Ryan Mack: Suze Orman vs. Suze Orman – Money Vs. Principle

31 Jan

by Ryan Mack

I have long admired the work and writings of Suze Orman; I have often taken her advice and advised others to do the same. As a financial advisor I have taken the path to teach financial literacy to individuals in economically challenged communities across the United States – those who do not have access to solid fiscal management principles, those who can least afford to be irresponsible with their money, and those who also know and respect the name Suze Orman. Therefore I was sadly surprised and disappointed to learn that someone for whom I had so much respect would be an advocate for the prepaid debit card. My “unofficial mentor” had chosen to make money from the very people I am attempting to help. She had joined the ranks of the Lil Wayne, Tom Joyner, Russell Simmons, and the Kardashians.

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Ryan Mack: Not You Too SuzeOrman…Say It Ain’t So!

16 Jan

Written By Ryan Mack, Author of Living in the Village (www.livinginthevillage.com)

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Suze Orman is Banking on your Financial Ignorance

12 Jan

By:  Lorillia Brown-Phillips, The Money Mentor, Your Black World

I have always respected Suze Orman’s advice and her brand awareness in the area of personal finance, so I want to begin that this is not a Suze Orman bashing article.  But it is an article to bring awareness, to the exorbitant fees associated with her newly issued Approved Prepaid MasterCard.  The Approved Prepaid MasterCard a campaign that is targeted to the unbanked or under banked consumers, which consist of approximately 9 million Americas according to the FDIC.  The Approved Prepaid MasterCard card is being promoted along with Suze Orman’s newly released book America’s Money Class.  The America’s Money Class is also a television show that premiered January 9, 2012 at 9pm on the OWN network.

According to the card’s website http://www.approvedcard.com, the card is advertised as a “smarter way to be debt-free”, but consumers who may find this card as a solution to their money problems will still be financially poor.  Prepaid debit cards do not educate or encourage consumers to be fiscally empowered or responsible.  Relying on prepaid debit cards, check cashing stores or tax refund loans shows that there is an urgent need for financial literacy, not a saturated market of predatory financial products.

What are the fees associated with this card?  There are 20 fees that total $145.95 that a consumer should be aware of if they plan to use the Approved Prepaid MasterCard.  The Approved Prepaid MasterCard fees are as follows:

  1. Card Purchase Fee                3.00
  2. Monthly Account Maintenance Fee    3.00
  3. Allpoint ATM Withdrawal Fee – Domestic 2.00
  4. Non-Allpoint ATM Withdrawal Fee – Domestic    2.00
  5. Domestic ATM Balance Inquiry Fee    1.00
  6. Domestic ATM Declined Fee    1.00
  7. International ATM Withdrawal Fee    2.00
  8. International ATM Balance Inquiry Fee    1.00
  9. International ATM Declined Fee    1.00
  10. Over-the-Counter Cash Withdrawal Fee    2.00
  11. Live Agent Customer Service Call Fee (English & Spanish)    2.00
  12. Card Replacement Issuance Fee    3.00
  13. Express Card Delivery Shipping Fee    20.00
  14. Paper Statement Fee    2.00
  15. Bill Payment Fee – Paper Check    1.00
  16. Bill Payment Fee – Expedited/Same Day Payment    9.95
  17. Bill Payment Fee – Check Re-Issue    15.00
  18. Bill Payment Fee – Payment Inquiry    30.00
  19. Bill Payment Fee – Postal Reject    25.00
  20. Bill Payment Fee – Check Copy    20.00

 About the Author:

Lorillia Brown-Phillips is a Financial Advisor and Author of “Jump Start Your Credit: How to Negotiate and Settled Your Debts in 10 Steps”, she can be reached at admin@brownassocllc.com or http://www.brownassocllc.com

5 Steps to a Financial Makeover in 2012

6 Jan

By:  Lorillia Brown-Phillips, The Money Mentor, Your Black World

It’s now 2012, and if you’re still procrastinating with making a financial leap, then you don’t want to put it off any longer.   Procrastination is never a good thing, and why have your personal finances suffer in the meantime.  If you need a financial makeover, it takes a mental commitment; one that will allow you to stay the course until the end of the year.  Here is a quick 5 step checklist that can assist you in staying committed to a financial makeover in 2012.

1.    Set Realistic Goals – Making a laundry list of all the things you want to change and correct can be intimating, and intimidation can breed failure.  Consider taking a four quarter approach when you set your financial goals.   For example during the first quarter of 2012, I will only reduce and pay down debt, and second quarter I will rebuild my credit.  There are four quarters in a year, and by taking a quarter approach, you’re slaying your financial giants in small pieces, instead of one big unrealistic punch.

2.    Write it Down – Studies show that people who write down their goals, are more committed, then people who do not.  You want to see it on paper; this will allow you to see the progress. It’s important to write your goals down; you want to see where you started and where you want to end up in December.

3.    Financial Buddy – Ask a friend or a love one to hold you accountable to reach your goals.  Individuals, who work with someone, are much more likely to reach their goals successfully.  Find someone you trust who will not make you feel bad about your financial shortfalls.

4.    Automate and Systematize – Use online tools that will allow you to program a certain dollar amount or percentage into an automatic deposit account.  If you have a job, you can go to your HR department and elect to have a designated amount of your paycheck be deposited to an outside account of your choice.

5.    Reward yourself – Once you reach a successful milestone with your quarterly goal setting.  Reward yourself without splurging, if you didn’t meet your goal as plan. Examine what did you do wrong, find out was your goal unrealistic, if so make changes so it will be attainable, but stick with it and don’t quit.

 About the Author:

Lorillia Brown-Phillips is a Financial Advisor and Author of “Jump Start Your Credit: How to Negotiate and Settled Your Debts in 10 Steps”, she can be reached at admin@brownassocllc.com or http://www.brownassocllc.com

Black Life Coaches: How to Shake the Midday Blues

3 Jan

Rapper 50 Cent Signs Major Deal with Pepsi

3 Jan

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Kanye and Jay Z Get Paid Nearly $3M apiece to Perform at a Sweet 16 Party

30 Dec