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Are you ‘ballin’ outta control’ or ‘spending out of control’?

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I’m both ghetto and bourgeois. Before I go any further, allow me to first explain to my bourgeois friends what “ballin’-outta-control means. Ballin’-outta-control is urban vernacular—slang. It means to do well, succeed, or ascend to the top of your profession.
While at church this past Sunday, the pastor was breaking down Satan, sin and demonic thoughts. When the pastor touched on jealously and envy, he used various stories to illustrate his point of view. The primary point of one of his stories was showing how people become jealous and envious when they see other people with nice things including clothes, cars, and homes. He stated (I paraphrase) that when you become confident in your own ability to grow, succeed, and acquire some of the finer things in life, you’ll become an enthusiastic cheerleader of others who are striving to do well instead of harboring jealously and envy in your heart.
On our way home from church, my wife asked me if I ever get jealous or envious when I see people wearing fancy clothing, driving nice cars, or living in luxury housing. I responded “Jealous? Not at all—in fact I feel sorry for people when I see them with these status symbols of success.” I think the pretty lady expected me to respond differently for she looked at me and paused. You too may be wondering why do I feel sorry for people who are ballin’-outta-control.
As a child of poverty, I’d determined years ago that until I become wealthy, I would learn everything there is to know about money. Well, I have officially become a “financial nerd”. I know the route to riches. Let me be straight up with you. There’s no short cut to financial prosperity. There’s no stagnation in the process to becoming wealthy. You’re either growing richer day by day or you’re growing poorer day by day. Here’s the good news—everyone reading this column has the potential to become financially independent or wealthy in their lifetime. Don’t believe me? If you do some research, you’ll learn that more than 80 percent of today’s millionaires are first generation rich. They started with nothing and through diligence, sacrifice, perseverance, and economy, over time they became wealthy. The bad news is that although eight out of 10 become wealthy, the wealthy group represents 1 percent of the population. This means that 99 percent of the people reading this column will not become financially independent or wealthy. I think it’s safe to say that everyone reading this column welcomes the idea of being wealthy. If that’s the case, why will most of us fail at achieving that goal?
Here’s a million dollar secret—to achieve any worthwhile goal, it’s not so much what you’re willing to do to achieve the goal. It’s what you’re willing to give up to achieve the goal. Knowingly or unknowingly most of us would rather look rich than be rich. Ninety-nine percent of the people reading this column will sacrifice their ability to become wealthy tomorrow for the price of a compliment today. When you see people flaunting around with status symbols—clothing, cars, houses, etc., you think wow they’re ballin’-otta-control. I think wow, can you imagine the payments on that thing. I then think, I hope they’re not laid off in the near future. I hope that they manage to save some money for a rainy day. I hope they remain healthy and able to work. I hope the skills they have don’t become obsolete. I hope they manage to save for retirement. Then I think about the opportunity cost of making payments versus investing. If they would have invested that money instead of making payments each and every month, they could have become wealthy beyond their wildest dreams. Don’t get me wrong. I like nice things and I aspire to have nice things. I simply refuse to spend myself broke in the process of acquiring nice things.
I think this way for wealthy people as well. Consider Sam Walton, founder of Sam’s Club and Wal-Mart. He’s been dead and gone for years yet the fortune he amassed while living has placed five of his heirs in the top 10 on the Forbes Richest 400 list. It’s a known fact that Sam Walton drove a modest looking pick-up truck to and from work for years.
If you want to pass on wealth like Sam Walton and be a true baller (success), understand this, “if it don’t make dollars, it don’t make sense.”
(Mortgage and Money Coach Damon Carr is owner of ACE Financial. Damon can be reached at 412-216-1013.)

Last Updated on Thursday, 14 February 2013 15:35

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Obama minimum wage plan renews economic debate

President Barack Obama's call to raise the minimum wage to $9 an hour and boost it annually to keep pace with inflation is already getting a trial run.

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ON THE ROAD--President Barack Obama speaks to workers and guests at the Linamar Corporation plant in Arden, N.C., Wednesday, Feb. 13, as he travels after delivering his State of the Union address Tuesday. (AP Photo/Chuck Burton)

 

 

by Sam Hananel

Associated Press Writer

WASHINGTON (AP) — President Barack Obama's call to raise the minimum wage to $9 an hour and boost it annually to keep pace with inflation is already getting a trial run. Ten states make similar cost-of-living adjustments, including Washington state, where workers earn at least $9.19 an hour, the highest minimum in the country.

In all, 19 states and the District of Columbia have minimum wages set above the federal rate of $7.25, a disparity Obama highlighted in his State of the Union address as he seeks to help the nation's lowest paid workers.

Obama's proposal is renewing the age-old debate between advocates who claim boosting the minimum wage pumps more money into the economy, helping to create new jobs, and business groups that complain it would unfairly burden employers and curb demand for new workers.

And it faces certain hurdles in Congress, as top Republicans including House Speaker John Boehner wasted little time dismissing the proposal.

More than 15 million workers earn the national minimum wage, making about $15,080 a year. That's just below the federal poverty threshold of $15,130 for a family of two.

 

Selling his plan to a crowd in Asheville, N.C., on Wednesday, Obama said it's time to increase the minimum wage "because if you work full-time, you shouldn't be in poverty."

Advocates say a minimum wage increase can lead to even broader economic benefits.

"These are workers who are most likely to spend virtually everything they earn, so it just pumps money back into local economies," said Christine Owens, executive director of the National Employment Law Project, a worker advocacy group.

But William Dunkelberg, chief economist for the National Federation of Independent Business, said the increase would hit businesses hard and only hurt low-wage workers by reducing demand for their services.

"The higher the price of anything, the less that will be taken, and this includes labor," Dunkelberg said. "Raising the cost of labor raises the incentive for employers to find ways to use less labor."

Economists have long disputed the broader impact of setting a minimum wage. A major 1994 study by labor economists David Card and Alan Krueger found that a rise in New Jersey's minimum wage did not reduce employment levels in the fast food industry. Krueger now is chairman of the White House Council of Economic Advisers.

Yet that study has come under fire from other economists, who argue that comparing different states over time shows that raising the minimum wage hurts job growth.

Mark Zandi, chief economist at Moody's Analytics, said that a higher minimum wage would boost incomes for some poorer workers. But it would also discourage employers from hiring more of them.

"So on net, I am not sure it helps," he said.

The government first set a minimum wage during the Great Depression in 1938. It has been raised 22 times since then — the last increase went into effect in 2009 — but the value has eroded over time due to inflation.

Obama's latest plan would raise the hourly minimum to $9 by 2015 and as well as increase the minimum wage for tipped workers, which has not gone up for more than two decades.

As for states that have already set minimum wages above the federal rate, they range from $7.35 in Missouri to the high of $9.19 in Washington. In 10 of those states, the minimum wage is automatically adjusted every year to keep pace with the rising cost of living — Arizona, Colorado, Florida, Missouri, Montana, Nevada, Ohio, Oregon, Vermont and Washington.

Women represent nearly two thirds of minimum wage workers, while black and Hispanic workers represent a higher share of the minimum wage work force than whites, according to the Economic Policy Institute.

The last federal minimum wage increase was signed into law by President George W. Bush, when it increased from $5.15 to $7.25 in a three-step process between 2007 and 2009.

The last recession began in the middle of that process and took an especially heavy toll on middle-wage positions, which accounted for 60 percent of jobs lost in the crushing downturn. Most of the job growth since the 2010 recovery has been in low-wage jobs. Owens, for one, contends: "There's no compelling case to be made that raising the minimum wage triggered job losses."

Doug Hall, director of the liberal Economic Policy Institute, estimates that raising the minimum wage to $9 would pump $21 billion into the economy and lead to the creation of 120,000 jobs.

But Randel Johnson, vice president at the U.S. Chamber of Commerce for labor issues, said the increase would come "on the backs of employers" who would hire fewer people and cut overtime.

 

"You don't put new burdens on employers when they are trying to recover in a tough recessionary time," he said.

Johnson also warned against tying wage increases to inflation.

"Employer profits are not magically indexed somehow to always go up," Johnson said. "Congress needs to look at the validity of raising the minimum wage in the context of the economic times in which it's being proposed."

That concern is expected to drive Republican opposition in Congress. Florida Sen. Marco Rubio, who delivered the GOP response to Obama's State of the Union address, said Wednesday that boosting the minimum wage is the wrong way to help workers increase wages.

"I don't think a minimum wage works," Rubio said on "CBS This Morning. "I want people to make more than $9 dollars an hour. The problem is, you can't mandate that."

Boehner, the House speaker, told reporters Wednesday: "When you raise the price of employment, guess what happens? You get less of it."

The White House is pointing to companies such as Costco, Wal-Mart and Stride Rite that have supported past increases in the minimum wage, saying high wages help build a strong work force and lower turnover helps improve profitability over the long run.

Associated Press writer Christopher Rugaber contributed to this report.

venz�*' �P� ��� n: "People throw around all the time that someone is an old soul packaged in a very young body, and as cliched as that may be, it's true."

But Zeitlin said Quvenzhane was still very much a little kid on the set: "She would say things to me like, 'Benh, I'm only 6 years old, you need to use smaller words,' or 'I'm gonna get cranky sometimes.' She had this awareness almost like an observer of a child."

He also points out that Quvenzhane is nothing like the girl she played.

"Hushpuppy as a character is going through unbelievable circumstances. She's damaged, she's morose, she's contemplative, she's quiet, she has this great burden on her shoulders," Zeitlin said. "Quvenzhane Wallis is the most carefree, fun-loving, goofy, playful person you can imagine, and she had to put herself in that skin on a consistent basis."

Last Updated on Thursday, 14 February 2013 09:34

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Business Calendar 2-13

BusinessCalendar

 

Fraud Seminar
FEB. 14—The University of Pittsburgh ‘s Institute for Entrepreneurial Excellence will host “The Truth About Dishonesty: Managing Risk & Combating Fraud” from 7:30-10:30 a.m. at the University of Pittsburgh, Mervis Hall, Roberto Clemente Drive, Oakland. Bill Nugent and Lee Baierl will facilitate this seminar designed to protect one’s business. Baierl will share his own experiences of being a victim of fraud. For more information, call email This email address is being protected from spambots. You need JavaScript enabled to view it. .
Business Series
FEB. 14—The Carnegie Library of Pittsburgh will host their Business Program Series at 12:15 p.m. at the Downtown & Business branch, 612 Smithfield St., Downtown. The topic will be “How to Appeal Your Property Assessment” with Kenneth Behrend and Barbara Ernsberger, of Behrend and Ensberger PC, Attorneys at Law. This event is free and open to the public. For more information, call 412-281-7141 or email This email address is being protected from spambots. You need JavaScript enabled to view it. .
PowerBreakfast Meeting
FEB. 15—The African-American Chamber of Commerce of Western Pennsylvania will host its PowerBreakfast Meeting at 7:30 a.m. at the Rivers Club, One Oxford Centre, 301 Grant St., Downtown. The guest speaker will be Neal Binstock, senior director of business operations at Robert Morris University. He will focus on Robert Morris’ procurement team and their requirements for doing business with the university. Registration is requested and the cost is $20 for members and $30 for non-members. For more information, call 412-392-0610 or email This email address is being protected from spambots. You need JavaScript enabled to view it. .
The Second Step
FEB. 15— The University of Pittsburgh ‘s Institute for Entrepreneurial Excellence will host “The Second Step: Developing a Business Plan” from 7:30-10 a.m. at the University of Pittsburgh, Mervis Hall, Roberto Clemente Drive, Oakland. In this seminar, attendees will learn about operational and production planning, conducting market research and creating financial spreadsheets to attract funding for one’s business. Registration is required. For more information, call Tara Gerek at 412-648-2389 or email This email address is being protected from spambots. You need JavaScript enabled to view it. .
Members’ Orientation
FEB. 19—The African American Chamber of Commerce of Western Pennsylvania will host a Members’ Orientation from 11:30 a.m.-1:30 p.m. at the Koppers Building, 436 Seventh Ave., Suite 2220, Downtown. Registration is required and a box lunch will be provided. For more information, call 412-392-0610 or email This email address is being protected from spambots. You need JavaScript enabled to view it. .
Certified MBE Certification
FEB. 19—The Western Pennsylvania Minority Supplier Development Council will host a Certified MBE Orientation from 3-4 p.m. at the Regional Enterprise Tower, 26th floor, 425 Sixth Ave., Downtown. The orientation will teach individuals how to use the WPMSDC to develop one’s company, along with topics such as the Dos and Don’ts of doing business with corporate members, renewing certification using the new online portal and more. For more information, call Meg Crossan at 412-391-4423 or email This email address is being protected from spambots. You need JavaScript enabled to view it. .
Business Skills Development
FEB. 23—Chatham University’s Center for Women’s Entrepreneurship will host its Business Skills Development Workshop from 8 a.m.-12 p.m. at Chatham University, Woodland Road, Oakland. The topic will be “The Me; The Market; The Money.” The workshop will examine the entrepreneur, identifying key desires of the individual and focusing on the business meeting those requirements. Registration is required and the cost is $35. For information, visit www.chatham.edu/cwe.



Nursing Job Fair
FEB. 25—Community College of Allegheny County Boyce Campus’ Job Placement and Career Services will host a Nursing Job Fair from 1-5 p.m. at CCAC Boyce, Lecture Hall Lobby, 595 Beatty Rd., Monroeville. This event is free and open to current CCAC students and alumni. For more information, call 724-325-6771.
MWDBE Conference
MARCH 7—The MWDBE Governmental Committee will host the 12th Annual Conference for Minority, Women and Disadvantage Business Enterprises from 9 a.m.-2 p.m. at the IBEW Conference Center, 3 Hot Metal St., South Side. The theme is “Mind Your Ps: Preparation, Process, Procurement and Performance.” Guest panelists will be Greg Spencer, Barbara Weaver, Elizabeth Bowers, Deborah Wojcik and Nathan Heitzman. Registration is required. For more information, call 412-402-2460.
(To have information on Business Calendar, send information at least two weeks in advance to: 315 E. Carson St., Pittsburgh, Pa. 15219; Fax: 412-481-1360 or e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. .)     

Last Updated on Wednesday, 13 February 2013 10:25

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Home Depot to hire 80,000 for spring

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HIRING—Home Depot is making its yearly hiring push, aiming to fill more than 80,000 jobs for its busiest season.

 

by Jose Pagliery 
NEW YORK (CNNMoney)—Home Depot is making its yearly hiring push, aiming to fill more than 80,000 jobs for its busiest season.
That’s 10,000 more jobs than the home improvement retail chain posted last year at this time, marking a 14 percent year-over-year increase.
In a statement, the company’s executive vice president of human resources, Tim Crow, said, “We find some of our best associates during our peak season, and many of them have built long, meaningful careers with us.”
Spring is typically the strongest time of the year for Home Depot (, Fortune 500), and the move shows the company is preparing for a better season than years past.
After all, the housing market is showing positive signs. New home sales and existing home sales are up, and home building remains robust.
The Atlanta-based chain is particularly sensitive to the fluctuations of the nation’s housing market. It cut 7,000 jobs and shut down several brands at the tail-end of the recession in 2009. Since then, Home Depot has increased its spring hiring push
every year, adding 60,000 seasonal associates in early 2011 and 70,000 in 2012.
The chain employs upwards of 300,000 workers in 2,256 stores across North America. Prospective employees can apply online, and military veterans can now use a recently launched application tool designed specifically for them.

Last Updated on Wednesday, 13 February 2013 10:25

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Those hidden cellphone taxes

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HARRY C. ALFORD

 

 

NNPA)—Governments—federal through local—are run by revenue. The source for their revenue is taxation. Their management is best when the revenue is low and worse when there is too much revenue. Too much revenue breeds corruption, waste, ineptness and disorder. That is why the last stimulus we had was a total failure. There was just too much money being manipulated and the nation did not improve at all. I want to discuss one of the stealth ways that government uses to stick us up for more taxation.
The subtle way of revenue raising is the cell phone taxes. From the federal government down to your local town, governments are taking advantage of the popularity and success of our wireless devices. To tax cell phones is bad enough but the salt going into the wound is the fact that they are continuing to rise. According to economist Scott Mackey, “a recent study shows that the average American wireless consumer now pays 17.18 percent in monthly wireless taxes and fees. That’s up from 16.26 percent since the last time he looked at these numbers in 2010.
That means that for your wireless service every month, you’re paying a tax rate nearly two and a half times higher than the average general sales tax rate (7.33 percent) that you’d pay if you bought another taxable good or service. Yes, there are 47 states where wireless users like you are being hit by federal, state, and local governments with excessive taxes and fees.
There has been a noble attempt to stop this madness. The Wireless Tax Fairness Act was introduced in the House of Representatives by Representatives Zoe Lofgren, D-Calif., and Trent Franks, R-Arizona. If passed, this bill would prohibit any local and state governments from adding any more taxes on wireless users for five years. It sailed through the House (230 co-sponsors and unanimous voice vote) and was picked in the Senate by Ron Wyden, D-Oregon, and Olympia Snowe,R-Maine. However, our do nothing Senate has it stalled in the Senate Finance Committee. Somehow we have got to get moving again.
What are some of the ways to hit us up with these taxes?
The big one is the Universal Service Fund. According to State Tax Notes: “The federal USF is administered by the Federal Communication Commission, with open-ended authority from Congress. The program subsidizes telecommunication services for schools, libraries, hospitals, and rural telephone companies operating in high-cost areas.” You pay a rate of 5.82 percent of your monthly wireless bill. Now, some states are starting to charge a State Universal Service Fund in addition to all other taxes that are assessed.
Some states assess a Telecommunication Relay Services fee, TRS, which helps fund services for people with disabilities via devices such as talking phones and digital communication services. According to State Tax Notes: “Most states impose 911 fees to fund capital expenses for the 911 system, and in some cases the fees fund 911 operations as well.”
Some examples of how states and local governments hit you up: California (local utility user tax, state 911, PUC fee, ULTS (lifeline), deaf/CRS, high cost funds A and B, teleconnect fund, CASF-advanced services fund); New York (state sales tax, local sales taxes, MCTD sales tax, state excise tax, MCTD excise surcharge-186e, local utility gross receipts tax, state wireless 911, local wireless 911, MCTD surcharge-184, NY franchise tax-184, school district utility sales tax); Nebraska (state sales tax, local sales tax, city business and occupation tax, state USF, Wireless 911, TRS). As you can see various forms of government are choosing to get in on the hustle. We must find a way to stop this madness as it does nothing to improve the “business” of governing.
The most expensive place to have a cell phone is Nebraska which has a total of 24.49 percent of taxes assessed to your monthly bill. That is almost a dollar out of every four dollars on your bill. Nebraska is closely followed by Washington, New York, Florida, Illinois, Rhode Island, Missouri, Pennsylvania and Maryland. These taxes should not be there. They are there because we don’t have any outrage as they subtlety tack them to our phone charges. Most of us think it is the phone company charging us and not local, state and federal politicians hitting us up. We get mad at T-Mobile, Sprint, AT&T, Verizon, etc. But it is not them but politicians hiding behind their “cover.”
 (Harry C. Alford is the Co-Founder, President/CEO of the National Black Chamber of Commerce®. Website: www.nationalbcc.org. Email: This email address is being protected from spambots. You need JavaScript enabled to view it. .)

Last Updated on Friday, 08 February 2013 14:43

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