to rely on men for in the past. Men in the USA...Embrace the opportunity to have only love as what is needed living side women. Don't undermine women as men in most other places in humanity who seem infatuated to a male dominant gender structure in their community.
Calm down and be happy women are free. Wouldn't you want your daughter to be able to be whatever she wants and not feel through peer pressure in her mind or where she lives she has to give a man an unfair or unwarranted or unnecessary role to her, just for his ego side the ego of many , and I argue most, in his gender community.CITATIONS
source
https://twitter.com/ShadayaKnight/status/1626112523190648833
The emasculation of men continues...you can already tell who the man is in this relationship...that dude about to be a proud mother of 2referral
https://twitter.com/MisterLassiter/status/1626639429153738752This guy has 260K plus followers. We are doomed to more of his fragility and stupidity...pretty much forever
IN AMENDMENT to the referral
I oppose the position of the source but I don't think men who are unafraid of women are near extinction. The reality is, the future will have many men who feel/know/think a woman has a natural subservient place. The good news is that the future will also have at least as equally strong spaces for men who oppose that position.
It isn't doom and gloom. And I comprehend the frustration. I am a heterosexual man. Yeah, lust isn't a sin, it is powerful, necessary, human. And shouldn't be cast aside. Lust all to often plays a huge role in men's, heterosexual men's physical desires for women. The key isn't to delete lust or run away from it or succumb to it, but to embrace love + liking more than lust. For when you love or like a woman, your lust can exist without guiding you to desiring a woman ill.
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MY THOUGHTS
new forms of magic generated by black joy during the harlem renaissance:) The first thing in my mind is, AZLouise has turned magic into a mortal technology, a technology that changes over time. In contrast to how magic is commonly treated. When you look at high john, his magical ability to avoid massah doesn't even have language. High john simply knows it. MAgic is a technology to high john but it is something intrinsic. It isn't new it is ancient. When you think of legends from candomble preist or preisteses, the orisha can take you over today with stellites or drones or cell phones no different than when the whipping post was the center of salvador bahia. Magic is a tool but ti is timeless. Even in harry potter. Hermione's parents are dentist and yet she is mastering ancient spells let wyndgaridum leviosa<bad spelling> which hasn't evolved or changed since first constructrusted. Magic is a tool but it has a primordial essence.
But in AZ Louise's book, without reading it, based on the premise in this video, magic has new forms, magic has new sources of energy. That is an uncommon take. A winter's tale from helprin had a little of what you are doing more robustly. I just got the wishing pool from tananarive due in the mail so I can't ompare the magic in that books tales. but if I recall I will comment back here.nice , good work Thistle , it's kickstarter is already set, by the time I saw this. You will be proud of me, I think I will do a reading series on tumblr live.
The cover is clearly romare bearden inspired:) ala the new negro movement often called the harlem renaissance. With people on the roof of the tenements that is a place I can't recall anyone else writing was the foundry of new magic.
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LINKPreserving Our Memories
for the Future
A Webinar with the South Side Home Movie Project
+ Orientation to New Online Tagging Tools
Hosted by the Chicago Public Library
6:30pm, Wednesday, February 22, 2023Home movies capture a range of details about everyday neighborhood life in Chicago, from fashion to food to how people walk down the street. During moments of social change, they also show historic events from a unique perspective, revealing what it was like to watch Myrlie Evers receive a posthumous award for her husband Medgar in Grant Park in 1963, or to visit the Lorraine Motel with your family in 1969.
The South Side Home Movie Project has been collecting and preserving home movies from Chicago’s South Side neighborhoods since 2005, and now holds over 700 of these rare glimpses of South Side life in their local film archive. For Black History Month, join the SSHMP team In partnership with Chicago Public Library for a virtual guided tour of the project, an opportunity to watch home movie clips from the 1920s-1980s, and a chance to learn about preserving and sharing your own family films.
SPECIAL NOTE: This session will also debut SSHMP’s new Community Tagging Tools, which let you add your own memories to the home movie database and identify the people, places and events you recognize. For the first time, Chicagoans from across the city are invited to try out this custom crowd-sourcing interface so that your stories become part of SSHMP’s virtual archive. Join us for a live demonstration and hands-on orientation to this new way to contribute your memories to Chicago’s history..
How to Attend
This event takes place on Zoom; register by 3:00 pm today, 2/22/23. Only one registration per household is needed. You’ll receive an email link to the secure Zoom link before the event. Automatic transcription is included in all CPL events using Zoom.
Image: Myrlie Evers receives a posthumous award for her husband Medgar, Grant Park, 1963; from the Nicholas Osborn Collection. -
Model: Goapele Mohlabane
Videographer: ronald reed ronwired
https://www.flickr.com/photos/ronwired/52019368979/in/dateposted/
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Model: Dorothy Combs Morrison < with Maestro Curtis band>
Videographer: ronald reed ronwired
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Model: Maestro Curtis <with band>
Videographer: ronald reed ronwired
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(Photo by Chip Somodevilla/Getty Images)TENNESSEE STATE UNIVERSITY MARCHING BAND MAKES HISTORY WINNING FIRST GRAMMY AWARD
Sharelle BurtHBCUs made their mark during the 65th Annual Grammy Awards in a major way.
Vibe reports Tennessee State University made history as the first marching band to take home the Grammy for Best Roots Gospel Album for their performance of “The Urban Hymnal” and being featured on J. Ivy’s “The Poet Who Sat By The Door,” which won Best Spoken Word Poetry Album.
Sir the Baptist, a songwriter and producer, and Assistant Band Director, Larry Jenkins, accepted the award on the band’s behalf. Jenkins said the win is needed for the culture. “You see the Grammy’s; You see the NAACP Image Award nominations, all of these amazing things that are expanding the culture, expanding the brand,” Jenkins said, according to Vibe. “This means a lot as well because it’s rooted in the culture. You have the highest award in music and in this culture that we’ve been able to tap into.”
Video
While all members of the Aristocrat of Bands couldn’t attend, TSU posted a video on Twitter of a watch party hosted on campus for the band and fellow students to bask in their major accomplishments. As soon as the band won, students jumped to their feet, chanting, “AOB! AOB!”
During his acceptance speech, Baptist shared what had to be done financially to make the win possible, stating how underfunded HBCUs are. “HBCUS are so grossly underfunded to where I had to put my last dime in order to get us across the line,” Baptist said. “We’re here with our pockets empty, but our hands aren’t.” Jenkins finished by thanking school officials, band staff, and the students for all their support. “Your hard work and dedication created the pen that allowed you to write your own page in the history books,” Jenkins said. “We all know we made history, but this is also February. We also made Black history.”
Tennessee State University follows in the footsteps of fellow Tennessee HBCU, Fisk University. In 2021, the Tennessean reports the historic Fisk Jubilee Singers won Best Roots Gospel Album for “Celebrating Fisk!” during the group’s 150th anniversary. < https://www.tennessean.com/story/entertainment/music/2023/02/05/tsu-marching-band-wins-first-grammy-we-made-history/69875201007/ >
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(Image: Courtesy of Fidelity Investments)FIDELITY COMMITS $250M TO BACK MINORITY STUDENTS, INCLUDING BLACK AMERICANS
Jeffrey McKinneyOne of the nation’s largest mutual fund companies, Fidelity Investments, is pledging $250 million to help as many as 50,000 Black, Latinx, and historically underserved students go to college.
The Boston-based firm is making the commitment via a fresh social impact initiative known as Invest in My Education. The effort over the next five years will include providing students with scholarships and mentorships. It will also focus on boosting college graduation rates, helping students finish school with no debt, and providing assistance in obtaining well-paying jobs after college. < https://go.fidelity.com/InvestInMyEducation >
The support is truly needed. Fidelity disclosed that just 21% of Black students who start college, graduate within four years, versus 45% of white students. Moreover, the company revealed that Black and Latinx students accumulate $25,000 more in student debt than their white peers.
To help combat some of the disparity, Fidelity is joining with United Negro College Fund (UNCF), which calls itself the nation’s largest and most effective education organization. < https://uncf.org/ >
With the gift, UNCF revealed it has gained the largest philanthropic corporate gift in its 78-year history from Fidelity Investments to launch the Fidelity Scholars Program. The UNCF reported Fidelity is donating $190 million to UNCF as part of the company’s $250 million initiative.
Dr. Michael L. Lomax, president and CEO at UNCF stated, “We are delighted to partner with a premier global financial services company to do this work. The Fidelity Scholars Program is exemplary, innovative and demonstrates the company’s commitment to provide equal educational opportunities for low-income and underrepresented students who do not have the advantages of other students.”
Fidelity’s initiative will consist of three key components that include a scholars program, retention and completion grants, and ecosystem-building grants.
Pamela Everhart, Head of Regional Public Affairs and Community Relations, Fidelity Investments, stated, “By taking a unique, long-term and holistic approach, Invest in My Education has the potential to support economic mobility for up to 50,000 students over the next five years — and that is really just the beginning.”
To learn more details check this out. < https://newsroom.fidelity.com/press-releases/news-details/2023/Fidelity-Investments-Launches-Invest-In-My-Education-MESM-Providing-Access-to-Education-and-Support-to-Historically-Underserved-Students/default.aspx >
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(Image courtesy of Disney)DISNEY UNVEILS COLLABORATION WITH BLACK-OWNED CREATIVESOUL PHOTOGRAPHY THROUGH RE-IMAGINED DIVERSE DOLLS INSPIRED BY DISNEY PRINCESSES
BLACK ENTERPRISE EditorsDisney announced today a brand-new collaboration with Black-owned business, CreativeSoul Photography < http://creativesoulphoto.com/ > , featuring a special-edition artist series collection of dolls across the African diaspora, inspired by Disney Princesses. < https://www.blackenterprise.com/creativesoul-honors-natural-hair-and-black-life-through-art/ >
The CreativeSoul Doll Collection, based on the work of CreativeSoul Photography founders Regis and Kahran Bethencourt, reimagines what a classic Disney Princess would look like through a diverse lens. The dolls contain natural hairstyles and intricate Afrocentric fabrics and adornments while paying tribute to four Disney Princesses – Tiana, Snow White, Rapunzel, and Cinderella.
The dolls will be featured at Walt Disney World Resort’s EPCOT International Festival of the Arts presented by AT&T where the CreativeSoul Photography founders, Regis and Kahran, will be present for book and doll signings Feb. 3-5.
PHOTO Source
(Image courtesy of Disney)In addition to the dolls, there will be a series of five photographic prints of the models which inspired the dolls. Including, one bonus print – paying tribute to Elsa – which will be available beginning Feb. 3 for a limited time in large-format wall art sizes and smaller deluxe prints. The festival, which runs through Feb. 20, will also showcase the natural-styled wigs and life-size dresses of the models on display from Feb. 3-5.
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Reimagined Snow White (Image courtesy of Disney)PHOTO Source
Reimagined Cinderella (Image courtesy of Disney)For over a decade, Regis and Kahran have pursued initiatives aligning with their mission of celebrating youth of color in artistic new ways through adding Afrocentric design elements to their visuals to showcase the beauty and strength of diversity.
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Reimagined Rapunzel (Image courtesy of Disney)PHOTO Source
Reimagined Rapunzel (Image courtesy of Disney)PHOTO Source
Reimagined Anna (Image courtesy of Disney)“Our mission has always been to bring bold inspiring images of people of color to life,” said Kahran. “We are both excited and proud of this project and hope that through the lens of photography, it will help further empower young girls of color and show they can be a princess too,” added Regis.
The CreativeSoul Doll Collection retails for $59.99 each, and will be available at shopDisney, Walt Disney World Resort, and Disneyland Resort starting Feb. 3. The CreativeSoul Doll Collection is another way that Disney continues to Celebrate Soulfully, which is an initiative that invites families and friends to gather for experiences that honor Black heritage and culture through music, food, art and more.
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(Image courtesy of Disney)PHOTO Source
(Image courtesy of Disney)PHOTO SOurce
(Image courtesy of Disney)PHOTO SOurce
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IT’S ALL ABOUT THE PITCH: ONE WOMAN’S MISSION TO HELP HER SISTER ENTREPRENEURS MATCH VISION WITH CAPITAL
by BLACK ENTERPRISE Jan. 26, 2023Shelly “Omi” Bell saw the struggle first-hand as an entrepreneur, so she created Black Girl Ventures to help all ideas from women entrepreneurs succeed.
Shelly “Omi” Bell remembers the day she was laid off from her computer science job. She decided at that moment that she had received her last pink slip.
“After I walked out of that job, I said to myself, ‘I won’t ever again put myself in a place where an employer can just lay me off for their own reasons. I have to make my own way.’”
PHOTO source
noneThat promise to herself led to the launch of Black Girl Ventures (BGV) in 2016. BGV is Bell’s crowdsourcing enterprise that provides women founders of color with direct access to capital and tools that can help them get through the initial stages of starting a business, create and meet key business milestones, and kick-start growth. < https://www.blackgirlventures.org/ >
“The motivation came from my journey,” explains Bell. “The news reported that Black women were launching businesses at six times the national average yet receiving less than 1% of venture capital. Instead, Black people depend on earned capital – our paychecks and savings.” Part of Bell’s funding came from her mother’s retirement.
A 2021 Harvard Business Review analysis confirms Bell’s point. More than 60% of Black women self-fund their startup costs—a high-risk gamble when only 29% of Black women entrepreneurs live in households with incomes over $75,000. High college debt and disparities in homeownership stack the deck further.
To change the narrative, Bell found inspiration in the fabled Harlem “rent parties” of an earlier era. She explains, “People would throw these fabulous house parties whenever landlords raised the rent. You’d pay at the door, and they’d use the money to cover the increase. The community came together to keep people in their homes.”
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View Transcript »
On-screen graphics:
Blue background with BLACK ENTERPRISE and Bank of America logos shown on screen.
Various images of Shelly “Omi” Bell appear.On-screen copy:
Shelly “Omi” Bell, Founder
Black Girl VenturesOn-screen copy:
Shelly “Omi” Bell, Founder
Black Girl VenturesOn-screen graphics:
Black Enterprise logo
“in partnership with Bank of America” logoShelly “Omi” Bell: I’m Shelly Omílàdé Bell, but I go by Omi, and I’m the founder and CEO of Black Girl Ventures.
Black Girl Ventures is a non-profit enterprise where we focus on creating access to capital, capacity, and community for Black and Brown women-identifying founders.
On-screen graphics:
Homepage of Black Girl Ventures' website
Change Agent Fellowship program page of Black Girl Ventures' website
The BGV Next Gen page of Black Girl Ventures' website
The Pitch Program page of Black Girl Ventures' websiteShelly “Omi” Bell: We have three main programs: An Emerging Leaders program is our change agent fellowship. We have our NextGen program, which is our HBCU program, and we have a pitch program, which is our signature program.
On-screen graphics:
Black Girl Ventures’ Raisify.co platformShelly “Omi” Bell: The audience votes with their dollars for the pitch that they favor.
On-screen graphics:
Various images of Black/African American women with microphones at the Black Girl Ventures’ pitch competitionsShelly “Omi” Bell: We take that capital, and we create a grant out of it, and we give it back to those founders. We also work with partners to either match the funding or give bigger prizes to the top three.
On-screen graphics:
Various images of Black Girl Ventures’ pitch competitionsShelly “Omi” Bell: And it’s not just the pitch competition that comes with BGV pitch; what is available to you is a new customer base and visibility, there’s coaching, and we also do deck review, which is an opportunity to gain more capital for your business.
We want to build a sustainable community practice.
On-screen graphics:
Various images of the Black Girl Ventures’ founder and employeesShelly “Omi” Bell: So, since the inception of BGV, we have funded over 300 founders, and this is direct funding to those founders. We’ve also directly impacted over 20,000 people through training.
Our partnership with Bank of America was specifically focused on communities, and the power of crowdfunding is the power of being able to build a community.
On-screen graphics:
Various images of Black/African American women
Short video clips of Black Girl Ventures’ pitch competitionsShelly “Omi” Bell: The importance of working with women, in general, is that women actually are the caretakers of the family.
We’re the ones that put the energy of the household on our back. So, when you serve a family, when you serve a woman, you are serving the community.
When you serve a woman, you are serving an entire family unit, not just one person. So, the importance of serving women, in general, is to be sure that we’re supporting an entire community and the future of generations to come.
Bell initially hosted small get-togethers in her southeast Washington, D.C. home, inviting local businesswomen to pitch to the group. “We voted for the best pitch and gave what we collected at the door back to the winner in cash.”
Those early gatherings eventually turned into the company’s signature program, BGV Pitch. The door charge is gone, but the concept is the same. Competitions are conducted virtually on Raisify, BGV’s online crowdsourcing platform. Funders who qualify (they must be in business for at least a year and generating revenue) tell the story of their business or product line to an online community of potential investors. “We let people vote with their dollars,” Bell says. “Then we take that capital, create grants with it and award the funds to businesses that stand out.”
Bell emphasizes that deep pockets aren’t required to be a contributor. “The BGV Pitch allows people to engage where they are. It could be $5 or $500. You can change somebody’s life in real-time.”
Bell’s strategic partnership with Bank of America has extended BGV’s reach and capacity. “With that help, we’ve created 120 new jobs and provided 1,040 technical assistance hours. Since we launched, BGV has funded 300 women entrepreneurs who, collectively, generate over $10M in revenue and support 3,000 jobs, making us the largest ecosystem builder for Black/Brown women founders on the East Coast.” BGV hopes to help more than 100,000 Black/Brown women founders by 2030.
“With the support of our partners, BGV is driving change and making a tangible impact in the community,” says Bell. She adds, “BGV is shooting for the moon, and we believe we can do it. There’s no doubt.”
Are you looking for a community that supports the growth of your business? Learn more about the resources BGV offers to kick-start or continue to elevate your business here. < https://www.blackgirlventures.org/ >
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(Image: iStock/valentinrussanov)BLACK MILLENNIALS GREATLY REDUCE DEBT YET STRUGGLE WITH HOME AFFORDABILITY: 5 TIPS TO HELP TRIM THE COST BURDEN
Jeffrey McKinneySome 34% of Black millennials had at least $10,000 in non-mortgage debt this year, representing a significant drop from 60% in 2022, fresh data reveal.
The finding raises the question of whether those millennials erased their debt. It’s possible, but real estate expert Jamie Seale explained it’s more likely that as inflation pushed home prices and interest rates higher, millennials with large amounts of debt dropped out of the home search and postponed their purchase.
Contrarily, 46% of all millennials had a minimum of $10,000 in debt in 2023, down from about 71% last year.
So, Seale shared with BLACK ENTERPRISE, more non-Black millennials will continue their home search while prices and interest rates are high. She is the author of the Millennial Home Buyer Report: 2023 Edition. Individuals quizzed in the report were asked about their homebuying plans this year. < https://www.realestatewitch.com/2023-millennial-home-buyer-report/ >
The findings are a big deal because Black millennials (30%) are more concerned than their non-Black peers (29%) about qualifying for a mortgage. She disclosed Black millennials tend to have lower credit scores than their white counterparts and are 2.5 times more likely to be rejected for mortgage loans.
“It’s important for Black millennials to get mortgages to help them afford homes because owning a home is one of the best ways to build generational wealth,” she notes. In 2019, Black homeowners had a median household wealth of $113,130—more than 60 times higher than Black renters.
To help attain homeownership, Black millennials are putting down less of a down payment.
A key reason: Debt is a major hurdle to saving for a down payment, and saving such is one of the top three barriers to buying a home for Black millennials. Some 42% report interest rates are too high and 38% cite both homes being too expensive and saving for a down payment as obstacles.
Around 73% of Black millennials plan to put down less than 20% for a down payment, versus 62% of all millennials. Seale says it is possible that saving for a down payment is more difficult because Black millennials typically earn less than their white counterparts and have more debt. < https://www.brookings.edu/research/black-white-disparity-in-student-loan-debt-more-than-triples-after-graduation/ >
She made clear Black millennials who don’t put down a full 20% may have a higher interest rate because banks assume more risk. And with less money spent on a home purchase, Black millennials are more likely to buy less costly homes. Seale says nearly 23% of millennials plan on buying a home that costs more than the national median of $455,000, but only 8% of Black millennials plan to do the same.
More specifically, she says, 18% of Black millennials (versus 13% of all millennials) plan to buy a home in the $100,000 to $149,999 range this year. Some 16% of Black millennials (compared to 9% of all millennials) plan to buy a home in the $200,000 to $249,999 range.
Black millennials also are less inclined to risk their money given inflation and high-interest rates make home-buying even more unaffordable. For instance, Seale added 65% of all millennials would buy a fixer-upper, but only 58% of Black millennials would take that gamble. Some 40% of Black millennials fear having to make major repairs, and 39% worry about the hidden costs of homeownership.
Here are some tips Seale offered for buying a home:
- ->“Expand your search: To stay within budget, Black millennials may need to look at smaller properties or in rural areas or less-demand neighborhoods.”
- ->“Improve your credit score: In a high-cost environment, qualifying for the lowest possible interest rate will lower your monthly mortgage payment. To improve your credit score, pay down debts and avoid any late payments.”
- ->Choose a shorter loan term: If you can afford a higher monthly payment, a 15-year loan usually has lower interest rates than a 30-year loan, meaning you’ll pay less in interest over time.
- -> “Shop around: Talk with several different lenders to make sure you’re getting the best deal and the lowest rate. As interest rates rise, the number of home buyers who need a mortgage has dropped, so lenders will be eager for your business.”
- ->“Alter your timing: Interest rates fluctuate, if you postpone your search, they may be lower in the future. However, that’s not without risks. Interest rates may continue to rise, as well as inflation. If inflation continues to increase, you’ll save more money by buying now than in the future, when money may hold less value.”
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(Image: Instagram IamBlackLit)SOCIAL MEDIA SAVES THE DAY RAISING $20K FOR BLACK BOOKSTORE OWNER FACING EVICTION
Sharelle BurtJanuary 26, 2023690When it comes to helping small-owned businesses, call on social media.
AfroTech reported that bookstore owner, Nia-Tayler Clark, has raised $20K, thanks to social media supporters. Before she was even able to open her business, BLACKLIT, in Dallas, Clark was threatened with eviction, and given 10 days to come up with $27,000.
On Jan. 22, she posted her story on Instagram, hoping to turn things around.
“After securing the building for the BLACKLIT Bookstore but not being able to open to the public for 4 months, we have fallen behind on bills and have been fighting to keep our head above water for the past few months,” Clark said.
“We just lost everything.”
Her supporters heard her pleas. Two days later, TikTok supporters shared her donation page and got her where she needed to be. Shortly after, the HBCU alum shared an update with the good news. < https://ifundwomen.com/projects/help-blacklit-bookstore-stay-open >
“Long story short: I pick up my keys tomorrow! And, they gave me 10 days to raise the $7,000,” Clark shared in an update.
The BLACKLIT storefront story started after Clark won a pitch competition during Fort Worth’s Global Entrepreneurship Week, according to Fort Worth Magazine. < https://fwtx.com/culture/blacklit-book-subscription-box-looks-to-encourage/ >
She described her business as a monthly book subscription box featuring the work of Black authors and Black entrepreneurs. Her website states the company’s mission is to “help close the literacy gap, to increase representation, and to cultivate conversations that bring unity across racial divides.” < https://iamblacklit.com/pages/our-story >
The website gave a descriptive moment of why she decided to start her business. “I literally had a student tell me “I don’t read Ms. I’m Black,” the former 10th-grade teacher wrote.
“It broke my heart; but, it also opened my eyes.” The money raised will not only help her keep her business open, but will assist in building a team, whom the Texas business owner told Fort Worth Magazine she needs. “It’s gotten us pretty far, but we need to hire.” < https://fwtx.com/culture/blacklit-book-subscription-box-looks-to-encourage/ >