Archive for February, 2010
Ex-NBA Star Arrested on Child Prostitution
Posted by Aparicio Giddins in Professional Athletes on February 28, 2010
This is starting to get out of hand. I remember watching Alvin Robertson growing up and I always thought he was a good player. He was tenacious on defense and he could score at key times in a game. He even went to four NBA All-Star games. He had a pretty good career, but here is another example of an athlete not making proper decisions. Alvin Robertson faces sexual assault and sex trafficking of a 14 year old girl. He also faces kidnapping charges. He apparently forced this 14 year old girl into prostitution and made her dance at a strip club Corpus Christi, TX. The victim was able to escape from her captor and wave down a police cruiser and expose Robertson and his seven friends sex ring. Robertson has been in and out of prison since his career ended, mostly on sexual assault charges.
What kind of man, kidnaps a kid and forces her to have sex with men and make her dance at strip club and sell her like a piece of meat. This is another example of bad judgement and some athletes not positioning themselves in better positions after their playing days are over. I feel very sorry for this girl and her family and this young lady will probably need counseling for the rest of her life. What was wrong with Robertson’s blueprint? I have to believe that he is insane! Insanity is the only reason that I can come up with for this malice and sinful act.
I am hoping that by working with professional athletes that we can help athletes think more about their decisions before committing something crazy and sick like this. Sexual assault is nothing new in the world of athletes, but when it involves a minor, I think this sets a new precedent in professional sports. I wonder what services the retired players association provided to Robertson after he retired from the NBA. It’s great to have these programs in place, but if they aren’t being made a priority, I don’t think the athletes that need to take advantage of the services and programs will ever accept the service and let it help them.
Just so we’re clear, I help healthy athletes, not sick athletes like this, but I could have helped in the very beginning, when he retired. This is very sad! My heart goes out to the victim and makes me want to help more athletes so we can avoid these types of headlines in the future.
New Credit Card ACT
Posted by Aparicio Giddins in Financial on February 21, 2010
I was reading one of my favorite financial sites on Saturday evening and I came across this really good article that breaks down the new Credit Card Accountability Responsibility and Disclosure Act (CARD) that is due to start on February 22nd. Most credit card users should have already received their disclosures about the change in procedures in the past few weeks and while the CARD Act has it’s naysayers, I think overall it’s good legislation to help people who can’t help themselves. I must issue this disclaimer before I continue, I am against using credit, I have not used credit cards since October 2008 while taking Dave Ramsey’s Financial Peace University program. We believe in using cash for everything. Now that I gave you my personal stance, let’s get down to business.
Here are some of the highlights of the CARD Act for the consumers:
Finance Charges, Interest-Rate Hikes and Notifications
• No rate increases for the first 12 months after opening an account.
• Rate increases can only be applied to new charges.
• Annual and application fees cannot exceed 25% of your initial credit line.
• No more double-cycle billing.
• A six-month minimum promotional-rate period.
• No more over-limit fees, unless the card holder opts in.
• No fees to make credit-card payments online or over the phone, unless you make a payment on your due date.
• Must give 45-day notice of pending rate or fee hikes or any other significant changes to credit-card terms.
Billing Statements, Payments and Disclosures
• Billing statements must be sent 21 days before the due date.
• Your due date should be the same date each month.
• Payments are considered on time when received by 5 p.m. on the due date or the next business day after a holiday or weekend.
• Payments above the minimum must be applied to the highest-rate balance first.
• Each monthly statement must include information on how long it would take you to pay off your balance if you make minimum payments only and the total you’ll pay, including interest and principal; and how much you need to pay each month in order to pay off your balance in 36 months and the total you’ll pay, including interest and principal.
• Statements must also include a warning that by making only minimum payments you will pay more interest and it will take you longer to pay off your debt, as well as a toll-free number to call if you want to be referred to a credit-counseling service.
College Students and Young Adults
• No credit cards for college students unless co-signed by a parent or they can demonstrate “ability to pay.”
• No credit-limit increases if you are under 21 and have a co-signer without that co-signer’s permission.
• No credit-card marketing and freebies on college campuses.
As with everything, there are loopholes with this new CARD Act and you should read your disclosures or read this article. What I do like is that college students can no longer be suckered into signing up for a new credit card with t-shirts and toys because credit card companies are not allowed to market on campus and students must have a co-signer or show the ability to pay for the credit card. As I mentioned before I am opposed to using credit cards because personal finance is not taught at any level of education in this country and I believe these credit card companies have preyed on the financially uneducated for decades. True financial independence will come when people learn that cash is still king.
Sources: The bulleted information is from Smart Money and Aleksandra Todorova
Tiger Woods Apologizes…What does it mean?
Posted by Aparicio Giddins in Professional Athletes on February 19, 2010
Today was a day of reckoning for Tiger Woods. Tiger Woods apologized for his indiscretions to his wife, his mother, friends, and to his fellow mates on the PGA Tour. He seemed contrite and apologetic and even seemed at one point to hold back tears as he read his 7-8 page prepared statement. Many will agree that Tiger is the greatest golfer on the planet and many like me are waiting for him to get back to what he does extremely well. I am in the minority, in that I believe that Tiger did not need to apologize to me because it was a personal matter. I never purchased products because Tiger Woods endorsed those products. The media and some sports analysts believe that Tiger should apologize to the public because he has accepted public money and he portrayed himself as a family man and a role model. As the often misguided Charles Barkley often says, “athletes are not role models.” I agree whole heartedly. Tiger Woods is not daily part of my life. In my opinion, Tiger suffered from the same disease that all athletes experience at the elite level and that is the spirit of invincibility. I like that he addressed that in his statement, in which he said, “I thought I could get away with whatever I wanted to. I felt that I had worked hard my entire life and deserved to enjoy all the temptations around me. I felt I was entitled. Thanks to money and fame, I didn’t have to go far to find them. I was wrong. I was foolish. I don’t get to play by different rules. The same boundaries that apply to everyone apply to me…”
Hopefully Tiger can move on with the rest of his life and repair the relationship with his wife and family. He does not owe it to the public to give updates about his life or his marriage. It was a series of non-public events that occurred and because he is a public figure and the best golfer on the planet, his situation is magnified at the highest resolution.
What does it mean for Tiger Woods? I think Tiger will continue getting therapy and working on his marriage. He has already started working out and practicing on the golf course again. I look forward to seeing an intense focused Tiger in the near future. I think he will win and win big. All of the sponsors that did not back him, will have to pay double for his services. I’m not sure if he has changed his ways and only time will tell.
What does this have to do with discovering your blueprint? In his statement, Tiger mentioned several times how he strayed away from his values and his faith during this time of “temptation.” He conformed to the way that the world does things and did not stay true to his beliefs and values. It is during these times of self-reflection Tiger will get back to his roots.
Save Thousands by Converting to a Roth IRA
Posted by Aparicio Giddins in Financial on February 11, 2010
Save Thousands by Converting to a Roth IRA
The Tip:There are many positive reasons to switch your traditional IRA to a Roth IRA. The biggest of which is that it’s possible earn a lot more in the end by saving on taxes. Until 2010, income restrictions prevented many people from converting their traditional IRAs or old employer retirement accounts to Roths. This year, however, those restrictions are permanently eliminated! What’s the Difference? A conversion makes sense only if you can pay the taxes out of pocket without tapping the IRA funds. Otherwise, the reduced investment cancels out your tax savings. Fortunately, this year, the IRS is helping by allowing you to pay taxes on your conversion over two years. So start setting money aside now to cover your tax bill by 2012. How Much Can You Save? Here’s something else to think about. If you expect to have a higher tax rate when you retire (and many people do) the value of a traditional IRA will drop even more. But, higher taxes do notaffect a Roth! On the other hand, if you expect to have a lower tax rate when you retire, it may make more sense to keep your traditional IRA than to pay taxes on a conversion at your current, higher rate. Many More Benefits
Is a Conversion Right for You? This information is courtesy of Dave Ramsey. |
College Drop Out Rates – Who’s to Blame?
Posted by Aparicio Giddins in Miscellaneous on February 3, 2010
This is a repost from another blog, but I think it’s pertinent information to discovering your blueprint. Please let me know your thoughts:
For some students, getting accepted to a university is only the first in an uphill battle toward a degree. Persevering long enough to graduate can be just as challenging.
Data from the U.S. Census Bureau revealed in 2000 that one in three Americans drops out of college. This is an increase from the 1960s when one in five discontinued his or her studies.
Some studies indicate that a considerable proportion of college dropouts come from low-income families. The U.S. Department of Education found that 41% of low-income students enrolled in a four-year institution managed to graduate within five years. For higher income students, this jumps to 66%. Of the low income students that did not return, 47% left in good academic standing.
Though research links financial difficulties to dropout rates, there are a number of factors that account for why students decide to leave school. Students tend to drop out because their expectations of college—academically, socially, or both—don’t match up with the reality once they get there. They also suffer from lack of motivation, inadequate preparation, and poor study skills.
The National Center for Education Statistics indicates that dropout rates are particularly high for African American and Hispanic students. Other student populations at greater risk of dropping out include those who are the first in their family to attend college, those who have limited English proficiency, and nontraditional students such as returning adult students.
Few students who drop out eventually finish their education. Those that do return to college usually don’t do it immediately. About 12% of the undergraduate population consists of re-entry students. These students are defined as those over the age of 25.
Many college students—especially dropouts—are burdened with debt accumulated from loans that could have been avoided or minimized by choosing other education and training options. Debt from student loans hurt those who never finish college. Most dropouts are left with big debts and mediocre job prospects.
It is estimated that 40% of college students will leave higher education without getting a degree, with 75% percent of these students leaving within their first two years of college. Freshman class attrition rates are typically greater than any other academic year and are commonly as high as 20-30%. These statistics show a need for colleges to do something about retention rates.
An alarming number of schools have no specific plan or goals in place to improve student retention and degree completion. Colleges tend to put the blame on students, rather than on themselves. College officials, when given lists of both student and institution characteristics that might affect a student’s decision to drop out, identified 13 student characteristics that they felt significantly contribute to student attrition. In contrast, respondents identified only two institution characteristics as having a significant impact on attrition. It is quite troubling that colleges are still inclined to hold students largely responsible for their retention, while dramatically minimizing the institutional role in this problem.
When a student drops out of college, everyone loses—the student, the college, and the greater society. College retention rates are important issues that impact not only colleges, but our country and its future competitiveness in the global economy.
Students’ academic readiness is a key factor in college retention. Students who are well prepared for college coursework are more likely to stay in school. Academic help alone is not enough to keep many students in school. Students also need individual support to feel connected to the campus community. Helping students succeed in the classroom is a very positive step, but if students feel isolated or feel as if they don’t fit in, they won’t stay. It’s important for colleges to offer programs and services that integrate first-year students into the social fabric of the college community, so that they feel a part of campus life from the very start of their college experience.
Some schools are establishing practices that appear to be highly effective in increasing student retention. These include social integration practices,multicultural centers, new academic advising practices, and learning support practices. Student retention is everyone’s business on a college campus and a thoroughly integrated and coordinated approach needs to be taken to assure success.
Many colleges have not yet made retention efforts a high priority. Fewer than half (47%) of all college officials responding to an ACT survey say they have established a goal for improved retention of first-year students, and only a third (33%) say they have established a goal for improved degree completion. In addition, only around half (52%) say they have an individual on staff that is responsible for coordinating retention strategies.
Author is: Gayla Martindale
Read more: College Drop Out Rates – Who’s to Blame? – StateUniversity.com Blog
