MINORITIES IN CORPORATE AMERICA
By Latoiya Stout

A 1997 report from Catalyst, a New York-based research organization, indicated that, "minority women make up 10 percent of the U.S. work force of 127 million, yet hold only 5 percent of the total 7.5 million management jobs." Asian-American women make up 2.5 percent, Hispanics 5 percent, African-Americans 7 percent and White women make up 86 percent.

According to a report by the Institute for Women's Policy Research, there is not one state in the U.S. where women get equal pay with men. Twenty years ago, for every dollar men made, women only earned 60 cents. Over the past two decades some progress has been made, however, women still only make an average of 74 cents for every dollar men make. This gap in pay varies tremendously across the United States. "Women make 86 cents for every dollar men earn in the District of Columbia, 84 cents in Hawaii, and 80 cents in Maryland. At the other end of the scale, women in Louisiana and Utah get 65 cents, and Wyoming women make only 63 cents on the dollar," indicated the report.

"Institutionalized, subtle racism is real, and women of color have to choose their battles carefully and work harder in the corporate world to really prove themselves," said Linda Parker Pennington, principal of Anderson LLP consulting firm. To make it the corporate world, minorities must be steadfast and proactive. "You have to be direct and honest and show others that women of color, particularly black women, are not the stereotype of emotional and angry," stated Pennington. In order to move up, it is important to seek out mentors to provide support, opportunity, and critical assessment. In the past few years, studies have shown that white males are taking on many mentoring roles for minorities, particularly black women. They placed these women on a highly visible project or assignment to showcase their skills and talents. It's very important to find someone within your company whom you really connect with, because the more people who know you and the more people who see how valuable you are, the better chance you will have to move up the corporate ladder.

The following is an overview of career advice for young executives by Calvin Bruce. In addition to providing guidance to young executives, it also provides very valuable information for all minorities wishing to succeed in Corporate America:

I. Maintain a Proper Self-Image

One of the biggest hang-ups young executives face is doubt that they can succeed, given the odds they face. This holds true especially when they are the first members of their families to complete college and earn an advanced degree. Certain haunting questions gnaw at their subconscious:

§ Can I really achieve the level of success that my educational attainment has supposedly prepared me for?

§ Am I able to compete with non-minorities who come from different socio-economic classes?

§ Was I promoted just to be a "token" in the company?

§ Will I disappoint my family and mentors who place so much faith in me?

Succeeding in any profession depends on having a proper self-image, bolstered by achievements that serve as stepping-stones to future success. Young executives need an image that links hard work, dedication, and perseverance with a commitment to uncompromising excellence.

II. Play the Game Wisely

In order to enjoy the reward of competing in Corporate America, it's necessary to understand the rules of the game and abide by them-or suffer the consequences. Without a doubt, the rules are tougher for young minority executives. The playing field has not been-and still is not-totally level. Consequently, achieving personal and professional success demands more fortitude, determination, and practical wisdom in dealing with persons or situations that would present themselves as obstacles to thwart great achievements. The following are some guiding principles for playing the game as a talented and ambitious minority executive:

§ Give your peers and superiors no reason to doubt your skills and abilities. Similarly, give them no ammunition to use against you should they wish to derail your progress.

§ Set high personal standards for success and constantly raise the bar of personal performance.

§ Distinguish yourself as someone who fits in well professionally and socially with all types of people, at all levels of corporate interaction.

§ Be a source of creative ideas that will advance the mission of the organization and benefit others.
By Exemplifying these principles, you establish yourself in the corporate arena as someone who is destined to succeed, not because of tokenistic hiring policies, but because you are prepared to make a unique contribution to the betterment of the organization as a highly efficient manager.

III. "Run with the Big Dogs"

As crude as this saying may be, it is highly applicable to young minority executives who poise themselves for success in an exceedingly competitive environment. In any industry or profession, the most highly successful individuals are drawn to others of similar accomplishment. In simple terms, your name and reputation develop, in part, from the professional associations you establish and circles of influence in which you operate. If you want to excel in your field, run with those who are trailblazers and set the pace for everyone who follows a similar career path. Through formal or informal mentoring, learn all you can from them and put into practice the wisdom you derive from those interactions. This word of advice doesn't imply that you imitate anyone else. After all, you have unique skills, abilities, life experience, and personal ambitions that distinguish you from all of your peers. Rather than pattern yourself after other successful executives, run alongside them in the pathway that best serves your purposes in accomplishing important career goals.

IV. Exceed Expectations

Earning your place in the executive suite does not guarantee that you will succeed once you advance to that level. All eyes will be on you to perform with no serious mistakes or miscues. Furthermore, the closer you get to the top, the more the spotlight will be on you to perform to exceptionally high standards. To meet this demand, gear yourself to exceed expectations in every possible area of your involvement with the organization. You will be amazed at what you can accomplish when you set your sights high and don't limit yourself in any way.

As a woman, you must be strong, resilient, determined, and focused. In Corporate America, there's a sense that women can only go up so high. It's not so much of a glass ceiling but a "concrete ceiling" that seems almost impossible to break through. It's okay to be conscious of gender and race, however, don't be "self-conscious" because of it. Don't let it define who you are and where you're destined to soar in your career. Take charge and show the corporate world all that you have to offer.


BE CAUTIOUS WITH HOME EQUITY DEBT
By Holden Lewis • Bankrate.com

Spring is the season when homeowners shake the money trees that they live in.

It's the time of year when people borrow against the equity in their homes: One-third of home equity lines of credit are opened from April through June as borrowers seek cash so they can fix up their houses.

But people don't spend their equity solely on home improvements. They use home equity loans and lines of credit to pay off credit card debt, to buy cars, to cover the kids' tuition and to pay for vacations. Now that the season for tapping equity is upon us, it's a good time to ask two questions: What are proper and improper uses for home equity debt? How much home equity debt is too much?

Three ways to tap equity

As a homeowner, you have three ways to tap your home's equity. First, you can sell your house, buy a cheaper one and pocket the difference. Second, you can refinance your mortgage, preferably at a lower rate, and borrow more than you currently owe and pocket the difference. As the refinancing boom winds down, that method is losing popularity.

The third way to extract equity is to get a home equity loan: a lump sum that you get when you take out a second mortgage. Nowadays, the most common way to turn equity into cash is take out an equity line of credit, which acts rather like a credit card. You withdraw money as you need it, and when you pay off the principal, the credit revolves and you can use it again.

With home equity loans, you're placing your home on the line," says Rudy Cavazos, spokesman for Money Management International, a debt-counseling agency with offices in 10 states. "If you default on this loan, you could lose your house."

That's what you have to keep in mind. If you default on a loan backed by your house, you can lose the house, even if you declare bankruptcy. On the other hand, if you default on a credit card, you can have all or part of the debt forgiven in bankruptcy.

The interest on much home equity debt is deductible from federal income taxes, which makes it tempting to use equity to pay off credit card balances and car loans. As Cavazos notes, you have to remember that you are risking your house when you borrow against your equity in it.

Before you tap your equity...

"There are a few questions people need to ask themselves, or a few steps they need to take, before jumping in," Cavazos says. The first is to evaluate all the options, including selling things you don't need and borrowing against one's 401(k).

Second, he says, shop around for an equity loan or line of credit. Compare interest rates, fees and rate caps. If you don't understand the words and phrases the lender uses -- such as APR, rate cap and variable rate -- ask for a definition or bring along a knowledgeable person.

Next, ask yourself what will happen if something bad happens.

"Come up with contingency plans and scenarios," Cavazos says. "How about if my spouse loses her job? What if we become ill for more than 30 or 45 days? Do we have short-term and long-term disability insurance? You've got to think of all these things."

Cavazos refuses to judge the wisdom of using equity to pay for things such as weddings and vacations. So does Jessica Cecere, president of Consumer Credit Counseling Service of Palm Beach County, Fla. People get into debt trouble because they borrow too much to pay back, not because they spend on the wrong things.

Cecere says it can be hazardous to pay off credit card debts with home equity debt because the temptation remains to charge up those cards again. You can end up much deeper in debt than you were before you got the equity loan. "That's when bankruptcy begins looking like an option," she says.

When people ask if they should tap their equity, Cecere answers that it depends on their self-discipline and financial savvy: "Does it make sense tax-wise? Or do you find yourself habitually in debt, and this is the way out?"

Beware high loan-to-value programs

Both Cavazos and Cecere are leery of equity lending programs that allow homeowners to borrow up to the value of their homes, or even up to 125 percent of the value of their homes. In the latter case, someone with a home worth $200,000 could have up to $250,000 in debt backed by the house.

"You really shouldn't be in a position where you could be upside-down on your house," Cecere says. "That's really scary."

Anthony Hsieh, president of HomeLoanCenter.com, an online lender that underwrites home equity loans and lines of credit, disagrees. Some borrowers are perfectly capable of borrowing up to or more than the value of their homes, he says. His bank approves high loan-to-value lines of credit only to people with excellent credit histories and sufficient income.

Hsieh believes that equity loans and lines of credit might actually keep some people out of bankruptcy. He says some homeowners get equity lines of credit while they have jobs, just so they will be able to tap those credit lines if they lose their jobs. After all, when you're unemployed, it's too late to apply for a loan.

"A lot of people are using lines of credit as a giant emergency credit card," Hsieh says, "accessing their home's equity until they can get back on their feet and catch up."


LOOKING TO BUY? DON'T DO THESE 7 THINGS
By Rod Gibson • Bankrate.com

As you choose the path that leads to the home of your dreams, you can take either a pleasant Sunday stroll in the park or a gut-wrenching tiptoe through a minefield.

As with most minefields, the worst thing you can do is to plow ahead without knowing what you're doing. We enlisted the aid of three experts for their advice on land mines to steer clear of when you're first getting ready to buy a home.

They are:

· Ilyce Glink, syndicated columnist, financial reporter for WGN-TV in Chicago and author of "100 Questions Every First-Time Homebuyer Should Ask."

· Frank Cook, author of "You're Not Buying That House Are You?" and publisher of the weekly newsletter Real Estate Intelligence Report.

· John R. Britt, of Newhall, Calif., a current real estate expert witness and former CEO of several banks.

Here's their list of the seven most-important "don'ts" when you're considering buying a new house -- particularly if you're a first-time home buyer.

Don't go it alone.
It's wise to have your own buyer's agent and attorney. Don't rely on the seller's real estate agent, no matter how nice. Remember, that agent's loyalty is to the seller. Shop for an agent experienced in representing buyers, especially if you plan to look at homes for sale by the owner (FSBO). That owner may not know about certain restrictions and disclosure laws, is "conveniently" forgetting them, or just doesn't care about them. Buyers' agents often have such abbreviations on their business cards as ABR (Accredited Buyer Representative), CBR (Certified Buyer Representative), or CEBA (Certified Exclusive Buyer Agent). The secret is to retain the agent before the search starts. Shop also for an attorney, if you're going to use one -- and if you're a first-timer this is not a place to save a few hundred dollars. Get references from friends and neighbors and the real estate agent you've chosen. Meet with the attorney before you start house hunting. All too many buyers retain an attorney after they've already signed a contract. Bad move.

Don't go buying a lot of junk.
Or even quasi-junk. Draining your savings or running up credit card debt to buying a new living room set, a big-screen TV or a new car could make a difference in your interest rate and whether you even qualify for a mortgage. Avoid spending money until after the closing is completed, whether by credit card or with cash. Keep debt down and as much money in your bank account as possible. The lender will check bank and credit card accounts.

Don't change jobs.
Unless it can't be avoided through such things as drastic location changes, the experts say it's best not to change your employment picture until after closing. A worse move yet is to change from a salaried position to self-employment. Lending institutions like to see steady employment and generally insist that self-employers show two years of successful income.

Don't be too trusting.
Just because the real estate agent seems caring and knowledgeable, don't forget, they work on commission. Don't put your life completely in someone else's hands. Only you can protect yourself. All too many home buyers place too much trust in others -- agents, the seller, title agencies, etc. Do your homework, become familiar with the entire home buying process and protect your own interests.

Don't mess up your credit.
Don't go running around "fixing up your credit" without talking to a professional. You may think you're going to bump your score up a few notches by canceling a bunch of credit cards, for example. But canceling the wrong ones for the wrong reasons can seriously damage your credit score. Credit experts say it's important not to have too few or too many open credit accounts, and the best credit is old credit. Another possible pitfall is to transfer all your credit card balances to one card to get zero balances on the others. Your credit score actually will be higher in most cases if your balances are spread out across several cards.

Similarly, don't pay your bills -- at least not all of them.
Paying credit cards down to below 50 percent of the your credit limit is generally helpful to boosting your score, but paying off all your debts is only wise if you still have enough cash when it's over to take care of your down payment, closing costs and prepays. In other words, don't deplete you entire savings to pay off your credit cards.

Don't think about lying.
Lenders want to know how much cash you have to put into the house -- truthfully. If you're borrowing the money for a down payment and have to pay it back, it will have an effect on your ability to meet all your obligations. If it's a gift and doesn't have to be paid back, that's fine. But whatever you do, don't borrow it from your uncle and tell the mortgage banker it's yours -- the bank may ask you to document how long you've had it in that bank and where you got it from. A lie could backfire and ruin your whole deal.

Don't do any spring cleaning.
Don't throw out bills, bank statements, or tax returns. A better idea than cleaning out is organizing all your important papers that may well be requested by a lender, such as W-2s, 1099 income statements, recent pay stubs and tax returns for the past couple of years if you're self employed. While you're at it, round up your prior title insurance policy, and any cancelled checks, settlement statements or other proof that you paid collections or disputed accounts.


JAN ERNST MATZELIGER: GREAT AFRICAN-AMERICAN INVENTOR
By Latoiya Stout

Jan Ernst Matzeliger (1852-1889) was born in Paramaribo, Surinam (Dutch Guiana), South America. His father was a Dutch engineer who married a native Black Surinamese woman. At the age of ten, young Jan worked in the machine shops supervised by his father, where his talents and mechanical aptitude was nurtured. In 1871, at the age of 19, he sailed the world and settled in Philadelphia 2 years later.

Hearing about the rapid growth of the shoe industry in Massachusetts, Matzeliger went to Lynn in 1877 in search of a better job. Since he was a Black foreigner who spoke very little English, he had trouble finding employment. A determined young man, he quickly learned the English language.

He eventually landed a job as an apprentice in a shoe factory operating various shoe making machinery during time when most white people would look down on him because of his Black ancestry, he did manage to make a few friends in town. He was a devout Christian, teaching Sunday School at The North Congregational Church, one of the few churches in the area that would accept Blacks.

In the early days of shoe making, shoes were made mainly by hand. For proper fit, the customer's feet had to be duplicated in size and form by creating a stone or wooden mold called a "last" from which the shoes were sized and shaped. Since the greatest difficulty in shoe making was the actual assembly of the soles to the upper shoe, it required great skill to tack and sew the two components together. It was thought that such intricate work could only be done by skilled human hands. As a result, shoe lasters held great power over the shoe industry. They would hold work stop-pages without regard for their fellow workers' desires, resulting in long periods of unemployment for them.

Matzelinger set out to try to solve the problem of this strangle-hold by developing an automatic method for lasting shoes. It took many years and much sacrifice before he came up with a prototype that was successful. Matzeliger's machine was able to turn out from 150 to 700 pairs of shoes a day versus an expert hand lasters fifty.

By 1889 the demand of the shoe lasting machine was overwhelming. A company was formed, The Consolidated Lasting Machine Company, where Matzelinger was given huge blocks of stock for his invention. His machine had revolutionized the entire shoe industry in the U.S . and around the world.
Unfortunately, Jan Matzelinger didn't live to see the fruits of his labor. Because he had sacrificed his health working exhausting hours on his invention and not eating over long periods of time, he caught a cold which quickly developed into tuberculosis. He died at age 37 on August 24, 1889.

Jan Ernst Matzeliger's invention was perhaps "the most important invention for New England." His invention was "the greatest forward step in the shoe industry," according to the church bulletin of The First Church of Christ (the same church that took him as a member) as part of a commemoration held in 1967 in his honor. Yet, because of the color of his skin, he was not mentioned in the history books until recently.

In 1992, the U.S. made a postage stamp in honor of Matzeliger.

Reference: Hayden, Robt. C., Eight Black American Inventors. Addison-Wesley, 1972


VNN ANNOUNCES RESIGNATION OF NATIONAL EXECUTIVE DIRECTOR WILLIAM PARKER TAPS CHILDS-LONG FOR POSITION
By Latoiya Stout

In April 2004, William Parker announced his resignation as Voter News Network's National Executive. Parker assumed this position in August 2002 after serving as a State Representative for one term. VNN recruited Parker because of his excellent leadership abilities and his immense experience in state government operations. VNN's founder and publisher Donald V. Watkins described Parker as, "…a dynamic young political leader who has a gift for understanding pocketbook issues and a passion for protecting the rights of consumers." Parker was also described as having strong bipartisan relationships at the national level.

Sharon Childs-Long, Business Development Officer for Alamerica Bank and previously Editor-In-Chief for Voter News Network, has been named the new National Executive Director of VNN. Childs-Long also serves as the Education Committee Chairperson and will replace William Parker as the new National Executive Director.

He helped to develop strategic relationships with state and national governmental officials across America. He also represented VNN in the areas of public and media relations. Parker assisted in organizing a VNN fundraiser for New York Governor George Pataki in May 2002 which netted Pataki $65,000 in campaign funds. Parker was also instrumental in VNN's endorsement of Alabama Congressman Artur Davis who defeated 5-term Congressman Earl Hilliard in June 2002. Most recently, Parker played a major role in organizing the Voter News Network Scholarship Program which issued 30 $1,000 scholarships to high school seniors in the Birmingham Metropolitan area.

As for his reasons for leaving VNN, Parker has expressed a desire to pursue entrepreneurial projects in the private sector. We will miss William Parker and wish him well in his future endeavors.