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The Carr Report: Essential Tips for Building a Strong Financial Foundation

CHICAGO DEFENDER — Set SMART Financial Goals (SMART: Specific, Measurable, Attainable, Relevant, Time Bound). Start by defining your short-term, intermediate, and long-term financial goals. Whether it’s building an emergency fund, paying off debt, buying a home, saving for retirement, saving for college, starting a business, or building wealth, having specific, measurable, attainable, relevant, time-bound goals will help you prioritize your spending and your savings. It will provide a roadmap for you to follow. Lastly, it will help stay focused on achieving your goals.
The post The Carr Report: Essential Tips for Building a Strong Financial Foundation first appeared on BlackPressUSA.

Published

2 years ago

November 18, 2023

Chicago Defender Staff

By Damon Carr | Chicago Defender

Building a strong financial foundation is a crucial step toward achieving both short-term and long-term financial stability and security. Just like constructing a sturdy building requires a solid foundation, your financial future depends on sound financial practices. By implementing effective money management strategies and adopting smart financial habits, you can set yourself on the path to achieving your financial goals. Regardless of your age or income level, implementing sound financial practices can help you effectively manage your money, pay off debt, save for emergencies, save for small and large purchases, invest for your future and lay the groundwork for better overall financial health.

Here are some essential tips to help you build a strong financial foundation:

Educate Yourself and Continue Learning: No one cares about your money as much as you do. No one benefits from making good decisions with your money than you. No one suffers the negative consequences of making bad decisions with your money than you do. It’s your responsibility to expand your financial knowledge and stay informed about personal finance topics. Being well-informed empowers you to make better financial decisions.

Set SMART Financial Goals (SMART: Specific, Measurable, Attainable, Relevant, Time Bound). Start by defining your short-term, intermediate, and long-term financial goals. Whether it’s building an emergency fund, paying off debt, buying a home, saving for retirement, saving for college, starting a business, or building wealth, having specific, measurable, attainable, relevant, time-bound goals will help you prioritize your spending and your savings. It will provide a roadmap for you to follow. Lastly, it will help stay focused on achieving your goals.

Create a Budget: A budget is the cornerstone of financial stability. A budget in its most basic definition is a spending, saving, investing, and giving plan. Having a budget is essential to having a financial plan. A budget ensures that you’re both living within your means and living a financial life that’s consistent with your financial goals.

Establish an Emergency Fund: Life is full of unexpected surprises in the form of unexpected events and unexpected expenses. Unforeseen events such as medical emergencies or job loss can have a significant impact on your financial stability. Having an emergency fund can save you from financial ruin. Establish an emergency fund by setting aside an amount you can realistically set aside. Start with $500. Over time build it up to $1,000, then $3,000, then $5,000. Eventually you want to have an emergency fund that’s equal to 6-12 months of your monthly living expenses.

Reduce Debt/Erase Debt: Debt is hazardous to your wealth. Debt can prevent you from building wealth and achieving true financial freedom of owing no bank, no man/woman, or no entity anything. Use strategies like my financial guardrails to avoid being buried in too much debt. Use strategies like the debt snowball or debt avalanche to accelerate your debt repayment.

Build a Good Credit History: Here’s the best advice you’ll ever hear when it comes to having a good to great credit score: PAY THOSE PEOPLE! Yep, slow pay and no pay has the biggest negative impact on your credit score than anything else. Paying loans and credit cards on time and paying them off early will reduce debt, erase debt, build your credit score and build your net worth.

Save Regularly: Saving money is how you flex your money muscles. You develop your saving muscles by consistently saving money for various goals over an extended period of time. Automate your savings by setting up a direct deposit into a savings or money market account. Start with as little as $25 per month. Over time, gradually increase your savings.

Invest Wisely: Investing your money can help grow wealth and secure your financial future. Educate yourself about different investment options, such as stocks, bonds, mutual funds, exchange traded funds, and real estate. Diversify your investment portfolio to mitigate risks and maximize returns over time.

Protect Yourself and Your Assets: Insurance is a necessary evil. It’s the only financial product we buy and hope that we’ll never need. Having the right insurance coverage is essential to protect your financial well-being. Evaluate your insurance needs, including health, life, disability, home, auto and long-term care insurance. Review policy limits and ensure you have adequate coverage to guard against potential financial setbacks.

Plan and Save for Retirement: Everyone wants to retire. At some point we will all retire. Yet, most people don’t plan and/or save for retirement. Start planning and saving for retirement as early as possible. Maximize contributions to employer-sponsored retirement plans such as a 401(k) and consider opening an individual retirement account (IRA). Take advantage of employer matching contributions to maximize your retirement savings potential.

Review and Adjust Regularly: Life comes at you FAST. There are a lot of things that are going to happen in your life that you won’t see coming. When life happens, you have to be agile, fragile and most importantly, proactive. Financial circumstances change over time. It’s important to review your financial plan regularly. Revisit your budget, track your progress towards goals, and make necessary adjustments. Life events, economic conditions, or personal goals may require modifications to your financial strategy.

Hire a “trusted” Financial Advisor: When it comes to money management, ignorance ISN’T bliss. What you don’t know can set you back financially—even bankrupt you. Financial decisions like buying a car, buying a home, saving for retirement, saving for college, investing, selecting insurance, minimizing taxes, transferring wealth, etc., can be complex. It’s always good to have someone you know and trust on your side helping you to make sound financial decisions.

Building a strong financial foundation is a journey that requires discipline, patience, and commitment. By following these essential tips, you can lay the groundwork for a secure and prosperous financial future. Remember that financial success is not about getting rich overnight; it’s about making consistent, smart choices that lead to long-term stability and wealth. It’s never too late to start! Each step you take today will lead you closer to financial stability and financial freedom in the future.

Start today, and your future self will thank you.

(Damon Carr, Money Coach can be reached at 412-216-1013 or visit his website @ http://www.damonmoneycoach.com.)

The post The Carr Report: Essential tips for building a strong financial foundation appeared first on Chicago Defender.

The post The Carr Report: Essential Tips for Building a Strong Financial Foundation first appeared on BlackPressUSA.

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Remembering George Floyd

Published

3 days ago

May 25, 2025

Oakland Post

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OP-ED: Oregon Bill Threatens the Future of Black Owned Newspapers and Community Journalism

BLACKPRESSUSA NEWSWIRE — Nearly half of Oregon’s media outlets are now owned by national conglomerates with no lasting investment in local communities. According to an OPB analysis, Oregon has lost more than 90 news jobs (and counting) in the past five years. These were reporters, editors and photographers covering school boards, investigating corruption and telling community stories, until their jobs were cut by out-of-state corporations.

Published

5 days ago

May 23, 2025

Oakland Post

By Dr. Benjamin F. Chavis, Jr.
President and CEO, National Newspaper Publishers Association

For decades, The Skanner newspaper in Portland, the Portland Observer, and the Portland Medium have served Portland, Oregon’s Black community and others with a vital purpose: to inform, uplift and empower. But legislation now moving through the Oregon Legislature threatens these community news institutions—and others like them.

As President and CEO of the National Newspaper Publishers Association (NNPA), which represents more than 255 Black-owned media outlets across the United States—including historic publications like The Skanner, Portland Observer, and the Portland Medium—l believe that some Oregon lawmakers would do more harm than good for local journalism and community-owned publications they are hoping to protect.

Oregon Senate Bill 686 would require large digital platforms such as Google and Meta to pay for linking to news content. The goal is to bring desperately needed support to local newsrooms. However, the approach, while well-intentioned, puts smaller, community-based publications at a future severe financial risk.

We need to ask – will these payments paid by tech companies benefit the journalists and outlets that need them most? Nearly half of Oregon’s media outlets are now owned by national conglomerates with no lasting investment in local communities. According to an OPB analysis, Oregon has lost more than 90 news jobs (and counting) in the past five years. These were reporters, editors, and photographers covering school boards, investigating corruption, and telling community stories, until their jobs were cut by out-of-state corporations.

Legislation that sends money to these national conglomerate owners—without the right safeguards to protect independent and community-based outlets—rewards the forces that caused this inequitable crisis in the first place. A just and inclusive policy must guarantee that support flows to the front lines of local journalism and not to the boardrooms of large national media corporations.

The Black Press exists to fill in the gaps left by larger newsrooms. Our reporters are trusted messengers. Our outlets serve as forums for civic engagement, accountability and cultural pride. We also increasingly rely on our digital platforms to reach our audiences, especially younger generations—where they are.

We are fervently asking Oregon lawmakers to take a step back and engage in meaningful dialogue with those most affected: community publishers, small and independent outlets and the readers we serve. The Skanner, The Portland Observer, and The Portland Medium do not have national corporate parents or large investors. And they, like many smaller, community-trusted outlets, rely on traffic from search engines and social media to boost advertising revenue, drive subscriptions, and raise awareness.

Let’s work together to build a better future for Black-owned newspapers and community journalism that is fair, local,l and representative of all Oregonians.

Dr. Benjamin F. Chavis Jr., President & CEO, National Newspaper Publishers Association

Oakland Post

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Hate and Chaos Rise in Trump’s America

BLACKPRESSUSA NEWSWIRE — Tactics ranged from local policy manipulation to threats of violence. The SPLC documented bomb threats at 60 polling places in Georgia, traced to Russian email domains.

Published

5 days ago

May 23, 2025

Stacy M. Brown

By Stacy M. Brown
Black Press USA Senior National Correspondent

The Southern Poverty Law Center has identified 1,371 hate and antigovernment extremist groups operating across the United States in 2024. In its latest Year in Hate & Extremism report, the SPLC reveals how these groups are embedding themselves in politics and policymaking while targeting marginalized communities through intimidation, disinformation, and violence. “Extremists at all levels of government are using cruelty, chaos, and constant attacks on communities and our democracy to make us feel powerless,” said SPLC President Margaret Huang. The report outlines how hard-right groups aggressively targeted diversity, equity, and inclusion (DEI) initiatives throughout 2024. Figures on the far right falsely framed DEI as a threat to white Americans, with some branding it a form of “white genocide.” After the collapse of Baltimore’s Francis Scott Key Bridge, a former Utah legislator blamed the incident on DEI, posting “DEI = DIE.”

Tactics ranged from local policy manipulation to threats of violence. The SPLC documented bomb threats at 60 polling places in Georgia, traced to Russian email domains. Similar threats hit Jewish institutions and Planet Fitness locations after far-right social media accounts attacked them for trans-inclusive policies. Telegram, which SPLC describes as a hub for hate groups, helped extremists cross-recruit between neo-Nazi, QAnon, and white nationalist spaces. The platform’s lax moderation allowed groups like the Terrorgram Collective—designated terrorists by the U.S. State Department—to thrive. Militia movements were also reorganized, with 50 groups documented in 2024. Many, calling themselves “minutemen,” trained in paramilitary tactics while lobbying local governments for official recognition. These groups shared personnel and ideology with white nationalist organizations.

The manosphere continued to radicalize boys and young men. The Fresh & Fit podcast, now listed as a hate group, promoted misogyny while mocking and attacking Black women. Manosphere influencers used social media algorithms to drive youth toward male-supremacy content. Turning Point USA played a key role in pushing white nationalist rhetoric into mainstream politics. Its leader Charlie Kirk claimed native-born Americans are being replaced by immigrants, while the group advised on Project 2025 and organized Trump campaign events. “We know that these groups build their power by threatening violence, capturing political parties and government, and infesting the mainstream discourse with conspiracy theories,” said Rachel Carroll Rivas, interim director of the SPLC’s Intelligence Project. “By exposing the players, tactics, and code words of the hard right, we hope to dismantle their mythology and inspire people to fight back.”

Click here for the full report or visit http://www.splcenter.org/resources/guides/year-hate-extremism-2024.