Check Out Dr. Boyce Watkins Interview With AOL Blackvoices.com

Smart Money Tips With Dr. Boyce Watkins
Posted Jan 27th 2009 6:34PM by Alexis Stodghill
Filed under: Money Talks

By Alexis Garrett Stodghill, BlackVoices.com

Dr. Boyce Watkins is a renowned scholar and speaker in the area of finance. As an African-American financial expert, Dr. Watkins has made it his personal mission to educate our community through writing books and essays, making media appearances, public speaking and more -- so that we may become more empowered with knowledge when it comes to the all-mighty dollar. BlackVoices.com asked the doctor to share his wisdom and advice for folks seeking tips to successfully navigate the current economic storm. According to Dr. Watkins, it's still possible to get your finances in order -- in fact, it's imperative.

As a black finance expert, what is the most common problem you see in the black community when it comes to personal finance management?

The most common problem is that historically, African Americans have been excluded from the opportunity to build wealth. Money was made from our labor, but we never got much of it. That led to a laborer mentality in African-Americans that taught us how to go out and get jobs rather than learning the art of CREATING jobs. This problem was further exacerbated by the fact that building a company requires capital, which we typically don't have. Most African-Americans have far lower inheritance levels than whites, and this impacts your economic opportunities in life. Also, when you've never had much money, you are usually not very good at managing it, so we are as bad as the rest of America when it comes to our spending, saving, investing and borrowing habits.

How would you suggest that someone with little knowledge of personal finance get started on the road to financial stability?

First, get educated. Empower yourself with financial literacy. The greatest university in the world is called Google.com. You can research any topic you want. Secondly, start small. You don't have to conquer the world in two steps. Just start by saving 10% of your income. You might say you don't have money to save, but you actually do. If your boss came into your office and gave you a 10% paycut, you'd find a way to survive. Find a way to learn to save. Finally, get a "side hustle." Challenge yourself to find small ways to supplement your income. The riskiest thing to do in this economy is to get all of your personal income from one source.

You have two college degrees, a master's degree and a PhD. What would you say is the relationship between level of education and income?

Education not only gives you many opportunities to earn more money, you usually earn more money with less work, doing a job that you might actually like. Personally, education was the difference for me between being financially well off and living a life of poverty. Education also provides job security, which is often overlooked. Autoworkers, for example, were always able to make high wages with little education. But once the Big Three started to buckle, they were stuck with unskilled labor opportunities. Everyone should get as much education as they can get, since education can be a path to both a wealthy bank account and a wealthy life.

Would you share some tips for sound money management in 2009?

Yes.
-First, keep investing, especially in the stock market. When the market is low, that's the best time to find cheap stocks. Then hold on to your investments in a well-diversified portfolio (meaning, keep your money spread out). Before you know it, the downturn will have put money in your pocket.

- Learn to adjust your financial habits. Part of the reason we are in this mess is because Americans were borrowing too much money and working hard to live paycheck to paycheck. Get out of that habit, because the government is not going to be able to save us for much longer.

- Cut the toxins out of your life. If you have any bad habits or bad people draining you of your resources (a relative, a friend, or even yourself), renegotiate that relationship from one that is financially destructive to one that can be productive. For example, you may have to cut the financial umbilical chord from a dependent child, or tell that brother that he can't borrow money from you anymore. Cut the toxic energy out of your life so you can rethink your way of seeing money.

You have written extensively on love and money issues. What is your advice for best blending marriage and finances?

In 'Financial Lovemaking,' I tell couples to "find a rhythm." Merging your money is the same as merging your body (ie. sex): No one can tell you how to do it, since we all enjoy different things. You find out what your partner needs, share your own needs and then find a way to make the process comfortable and fulfilling for both parties. If your partner is a saver, then you need to respect that. Given that there is usually a deeply psychological reason that your partner is a saver, you are in serious trouble if you have habits that create financial instability in your relationship. Also, MAKE SURE you know what you're getting into: Many couples focus solely on love, lust, and physical appearance and spend almost no time observing the financial disposition and habits of their partners before making this major commitment. That is a recipe for disaster.

Before you commit your life, your future, your children and your money to someone, remember that LOVING together means LIVING together. If someone is financially irresponsible or brings a set of (what I call) "financial venereal diseases" into your life, it is going to be hard to live with them. You should check the debt levels, income levels and credit score of anyone to whom you choose to commit. Make sure they don't have any financially destructive habits, like alcoholism, drug abuse, gambling, or even the shopaholic's disease. Make sure that your financial values are in line with your partner's: For example, don't marry a woman who needs a $40,000 engagement ring if you think that a $500 ring should do the trick.

If you don't ask the hard questions, you can be locked into something with someone who literally destroys your life later down the road.

What is your opinion of the current recession? What is the best way to weather it?

The current recession may very well be the tip of the iceberg. There are serious long-term problems with our economy, and the break down of our financial system is merely a symptom of bigger issues. Additionally, this recession has a deeper problem. It is occurring during a time in which our global financial markets are integrated unlike at any other time in world history. That means that we are dealing with a problem of historic proportions on a landscape on which we've never operated.

The best way to cope with the recession is, in part, through what the government is already doing: Utilizing massive fiscal stimulus plans and encouraging global cooperation. Two other things they could have done are a) to have not wasted 700 billion dollars persuading Americans that Wall Street Bankers need to be protected, and b) to have spent more time helping Americans adjust their expectations.

President Obama seems to be trying to manage expectations, but he has already set the bar very high with his long list of campaign promises. The economic problem for Obama is that it will be extremely difficult to boost our economy back to where it was before, particularly since much of our financial gains over the past 7 years were illusions created through easy access to credit and a poorly regulated financial system. It's similar to an athlete on steroids trying to get off the drugs and then regain old form. It's very difficult to do.

On an individual level, I encourage families to remember that the government may not be there to take care of you in retirement. If you are not saving for retirement, it is critical that you do so. You should also find ways to structure care for the elderly in your family so that they are going to be OK. Also, tighten your own belts and get out of the habit of living from paycheck to paycheck. This is not a secure economy, and seemingly financially stable companies are disappearing overnight. The riskiest thing you can do in this economy is to get all of your income from one source. Find a way to make money from multiple avenues.

What has inspired you to come this far with so much self-determination, as a black man who was born to a single teen mom, then becoming a teen parent yourself?

I wake up every single day with a purpose. Dr. King and Malcolm X died young, so I never knew how much time I will have. But I am absolutely determined not to waste a single day and do all I can to help reshape what it means to be a black scholar and black leader in America. When I get emails from young people telling me that I've inspired them to change their thinking, then I know I've done my work. I know that I am not going to be on this earth forever, but I love the idea that I can impact people in such a way that the spiritual influence can last for generations.

I realized that most black professors are scared into being quiet on social issues, due to heavy political ramifications for speaking up. I also realized that many of us would rather sit in the ivory tower than to take our knowledge to the world. I never wanted to do that, and I've always felt that the role of the Black scholar in America is to use his/her knowledge to enlighten the world and uplift his/her people. That is my mission, and it is something I will continue to do until the day I die.

I also learned that it is not enough to be intelligent. You must be courageous and also sure of who you are. If you seek your validation from your historical oppressors, you will always end up chasing your own tail. Additionally, there are a long list of problems that need to be solved within our community, and it's up to all of us to do whatever we can to try and solve them.

Are there any words of encouragement or wisdom that you would like to share with the BlackVoices.com audience?

I realized a few things long ago that carry me to this day:

1) Success doesn't happen by accident. You must be deliberate with your actions and think carefully about where you invest your life, your love, your energy and your time. Everything must be proactive.

2) Extraordinary outcomes only come through extraordinary efforts. In life, you get what you give. So, if you want more, you must sacrifice more. You must be willing to do things no one else is willing to do, if you want to have things that no one else has. Never waste one second choosing to be ordinary.

3) Education is everything. Get as much of it as you can. Don't just become a student, BE AN EXTRAORDINARY STUDENT. Never let anyone tell you what to think. Keep your mind liberated so you can find truth and meaning in your endeavors.

4) The best way to get "pimped" is to spend your life trying to work for somebody else. Even if you are the highest paid slave on the plantation, you're still a slave, and you're still on the plantation. Get off the plantation and find a way to true wealth and prosperity. But don't get into the habit of worshipping money. Your goal is to live a wealthy life instead.

5) Keep BS out of your life so you can focus on achieving your goals. Most of us don't do half of what we plan to do because we spend all our time on silly, wasteful activities. There are 8,760 hours in a year and 168 hours in a week. You should budget your time the way you budget your money and not let anybody waste it.

6) Never allow yourself to be without goals. It's not where you are that matters, it's where you're going that determines where you end up. Always be aware of where you are going, and what you need to do in order to get there.

Keep a life full of purpose, and that will make every day worth living.

USA Today: College Athletes Guided to "Beat the System"

Greetings.

As people of color, we should make ourselves aware of the continued exploitation of college athletes and their families, many of whom are African Americans. The article below is out of USA Today, which cites the clustering of majors and serious violations of academic integrity taking place for the sake of excessive commercialization in collegiate athletics. The money is serious - ad revenue for March Madness exceeds that for the Super Bowl and the World Series COMBINED. This is a major wealth extraction out of the Black community (since coaches earn millions while many star athletes have families in poverty), and athletes are not even getting the educations they are promised.

I am working intensely on this issue with Richard Southall at The College Sport Research Institute at The University of North Carolina, Chapel Hill (where I am a faculty affiliate). I would also like to invite all of you to join our Coalition for the Fair Treatment of Athletes, where our long-term goal is to a) establish a network of faculty across the nation who agree to mentor athletes toward true academic achievement and b) Work with a growing coalition of attorneys, journalists, parents, coaches and former athletes to convince Congress to review the non-profit, tax exempt status of the NCAA, as well as their anti-trust exemption, which appears to constitute a serious violation of labor rights for the families of college athletes. The article is below if you'd like to read it.


Sincerely,
Boyce Watkins

www.BoyceWatkins.com

Please visit our sponsor, GreatBlackSpeakers.com to find high quality Black speakers for your next event.
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Athletes Guided to "Beat the System"

By Jill Lieber Steeg, Jodi Upton, Patrick Bohn and Steve Berkowitz, USA TODAY

Steven Cline left Kansas State University last spring with memories of two years as a starting defensive lineman for a major-college football team. He left with a diploma, credits toward a master's degree and a place on the 2007 Big 12 Conference all-academic team.


He also left with regrets about accomplishing all of this by majoring in social sciences — a program that drew 34% of the football team's juniors and seniors last season, compared with about 4% of all juniors and seniors at Kansas State. Cline says he found not-so-demanding courses that helped him have success in the classroom and on the field but did little for his dream of becoming a veterinarian.


"I realize I just wasted all my efforts in high school and college to get a social science degree," says Cline, who adds he did poorly in biology as a freshman, then chose what an athletics academic adviser told him would be an easier path.
His experience reflects how the NCAA's toughening of academic requirements for athletes has helped create an environment in which they are more likely to graduate than other students — but also more likely to be clustered in programs without the academic demands most students face.


Some athletes say they have pursued — or have been steered to — degree programs that helped keep them eligible for sports but didn't prepare them for post-sports careers.


"A major in eligibility, with a minor in beating the system," says C. Keith Harrison, an associate professor at the University of Central Florida, where he is associate director of the Institute of Diversity and Ethics in Sports.


A USA TODAY study of the majors of juniors and seniors in five prominent sports at 142 of the NCAA's top-level schools shows athletes at many institutions clustering in certain majors, in some cases at rates highly disproportionate to those of all students.


The study involved the fall 2007 student rolls and the 2007-08 rosters for Division I teams in five sports — football, men's basketball, women's basketball, baseball and softball.
All 120 schools in the Football Bowl Subdivision (formerly Division I-A) were included, as were 22 other Division I schools with standout men's or women's basketball teams. Nearly 9,300 athletes across 654 teams were covered by the study. Among the findings:


83% of the schools (118 of 142) had at least one team in which at least 25% of the juniors and seniors majored in the same thing. For example, seven of the 19 players on Stanford's baseball team majored in sociology.
34% of the teams (222 of 654) had at least one such cluster of student-athletes.

More than half of the clusters are what some analysts refer to as "extreme," in which at least 40% of athletes on a team are in the same major (125 of 235). All seven of the juniors and seniors on Texas-El Paso's men's basketball team majored in multidisciplinary studies, for example.
Education specialists say such clustering raises a range of potential problems, including academic fraud; certain majors and classes having dubious academic requirements; and coaches and athletics academic advisers inappropriately influencing students' decisions on majors and classes.
Clustering in relatively easy areas of study is one way athletes cope with the time demands they face from participating in sports, Cline and other athletes say. It also appears to be an unintended consequence of NCAA schools' decisions to make it easier for athletes to become eligible to play as freshmen but harder for them to remain eligible in later years.


"Clustering by itself is replicated in many parts of the university. It's not necessarily bad," NCAA President Myles Brand says.


"But when you have extreme clustering … you really do have to ask some hard questions: Is there an adviser who's pushing students into this? Are there some faculty members who are too friendly with student-athletes? I'm not saying that's the case. But I think you have to ask those questions."


Brand adds that it's up to each school to do so. "There are limits to what the national office can, and should, do," he says. "Anything to do with the academic programs really falls entirely within the purview of the individual institutions."


Questions about clustering get at the basic social contract of college sports.


Instead of being paid, scholarship athletes get a free education. And, according to University of Hartford President Walter Harrison, who chairs the NCAA Division I Committee on Academic Performance: "There are many values of a college education, but among them is majoring in something that will prepare you for a satisfying career."


Cline believes that now. He arrived at Kansas State from Palm Beach Gardens, Fla., in 2003 and intended to pursue a pre-veterinary program.


"The athletics academic advisers emphasized it was going to be really difficult," he says. "But I tried it anyway."


When the biology class went badly, he and his advisers discussed options, including retaking the class. Homesick and wanting to finish college as soon as possible, he says, he "dropped down" to social sciences, a program Kansas State's website says is one of four interdisciplinary majors in the College of Arts and Sciences that "provide options for those who have not chosen a specialized major."


"The athletics academic advisers said, 'This is what everybody is doing. It's the easiest major,' " recalls Cline, who emphasizes that ultimately he — not his advisers — chose his degree program.


Cline completed his degree in four academic years. Afterward, with one season of athletic eligibility left, he stayed at Kansas State and spent the 2007-08 school year in a master's program in college student personnel.


The program is designed to prepare candidates for work at college "student affairs agencies," according to the university's website. Cline says he didn't complete it and doesn't intend to "because it wasn't what I wanted to do."


He now is working in construction so he can save money and try to return to school as a pre-vet student.


"The whole time I was at Kansas State, I felt stuck — stuck in football, stuck in my major. … It was a stupid effort on my part. I wouldn't advise any other athlete to do that. I'd tell them to choose a career — a real career for their life after football and work toward it. Don't let anybody or anything take you off that path. Don't fool yourselves into thinking (you're) going to play (sports) professionally.


"Now I look back and say, 'Well, what did I really go to college for? Crap classes you won't use the rest of your life?' Social science is really nothing specific. … I was majoring in football."


Kansas State provost M. Duane Nellis says the university tries "to be supportive of athletes to be able to pursue what they dream to have as their degree path.


"We've had starting athletes in basketball who went on to … get into veterinary medicine. Any student can get out of sequence if they're in a prescribed curriculum … and if they get out of sequence, it leads them down a different path. They also have to realize, when they decide to pursue athletics, there are time commitments and parameters around that."


'A mixed message being sent'


Cline's situation provides a window on the day-to-day machinery of big-time college sports, which can be a physical and psychological grind on student-athletes.


Basketball games, and a few football games, are played on weeknights. Sometimes games are played close to exams. It's not unusual for baseball teams to play five days a week, with games in three different towns.


"There's a mixed message being sent out here" about the importance of academics in college sports, Georgia Tech men's basketball coach Paul Hewitt said in June before the Knight Foundation Commission on Intercollegiate Athletics.


Several athletes echo Hewitt's sentiments.


Former Boise State safety Marty Tadman was among the 48% of the football team's juniors and seniors majoring in communication during the 2007-08 academic year. Boise State's communication program also drew 50% of the juniors and seniors on the men's basketball and women's basketball teams.


"You hear which majors, and which classes, are the easiest and you take them," Tadman says. "You're going to school so you can stay in sports. You're not going for a degree. … It's a joke."


Like other students, athletes are influenced by their peers. Former Southern California offensive lineman Drew Radovich majored in sociology, putting him among the 58% of the football team's juniors and seniors — and 19% of USC's — in that major. "If I went back and did it all over again, I wouldn't have picked" sociology, says Radovich, now with the Minnesota Vikings. "A lot of other offensive linemen were picking sociology, so I picked it."


Under NCAA rules, schools are required to make academic counseling and tutoring available to athletes.


These services can be provided and paid for by athletics departments, which have been making them — and the facilities in which they are based — increasingly elaborate in recent years.


And because of the NCAA's complex requirements, which often differ from those of a university or individual academic department, academic advisers are involved in many athletes' course selections.


'Perfect storm' for problems


With Division I athletes, that involvement usually stems from what's known as The 40-60-80 Rule, which took effect for athletes entering school after Aug. 1, 2003.


To stay eligible to play, athletes must complete 40% of their degree work by the end of their second year of enrollment, 60% by the end of their third year and 80% by the end of their fourth year. Under previous rules, those percentages were 25, 50 and 75.


The increased demands for progress toward a degree have been accompanied by reduced requirements for incoming athletes to be eligible to play as freshmen.


Until recently, incoming athletes had to have at least an 820 SAT score or 68 ACT sum score. Now, if they have a sufficient grade-point average in a set of core academic classes, they can be eligible as freshmen with any standardized score.


"It's a perfect storm formula" for pressure on advisers, says Gerald Gurney, senior associate athletics director for academics and student life at the University of Oklahoma. "A population of weaker students with higher (academic) demands," layered upon a national trend of academic departments raising requirements for entry into certain majors.


There also is a new NCAA rule that threatens penalties for teams with too many players who become academically ineligible or fail to graduate. Based on their annually published Academic Progress Rate (APR), teams can lose scholarships and eventually become ineligible for postseason play, either of which can embarrass a school and affect a team's ability to win.


Hewitt, the Georgia Tech men's basketball coach, bluntly articulated many coaches' view of the "unintended consequences" of the APR system at the Knight Commission meeting in June. He said then that when an NCAA official came to the Atlantic Coast Conference meetings four years ago to discuss the APR system, "almost every coach said: 'You understand what you're basically telling us. We're going to encourage our kids to take the easiest path to eligibility.'


"So if I'm at a Georgia Tech, I'm not going to tell a young man he can't major in engineering," Hewitt said. "But I certainly will counsel him before he takes that first class that … if you decide to go down this road and for some reason you find it harder than you expected and you decide to change your major, you're probably more than likely going to end up being ineligible" for sports.


At Georgia Tech last year, 63% of the juniors and seniors on the men's basketball team majored in management. So did 83% of those on the baseball team and 82% of those on the football team. A little more than 11% of all juniors and seniors at the school were in the major.


Isma'il Muhammad, a basketball player who earned a management degree from Georgia Tech in 2005, said he considered majoring in international affairs, but "it just didn't make sense. I would have had to stop playing basketball," which he has been doing professionally outside the USA since graduating.


Asked why management is so popular among athletes, he said, "They want to own their own business or have other big aspirations. Also, we're not crazy. … Was management easier than engineering? Of course, but Georgia Tech doesn't offer any easy classes or easy majors. It's not like I was a basketball player majoring in pottery."


Muhammad also says he has leads for post-basketball jobs. "Finding a job is not an issue even in this economy we have right now," he says. "A lot of people are affiliated with Tech and (are) fans of basketball and Coach Hewitt."


Bob Vomhof, a former Colorado State football player also still pursuing his sport in a lower level of the pro ranks, has similar confidence in his future prospects — but with a retrospective different from Muhammad's.


Vomhof graduated with a degree in liberal arts, a program that last year had 65% of the junior and senior football players and about 2% of all juniors and seniors at the school. As a junior he wanted to change his major to construction management, he says, but decided that with the time he had to spend on football he couldn't make the move.


Speaking from his hometown of Gillette, Wyo., after spending part of the past Arena Football League season on the San Jose SaberCats practice squad, he says of his outlook: "I think I'll be OK. No matter how bad the job market gets everywhere else, you can always get jobs up here."

Tips For Consumer Confidence - Dr. Boyce Watkins

Dr. Boyce Watkins
www.Boycewatkins.com

If you wish to see a video explaining consumer confidence, which is one of the driving issues behind the recent moves in the stock market, please click here.

This has been an interesting week, with auto execs showing up on private jets to request a bailout from the government and the Dow moving to below 8,000 points for the first time in 5 years. I still hold to the fact that this is a great time to get into the stock market if one has never done so before, especially if you are under the age of 50. By the way - please visit our sponsor, GreatBlackSpeakers.com if you are interested in hiring a top notch African American speaker or seeking to become one.

Take care!
Boyce Watkins
http://www.blogger.com/www.boycewatkins.com
Click here to join our money advice list.

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If you listen carefully to the words of Treasury Secretary Henry “Hank” Paulson and Ben “Big Ben” Bernanke (chairman of the Federal Reserve) you might notice a trend in their language. The word “confidence” is used a lot when they speak. Many of their monetary proposals are not necessarily valuable for their financial power, but also for their psychological power.

Some of you may wonder what confidence has to do with anything. After all, if you’re broke, confidence doesn’t exactly put money in your pocket. If you’re 100 pounds overweight, confidence won’t help you win the Olympic 100 meter dash. When you are flying on a crashing plane, confidence doesn’t keep the plane from slamming into the ground. But confidence is important to an economy, and one of the most significant drivers of economic growth. In fact, over confidence has driven US economic growth for the past 10 years. Here are some reasons that confidence matters in the minds of Hank and Big Ben:

1) Confident consumers spend money

If you think you might lose your job next year, are you going to max out your credit cards? I certainly hope not. If you are worried about being able to make ends meet, are you going to buy that big screen TV? Not unless you want your wife to leave you. So, even if it doesn’t hold any truth, the mere forecast of a weak economy is enough to make many Americans hold off on consumer spending, one of the great driving forces of the American financial system.

2) Confident companies invest money and hire workers

Investments involve risk. Your hunch may work out, and it may not. If you don’t believe the economy is getting better, you are not going to consider taking that risk. No one plans to go to the beach if the weather man says that it’s going to rain. When economic rain is in the forecast, companies pull out their umbrellas and hold off on new projects. This reduces the number of jobs in the economy, because nearly every job created in America is the result of someone making an investment.

3) Confident Americans do not take their money out of banks

In case you didn’t know, your bank does not have your money. Your money is part of a large base of financial capital that is loaned out to individuals and consumers seeking to get a good return on their investment. So, without investing, your bank would have no interest in paying you any interest at all. So if, say, 30% of all customers of the same bank decide to get their money out at the same time, the bank would have serious financial problems. It is a lack of confidence that could cause customers to “run” on their bank and take out their money.

4) Confident investors keep their money in the stock market

The stock market is a place where fortunes are made and lost. Some part of that fortune is psychological, given that no asset can have a value which exceeds that which someone is willing to pay for it. When investors lose confidence, they take their money out of the stock market, and reductions in demand for stocks lead to massive paper losses in the market. Additionally, most Americans are “momentum traders”, meaning that when the market goes up, they tend to buy more, and when it goes down, they tend to sell. History shows that it is actually the opposite approach that tends to work best.

5) Confident banks make loans

Banks have to keep a certain portion of their funds on hand at all times to meet federal requirements. If they are fearful that their customers might come and demand their cash, they hold onto their capital to ensure that it is available. If they are afraid that their borrowing customers will not be able to repay loans due to a weak economy, they also hold back on issuing new loans. The truth is that when economic forecasts are grim, conservative bankers become even more fearful than the rest of us.

The bottom line of this article is that confidence matters. So, the next time you hear Ben Bernanke give a speech, you can be confident that he is going to use language that makes you feel more secure. Whether you choose to believe those words is up to you.

Dr. Boyce Watkins is a Finance Professor at Syracuse University. He does regular commentary in national media, including CNN, BET, ESPN and CBS. For more information, please visit http://www.blogger.com/www.boycewatkins.com. To join our money list, please click here.

Dr Boyce Watkins explains the meaning of consumer confidence

Dr. Boyce Wonders about Governments Trustworthiness

What I Would Give Up for a Black President

by Dr. Boyce Watkins

Barack Obama’s voice booms high into the clouds as our nation’s president. But it is also a voice that is sometimes muted by policy, distorted by conflicting agendas and distracted by the complexities of the world in which we live. I find myself mildly disturbed by the excessive celebration within our community, as if winning this political popularity contest has somehow finally validated us as a people. It is scary when the measure of a Black person's success is captured by the degree of favor he has obtained with his historical oppressors. I will never believe that winning the White House is the greatest achievement in Black History, nor was it the greatest sacrifice. The greatest achievements were made by those who worked for us to be truly empowered and the sacrifice was made by those who died to clear President Obama’s path. Achieving prominence on the plantation is not nearly as meaningful as achieving independence.

Before we conclude that we live in a post-racial America, we must remember that many of the men and women who voted for Barack Obama would not be happy to see your Black sons dating their daughters. While we see that the White House has a Black face, we must remember that the majority of our nation’s most esteemed universities still only bring in Black people to dribble basketballs (if you went to college, count the number of Black Professors you had during your 4 years who were not in an African American studies Department). Most of the media outlets you watch on TV are controlled by people who are not Black, yet they consistently impact the self-perception of Black children by bombarding them with negative Black imagery (i.e. DL Hughley's new show on CNN). Most of our nation's wealth is controlled by the descendants of slave masters, with poverty being inherited by descendants of slaves. There is a lot of work to do, we can’t forget that.

So, while having a Black President is a wonderful thing, it’s not the most wonderful thing I can think of. I would GLADLY trade a Black President for any of the following:

Another Malcolm X – Malcolm is likely the most under-appreciated American in our nation’s history, since his legacy is not as amenable to the excessive commercialization and mainstream comfort of Dr. Martin Luther King, Jr. Dr. King achieved political gains and Barack gave us the White House, both of which can be taken away in an instant. Malcolm gave us something far more permanent – our self-respect and desire for economic independence. Since America will never give Malcolm much respect, it is up to us to remember that he is every bit as significant as Barack Obama and Martin Luther King, Jr. We should all memorize Malcolm's birthday right now.

10 Black Warren Buffets – my good friend and wildly successful money manager, Bill Thomason, brought up an undeniable point: if we as African Americans do not get ourselves together financially, we will never have true power. America is a capitalist democracy, and we cannot forget that money makes this world go round. Rather than teaching our children to get jobs, we need to teach them how to CREATE jobs. Rather than trying to wiggle our way up the corporate ladder, we should be creating the buildings that the ladders lean against. Wealth is more powerful than racism any day of the week.

An era of enlightened and educated professional and college athletes – The Black male athlete possesses many keys to the economic and social liberation of Black America. Many HBCUs can’t pay the light bill, but Black Athletes earn at least $2 Billion dollars per year for universities that don’t hire Black coaches or Black Professors (March Madness, for which athletes are not paid, earns more ad revenue than the Super Bowl and the World Series COMBINED). The powers that be know the potential influence and reach of an educated and empowered Black athlete, which is why they work overtime to keep them uneducated: when many athletes come to college, coaches pick their classes for them and some can’t even read at graduation. They keep them focused on the bling so they will take their eyes off the prize. These young men are taught like sheep to embrace intellectual mediocrity so their handlers can earn fortunes at their expense. They are granted the greatest power in our society as long as they prove that they are unwilling to use it. If these men were to ever wake up and fight for something bigger than themselves (as Muhammad Ali and Jim Brown once did), it would be absolutely earth shattering.

A Quality Public Education System – Rather than declaring a War on Terror, we should declare War on inferior inner city education. Instead of bailing out the rich guys on Wall Street, we should be bailing out our children who are stuck in the preschool to prison pipeline. Hundreds of thousands of potential Barack Obamas are being tossed in an educational landfill every year, as Black boys are 5 times more likely to be placed in Special Education as White kids (I was one of those boys). This is a damn shame.

Complete Overhaul of the Prison System – If you ever want to see slavery in the 21st century, one only need look as far as our nation’s prisons. There is little effort to rehabilitate, and the impact on the physical health and socio-economic stability of the Black family has been devastating. President Obama and others should confront the prison industrial complex immediately and stop the human rights abuses taking place in our nation's prisons.

Now that people are saying that President Obama’s success implies that there is no more racism, our job becomes much more difficult. President Obama and others must be consistently asked to pull their weight so that we can get a return on our investment in the Presidential popularity contest. But while we expect President Obama to lead us, we must also remember that it is important to lead him as well. The fight is just beginning.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “What if George Bush were a Black Man?” For more information, please visit www.BoyceWatkins.com. To join the Dr. Boyce Money list, please click here.