| MAKING YOUR MONEY WORK FOR YOU IN 2010 | TREY ANTHONY | MARLON REID |
Making Statements in Black Ink
Issue One || Quarter Two || Jun-Aug 2010
ThiS BuSineSS iS PerSonal Trey Anthony
Marlon Reid giVeS the UFSC pledge for 2010 Canada $4.95
Jun-Aug2010
www.blackinkmagazine.com
10 StepS to Marketing on a Budget Health iS Wealth
Banking Can Be This Comfortable. Easy Ways to Manage Your Money
Publisher President & CEO
Black Ink Media Corp. Lennox C. James
Editorial Department Editorial Director Natalie McFarlane Editor-in-Chief Sandra Gabriel Managing Editor Diona C. Dolabaille Associate Editor Dawn Vernon Associate Editor Nevelette Diviney Associate Editor Tracy Woolcock Research & Assistant Editor Eva Yang Research & Assistant Editor Sakib Niaz Research & Assistant Editor Orville Lloyd Douglas Sports Editor Cleone Jacob Copy Editor Nishanthi Siva Photography provided by: Swauve Photography Joel Johnson Charlton Wallace Dwayne Armstrong Marketing Department Marketing Director Joanne Marcano Marketing Manager Dawn Lewis Marketing Coordinator Sharvan Salooja Marketing Coordinator Shaharyar Javed Marketing Coordinator Kevin Wang Public Relations Coordinator Omon Imolorhe Creative Department Creative Director (print) Andrew James Creative Director (online) Juli-Anne James Advertising Department Advertising Director Junior Cassar
Black Ink Magazine 1 Yonge Street Toronto, On. M5E 1E5 info@blackinkmagazine.com blackinkmagazine.com
contents feat u res
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From the
Editor Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec diam vel nulla vehicula pellentesque. In hac habitasse platea dictumst. Duis porta, neque quis egestas faucibus, magna nibh laoreet massa, sit amet facilisis metus sapien eu purus. Morbi ac dolor et massa euismod lobortis. Praesent vitae felis urna. Quisque volutpat rutrum suscipit. Duis odio sem, facilisis id tincidunt vitae, cursus vel massa. Duis a lacinia justo. Vivamus tempor velit quis ipsum convallis non luctus neque cursus. Nunc et feugiat nulla. In imperdiet mauris vel odio ultricies scelerisque. Nam id leo mi. Suspendisse potenti. Nulla tellus mauris, pulvinar sed consectetur et, dignissim ut tellus. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Vestibulum et dui augue, nec fringilla lorem. Nam vel mi mi. Morbi congue dictum orci, in vulputate risus accumsan in. Donec semper porttitor tristique. Cras elit risus, rhoncus sit amet laoreet ut, mattis ac quam. Praesent posuere lacinia ligula eu porttitor. Maecenas consectetur ornare elit eget venenatis. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vivamus eget dui purus. Proin tellus odio, tristique sit amet euismod nec, porta at nibh. In posuere nunc ut dolor varius eget convallis eros dignissim. Quisque vel nulla libero, in porttitor nisi. Pellentesque mi erat, aliquam a imperdiet eu, sodales nec odio. Donec tincidunt felis a quam tempor eu venenatis nibh molestie. Duis euismod urna vitae lectus euismod nec tristique lectus dictum. Sed cursus nunc vestibulum est ultrices placerat. Donec sit amet dui sed enim lobortis dignissim facilisis id metus. Suspendisse nunc nisl,
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Proin aliquet nunc et turpis auctor tincidunt. Ut pharetra metus feugiat mi consectetur dapibus. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Sed tincidunt pulvinar pellentesque. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Fusce sit amet metus ac nulla feugiat ultrices sagittis ut diam. In aliquam, lacus eget scelerisque feugiat, ipsum lorem accumsan augue, et tempus odio elit vel sapien. Nullam non ipsum sem. Quisque malesuada posuere dolor, ac pretium neque molestie in. Nunc non velit in neque placerat.
YoungBusiness Professionals
10 steps to marketing on a budget By: Uchechi Ezurike
If
you talk to the head of any small- to medium-sized company, you’ll see that one of their key areas of concern is how to grow their business in these difficult economic times. Many believe that they need to allocate a large sum of their revenues to their marketing initiatives. While it is advantageous to have a large sum to spend on marketing, small businesses would be happy to know that there are many low-cost and no-cost ways of marketing their products and services to generate quality leads and prospects. It is now more important than ever for companies to do their research and think outside the box in order to market their products or services effectively and still maintain their bottom line. Below are some examples of what Small and Medium Enterprises (SME) can do to market their products and services creatively. Customer Referral Some of your biggest opportunities will come from customers that are already buying from you. Your customers already know your business and know what you have to offer and they can provide a personal referral to others -- prospective clients and customers. The calibre of your work is emphasized when they comment on the great service they received or how your product has been invaluable to them. Look for opportunities to ask for more business from them. They probably know someone who can use your product or service, and if you truly provide them with value already, they should be more than willing to recommend you – without you having to spend a dime. On a more formal basis, businesses may opt to set up a referral program. An inexpensive way to do this is by creating “referral cards” that you hand out to your customers. These cards can have a customer’s name pre-printed on the back and be given to their friends and family. The cards would then be submitted back to your business when the new client comes in, entitling the referring customer to a reward such as a “freebie” or a discount on their next visit.
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The only expense for this approach would be the cards or paper bought from your local office supply store and the discount provided to your customer. However, when you factor in the value of the new client and their potential future revenue, the return is well worth the investment.
don’t forget to update your site regularly, adding more pictures, promotional notices, and testimonials from satisfied customers. Updated content can often attract a customer who has already visited your website.
Your website needs to “tell your story.”
Website If you are in business, then you need a website. This is a no-brainer. Your website is your 24/7 sales and marketing “employee” for which only you pay a one-time fee, or a nominal maintenance fee. Of course, just having a website is not enough; some websites may actually turn off potential buyers. It is critical to use a qualified, professional designer who has experience building sites. There are many low cost companies out there; it is important to do your research and check their previous work. In addition, once you decide on a potential designer, it’s good practice to visit different sites (especially those in your industry) to develop your taste and get a better idea of how your site should function. Pay close
Social Media Unless you have been living under a rock in the past few years, you have no doubt heard of social networking websites such as Facebook, Linked In, Twitter, and YouTube. These social media channels are a great way to expand your network and can therefore have a major impact on your business. Joining any or all of these websites is free, and these online communities can help to spread the reputation and popularity of your business, often presenting opportunities that you may not have known about before. You can invite your customers to join your Facebook group or follow you on Twitter, then reward them for their loyalty and “friendship” by granting them access to exclusive savings. David Meerman Scott offers a series of books on The New Rules of Social Media including: The New Rules of Marketing & PR and Social Media Metrics: How to Measure and Optimize Your Marketing Investment, by Jim Sterne. More information on Scott’s series of books on social media can be found at: www.davidmeermanscott. com/book_series
attention to things like ease of use, clarity, and opportunities for feedback from the website’s users. Your website needs to “tell your story.” Potential customers should be able to understand what products and services you offer. The importance of your company’s website cannot be underestimated – potential customers visit to decide whether they want to buy your product or service, but your competitors may very well be visiting your site too. If you sell directly online, the process should be safe and easy for your customer; if not, it needs to be clear how they can reach you. Lastly,
Strategic Alliance This is another great opportunity for many small businesses. The trick to this is finding a business that provides complimentary services for your customers. For example, a website developer could “buddy up” with a web hosting company, a fitness facility with a spa, a wedding gown retailer with a flower shop, the possibilities are endless. Strategic alliances allow you to pool resources and offer extra value to your respective customers. Each business should have a database, and each should treat the partner business as an extension of their own company. Be sure to display brochures, business cards, newsletter etc. from your partner business in your establishment. They should be known as
your “preferred vendor” and there should be a partner discount applied. For example, if I buy flowers on a weekly basis from the local flower shop and I consistently see brochures, and business cards about a local wedding gown shop, my first instinct when it came time for me to plan a wedding would be to visit that particular establishment. A very nice perk and special bonus would be knowing that I am entitled to receive up to 10-15% off the gown store’s regular price, as a customer of the florist. This goes hand-in-hand to having the partner link on your website (and vice versa) as mentioned above. Website Links from Strategic Alliances (Inbound Linking) Most if not all of your business prospects are spending more time online, either seeking new business opportunities, searching for suppliers or checking out new tools and resources. Partnering with a reputable business that compliments yours is a great way to bring clients to your company website. Inbound linking plays a huge role in increasing a company’s online visibility. Have them include your logo with a hyperlink to facilitate the transition to your website. If yours is a new business, it would be wise to partner with a company that is already established and successful so that you may take advantage of the the traffic that their website already generates. (Also see Strategic Alliance, below.) Charity/Sponsorship Charity and sponsorship opportunities are a great way to gain prospects. This includes offering door prizes at trade or fundraising events. Collect participants’ contact information (email addresses are probably easiest to manage and utilize) in exchange for the opportunity to win your prize. Once collected, the contact information can be used to send out notices of promotions, flyers, coupons, etc.. It is important to ask for permission before sending out businessrelated information to avoid alienating your prospects; permission should be obtained on the same ballot where their contact information is collected. Sponsorship is another way to bring visibility to your brand. It is important to maximize this opportunity by adding information about your company (a brochure, business card, etc.) to the donation basket or gift certificate being given. Networking The power of networking should never be underestimated. Connections formed in meetings or gatherings play an important role
in future business relations. This is especially critical for business-to-businesses companies. Professional events not only introduce your company to many future prospects, but they also help you learn from other businesses that may be facing similar challenges to yours. These events can give you critical information on tried and tested practices to implement in your business. In addition to socializing and meeting people, make sure you always have your business card and company information handy. Without business cards, you are denying yourself— and your business—potential opportunities. It is also key to be able to speak succinctly about your business’ features and benefits while focusing on the unique value you provide. This statement is known as your “elevator pitch” or a summary of your business in 30 seconds or less. Follow-up is another important key. Keep in touch with your contacts on a regular basis in order to ensure that yours is the first business
than a sales pitch; however, some marketing and promotional information should also be in your newsletter. Businesses can custom-create their electronic newsletters to match the look and feel of their website, logo, company letterheads, etc. Consitency and brand identity are key. Events/Seminars You can create excitement through events and educational seminars to market your products and services. Invite your clients, and extend the inviation to their family and friends; the more attendees who already use your business or who might become future customers, the better. These seminars should also be open to the general public. For example, a chiropractor could host a seminar on neck and back pain. The seminar could include a brief lecture on the importance of chiropractic health, a demonstration of simple ways to help avoid and alleviate common complaints, handouts
Sponsorship is another way to bring visibility to your brand.
they think of when they need your product or services. Press Release When you stage a press release, you are using the media to help you communicate news and information to the public. You need to have a unique angle and a story to tell in order to capture the attention of the news and entertainment writers, and convince them that your company’s press release is newsworthy. Press releases get your company’s name out in the public and capture an audience, often with little or no cost to you. Investigate trade magazines and newspapers or your local community press. Many of these local and specialized media may have more space to allocate to your news than would a major publication, plus it will be localized to your trading area. Electronic Newsletter Newsletters are a great way to advertise your company while educating your customers. You can publish newsletters to your database on a monthly or quarterly basis. It is important to make sure that the newsletter contains valuable information for your customers other
for every attendee which would include the chiropractor’s contact information, and perhaps some light refreshments. Of course, the chiropractor would be wise to send invitations out to the local community, targeting businesses whose customers would benefit from his/her services, At the seminar, there would be a sign-up sheet to capture the contact information of everyone who attended, and the chiropractor would follow-up accordingly. An event like this would be a great way for any entrepreneur to expand his or her business locally. Small business owners have many options to choose from when looking for low-cost (or nocost) ways to market their businesses. Each option should be researched further in order for you to find and harness the techniques effectively; focus your resources efficiently, be creative, and enjoy the process of growing your business on a budget.
issueone quartertwo | 13
Finance
Marlon Reid UFSC pledge for 2010 14 | blackinkmagazine.com
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roin aliquet nunc et turpis auctor tincidunt. Ut pharetra metus feugiat mi consectetur dapibus. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Sed tincidunt pulvinar pellentesque. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Fusce sit amet metus ac nulla feugiat ultrices sagittis ut diam. In aliquam, lacus eget scelerisque feugiat, ipsum lorem accumsan augue, et tempus odio elit vel sapien. Nullam non ipsum sem. Quisque malesuada posuere dolor, ac pretium neque molestie in. Nunc non velit in neque placerat. Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec diam vel nulla vehicula pellentesque. In hac habitasse platea dictumst. Duis porta, neque quis egestas faucibus, magna nibh laoreet massa, sit amet facilisis metus sapien eu purus. Morbi ac dolor et massa euismod lobortis. Praesent vitae felis urna. Quisque volutpat rutrum suscipit. Duis odio sem, facilisis id tincidunt vitae, cursus vel massa. Duis a lacinia justo. Vivamus tempor velit quis ipsum convallis non luctus neque cursus. Nunc et feugiat nulla. In imperdiet mauris vel odio ultricies scelerisque. Nam id leo mi. Suspendisse potenti. Nulla tellus mauris, pulvinar sed consectetur et, dignissim ut tellus. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Vestibulum et dui augue, nec fringilla lorem. Nam vel mi mi. Morbi congue dictum orci, in vulputate risus accumsan in. Donec semper porttitor tristique. Cras elit risus, rhoncus sit amet laoreet ut, mattis ac quam. Praesent posuere lacinia ligula eu porttitor. Maecenas consectetur ornare elit eget venenatis. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vivamus eget dui purus. Proin tellus odio, tristique sit amet euismod nec, porta at nibh. In posuere nunc ut dolor varius eget convallis eros dignissim. Quisque vel nulla libero, in porttitor nisi. Pellentesque mi erat, aliquam a imperdiet eu, sodales nec odio. Donec tincidunt felis a quam tempor eu venenatis nibh molestie. Duis euismod urna vitae lectus euismod nec tristique lectus dictum. Sed cursus nunc vestibulum est ultrices placerat. Donec sit amet dui sed enim lobortis dignissim facilisis id metus. Suspendisse nunc nisl, viverra eu pharetra at, mollis at ipsum. Cras
cursus nulla ut erat venenatis tincidunt. Integer condimentum adipiscing eros, eu porttitor ligula fringilla sed. Vivamus quis velit et magna commodo mollis nec vitae magna. Suspendisse in condimentum ante. Quisque accumsan pharetra eros, eu malesuada ligula lobortis vestibulum. In id tortor enim, eu auctor lacus. Aliquam erat volutpat. Praesent libero nunc, suscipit eu lobortis venenatis, molestie egestas ipsum. Vestibulum ac erat purus, non facilisis sapien. Proin accumsan viverra nisi quis euismod. Aenean consequat faucibus congue. Suspendisse potenti. Quisque nec blandit enim. Sed laoreet turpis a ante aliquet porta scelerisque dui cursus. In hac habitasse platea dictumst. Nulla sodales augue sit amet sapien dictum eget mattis nisl euismod. Vestibulum vel dui sit amet nunc porttitor convallis. Nunc id massa orci. In hac habitasse platea dictumst. Nunc venenatis cursus diam, sit amet accumsan nunc sodales sit amet. Suspendisse eu massa vitae augue dapibus condimentum. Proin aliquet nunc et turpis auctor tincidunt. Ut pharetra metus feugiat mi consectetur
In imperdiet mauris vel odio ultricies scelerisque. Nam id leo mi. Suspendisse potenti. Nulla tellus mauris, pulvinar sed consectetur et, dignissim ut tellus. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Vestibulum et dui augue, nec fringilla lorem. Nam vel mi mi. Morbi congue dictum orci, in vulputate risus accumsan in. Donec semper porttitor tristique. Cras elit risus, rhoncus sit amet laoreet ut, mattis ac quam. Praesent posuere lacinia ligula eu porttitor. Maecenas consectetur ornare elit eget venenatis. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vivamus eget dui purus. Proin tellus odio, tristique sit amet euismod nec, porta at nibh. In posuere nunc ut dolor varius eget convallis eros dignissim. Quisque vel nulla libero, in porttitor nisi. Pellentesque mi erat, aliquam a imperdiet eu, sodales nec odio. Donec tincidunt felis a quam tempor eu venenatis nibh molestie. Duis euismod urna vitae lectus euismod nec tristique lectus dictum. Sed cursus nunc vestibulum est ultrices placerat. Donec sit amet dui sed enim lobortis dignissim facilisis id metus. Suspendisse nunc nisl,
Proin aliquet nunc et turpis auctor tincidunt. Ut pharetra metus feugiat mi consectetur dapibus. Pellentesque habitant morbi tristique senectus et netus et malesuad dapibus. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Sed tincidunt pulvinar pellentesque. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Fusce sit amet metus ac nulla feugiat ultrices sagittis ut diam. In aliquam, lacus eget scelerisque feugiat, ipsum lorem accumsan augue, et tempus odio elit vel sapien. Nullam non ipsum sem. Quisque malesuada posuere dolor, ac pretium neque molestie in. Nunc non velit in neque placerat. Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nec diam vel nulla vehicula pellentesque. In hac habitasse platea dictumst. Duis porta, neque quis egestas faucibus, magna nibh laoreet massa, sit amet facilisis metus sapien eu purus. Morbi ac dolor et massa euismod lobortis. Praesent vitae felis urna. Quisque volutpat rutrum suscipit. Duis odio sem, facilisis id tincidunt vitae, cursus vel massa. Duis a lacinia justo. Vivamus tempor velit quis ipsum convallis non
viverra eu pharetra at, mollis at ipsum. Cras cursus nulla ut erat venenatis tincidunt. Integer condimentum adipiscing eros, eu porttitor ligula fringilla sed. Vivamus quis velit et magna commodo mollis nec vitae magna. Suspendisse in condimentum ante. Quisque accumsan pharetra eros, eu malesuada ligula lobortis vestibulum. In id tortor enim, eu auctor lacus. Aliquam erat volutpat. Praesent libero nunc, suscipit eu lobortis venenatis, molestie egestas ipsum. Vestibulum ac erat purus, non facilisis sapien. Proin accumsan viverra nisi quis euismod. Aenean consequat faucibus congue. Suspendisse potenti. Quisque nec blandit enim. Sed laoreet turpis a ante aliquet porta scelerisque dui cursus. In hac habitasse platea dictumst. Nulla sodales augue sit amet sapien dictum eget mattis nisl euismod. Vestibulum vel dui sit amet nunc porttitor convallis. Nunc id massa orci. In hac habitasse pla.
issueone quartertwo | 15
Inspiration
Trey Anthony
This Business is Personal By D C Dolabaille
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T
rey Anthony on why health and harmony are crucial to success in business “I always approach my business as an extension of myself.”
These words ring true when they are being spoken by a writer who draws from her own experiences to create touching and humorous plays, an actor who always empathizes with her audience, an entrepreneur who finances most of the budget for each show her company produces, and a producer whose motto is “How do I know it’s good? Because my name is on it.” Trey Anthony’s two Torontobased companies, Trey Anthony Productions and the Trey Anthony @One Centre (started in 2001 and 2008, respectively) are both thriving. The former is a production company for theatre, film, and television which brings in six figures annually; the latter is a wellness centre for women on Queen Street West which encourages them to focus on the core principles of Mind, Body, Spirit, Creativity, and Fun. When Anthony wakes up in the morning, “I say to myself, In order to do this I have to be physically and emotionally and spiritually in sync.” She runs on the treadmill, meditates, and does daily affirmations to focus and prepare for a day of work. “You can ask my staff,” she laughs, “the days that I don’t exercise and the
days I don’t meditate, they know. . . . If I’m not well physically or emotionally, my business isn’t well physically or emotionally. I cannot run on empty, because then my thoughts are running on empty, my creativity is running on empty. So I have to always take time for myself . . . in order to do really great work and do work that inspires others, I have to be at a place, emotionally and spiritually, where I’m taking care of myself.” Anthony’s track record demonstrates that taking care of herself does
equate taking care of her business – her reputation as an upstanding businesswoman is one carefully maintained with every creative, executive and financial decision she makes. Sloppiness and missed
deadlines are two of her biggest pet peeves, and though she is fair and understanding, she runs a tight ship. “Anything that has my name on it,” she says, “it has to be the best and at the top of its game . . . people have to come out of there and say ‘that was a Trey Anthony experience.’ ” Black Ink will have a more in-depth story on Trey Anthony in our Summer 2010 issue. It will cover her early years, her best and worst business moves, some of her proven methods of ensuring customer loyalty, and a
review of her latest play, Secrets of a Black Boy, which she describes as “the male response to ‘Da Kink in My Hair.” www.secretsofablackboy.com
issueone quartertwo | 17
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Making Statements in Black Ink
www.blackinkmagazine.com
Health & Wellness
Taking Control in 2010
The
start of a new year is often the time when we reflect, review and restructure many facets of our life. However, while many of us begin in January with a plan, few actually succeed in keeping their resolutions until December (or even February!). This can be your year to finally take control; here are a few tips on how to make it happen. Have a personal vision for 2010. What do you want to accomplish? Create a vision statement, reflect on it and plan to make it a reality. Without a vision, there is no mission. Be organized. Think ahead at all times. We all have a general idea of what will happen on any given day and what we are required to do. You can organize your entire day even if you have six toddlers at home, with three of them the same age! (Yes, I am a mother.) Being organized means getting rid of things that keep us disorganized, like distractions and unfinished tasks – in other words, lose the clutter!
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Leave bad habits behind. We all know what our bad habits are. Bad habits hold us back from achieving our full potential, and they also have negative effects on everyone around us. The way you live your life and do your work does affect others. Establish goals and objectives. Setting measurable goals and realistic objectives will keep you on track and in focus. Sometimes we try to accomplish too much at one time; recognizing our strengths and our limitations will help us to avoid spreading ourselves too thin. Reaching your reachgoals and objectives will lead you to realizing your vision for the year. Accept change as it comes. We reveal our level of maturity and sense of security by the way we respond to changes around us. Changes give us the opportunity to show how truly flexible we are and to prove that we can excel under any condition. Take some “me” time. In our fast-moving world, we often forget about caring for
ourselves and seeing to our own needs. The most important person in your life is you. Treat yourself as such. Lastly, outside of making changes to take control in your own life, this would also be a good time to make a difference in someone else’s life. In the words of Martin Luther King, Jr., “An individual has not started living until he can rise above the narrow confines of his individualistic concerns to the broader concerns of all humanity.” Have a truly great 2010, and if the changes you want to see seem unrealistic, just remember how many great changes have occurred since the beginning of 2009. We can do it. Yes we can.
“Money
. It’s the root of all evil,” “money doesn’t grow on trees,” and “it takes money to make money,” are some common expressions that many people have grown up hearing. It’s no wonder then, that many people have a dysfunctional experience with money. In fact, many people confusedly believe that money is the end goal: money is a tool for us to use to attain our goals. The purpose of money is for us to use it so that we can acquire the things that make us comfortable. Nothing more. Nothing less. In North American society, financial literacy is not a curriculum taught in most schools, not even business schools. Society teaches what it looks like, how to count it, and who has it. The majority of people are told that if they get a good education (which usually involves multiple degrees),
you will get a good paying job and be set for life. While education is definitely advisable, and typically leads to better careers, there are many who can attest to their not being a linear relationship.
Negotiate, Negotiate, Negotiate Most people fear and avoid confrontations. Unfortunately, negotiations are considered by many to either be confrontational, or the other extreme: begging. Negotiations can be a powerful ally to you in your everyday life. You would be surprised how many things you could actually achieve simply by asking. Anything can be negotiated, from credit card rates to store discounts - items that usually aren’t considered negotiable. A negotiations course is a wise investment in yourself, as putting it into practice can save you a significant amount of money. Create multiple sources of income There is no such thing as job security. The only security is the knowledge that you are not reliant on your employer to sustain your way of life; having multiple sources of income (MSI) is a way that this can be accomplished. MSI means earning money from something other than your primary source of income. Examples can be from rental properties, a multi level marketing program, a franchise etc. The ideal state is for the MSI to be self sustaining, with little to no involvement from you. The early stage of any MSI will require work for it to be developed, but look to develop those items that can grow without incremental effort from you. One of the advantages of creating a business, even a small one, is some everyday expenses will start to become tax deductible, which will put more money in your pocket. Spend wisely The first step is to create a budget. Most people dread the sound of this because it has the connotation of being confined in how you live, thus stifling your freedom. The reality is the freedom can still exist, you will simply be more accountable to yourself now, and you will understand where you’re spending your money. This is a perfect exercise to help you make decisions that can improve your financial situation. An example is if you possess a car, with car payments, insurance payments and gas needs while living in downtown where you walk or transit to work. Seeing the proportion of your income it consumes,
There is no such thing as job security.
What is missing for some people is simple money concepts. There is a proportion of society that considers this common sense. Those are the few that were able to learn from family or environment. There are yet others who never take the time, or are given the opportunity, to learn some of these basics.
The following is a list of basic items that we should all be cognizant of to keep a little more in our pocket. It is neither an exhaustive nor an exclusive list, but it will certainly help.
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Finance
Money 101
an alternative could be to sell the car and rent only when needed. The point is the budgeting process will force you to look at those items when you categorize your expenses and tally the amounts for each category. While it seems very basic, the ultimate goal in this section is to spend less than you make. It’s easy to spend the bulk of what you earn to have the big screen tv that your neighbour or friend has; it’s much more difficult to be responsible and spend slightly below what you can afford. Manage debt wisely Credit is only bad when it is not used appropriately. As much as possible, refrain from borrowing money for household items or non-appreciable goods (goods that decrease in value over time, rather than increase in value). In particular, avoid finance charges greater than 10%. A great practice is to have a credit card and pay the balance in full monthly. If you don’t have the cash at hand, an alternative is to use a line of credit to pay off the monthly credit card bill. However, if you look back at the previous section where you’re supposed to be spending wisely, it is advisable to not put yourself in a position where you lack the cash to pay off your credit card bill. The key is to avoid the high rates of interest, as it is difficult to get ahead in life while paying after tax earned income on non tax-deductible interest. Use rewards to your advantage Do the math. Most people don’t care enough or don’t feel comfortable calculating the value a credit card reward program represents. All programs can be translated into a percentage off - and most premium cards are in the 1%-1.5% range. Watch out for the cards that have a tiered rate, because the actual rate you receive (based on your spending pattern and credit card usage) will usually be a lot lower than the advertised top tier. Pay yourself first No money article is complete without a discussion on investing. An excellent book for beginners is David Chilton’s the Wealthy Barber. In the book, you will learn the concept of paying yourself first, which means you take a portion of every pay check and apply it to some saving vehicle (saving account, term product, mutual fund etc). Another important concept 24 | blackinkmagazine.com
that is introduced is dollar cost averaging. This concept keeps you focused on the long term by not trying to ‘time’ the market. The concept is that if you buy the same dollar amount on a regular basis, you will buy less when the price is high, and more when the price is lower, resulting in a lower average cost. TFSA vs. RRSP With the introduction of the Tax free saving account, the investing decision has become a little more difficult for some. The reason it has become more difficult is now people have to make the decision between investing in a
TFSA or an RRSP. One of the deciding factors will be how soon you require the funds; if you need them within a few years, the TFSA would likely be your choice. If the longer term (retirement or close to retirement) is your time frame, an RRSP may be your choice. Part of the decision also depends on the difference of your expected marginal tax rate when you anticipate withdrawing the funds. A good portfolio will actually blend a combination of the two. As this topic can get complicated fast, it’s best to do your research and talk to an advisor (your local bank can assist you as well).
Credit is only bad when it is not used appropriately
Health & Wellness
Healthis Wealth
He who has health has hope, and he who has hope has everything.” –Arabian Proverb
T
he concept of health is fundamental to life and leads to the creation of wealth, whether spiritual or material. Inversely, people with the means to acquire long-term health tend not to pay the same attention to it as they do to the purchase and maintenance of a new car, stereo system or even the trendy clothes they wear. Annual spending of black families in North America is projected to break the $1 trillion mark by 2012, yet black businessmen and businesswomen are even more susceptible to debilitating health issues than others, due to the extra stress involved in running, working for or heading a successful business. Oftentimes, their busy schedule forces them to put off simple health precautions for another day – something they would be less likely to do with an important portfolio or business decision. In 1950, the death rate for blacks was 1.6 times higher than the rate for whites – identical to what it was in 1995, according to the National Center for Health Statistics. Although the overall death rates have declined for both blacks and whites, the racial gap is wider today than in 1950 for several leading causes of death. At every level of income, blacks have higher death rates than whites for eight of the 10 leading causes of death – heart disease, cancer, stroke, unintentional injuries, flu and pneumonia, diabetes, HIV/AIDS, and cirrhosis of the liver. This is why attention to your health is so important, especially if you have the means and knowledge to achieve it.
You do not have to be a prisoner to sickness, diseases, pain and suffering, weight issues, depression, and a lack of energy. Here are some simple tips to attaining and maintaining long-term health that can create wealth in your day-to-day existence. 1. Move it Often Make it a daily challenge to find ways to move your body. If you are given a choice between a staircase and an escalator or an elevator, climb the stairs. Walk your dog; chase your kids; toss a ball around with friends; mow the lawn. Anything that moves your limbs is not only a fitness tool, but a stress buster as well. Think ‘move’ in small increments of time. It doesn’t have to be an hour in the gym or a 45-minute aerobic dance class (but that’s great when you’re up to it!). Walking is said to be the best activity for heart health and is also beneficial for good circulation and overall muscle tone. 2. Cut Fat Avoid the obvious such as fried foods, burgers and other fatty meats (e.g. pork, bacon, ham, salami, ribs and sausage). Dairy products such as cheese, cottage cheese, milk, and cream should be eaten in low-fat versions. Keep in mind that dairy products are also more a matter of “want” than “need.” Nuts and sandwich meats, mayonnaise, margarine, butter, and sauces should be eaten in limited amounts. Most are available in lower-fat versions.
3. Quit Smoking Since 1960 when it was announced that smoking is harmful to your health, North Americans have been reducing their use of deadly tobacco products. Just recently, however, we’ve seen a surge in smoking in adolescents and teens. Cigarettes kill five million people each year, more than AIDS, alcohol, car accidents, murders, suicides, drugs, and fires combined. As we get older and more busy, we pick up bad habits that have deleterious long-term effects on our overall health. This is perhaps the most dangerous. Substituting cigarettes for marijuana is erroneously believed to be less addictive and harmful. Based on the toxic contents of cigarettes, that is so; however, inhaling smoke into the lungs is never a good thing for the blood, organs and cells, and getting constantly high (some call it “mellow”) is the opposite of long-term psychological and physical health. 4. Reduce Stress This is easier said than done, but stress busters come in many forms. Here are some techniques recommended by experts. Think positive thoughts. Spend 30 minutes a day doing something you like (e.g., soak in a hot tub; walk on the beach or in a park; read a good book; visit a friend; listen to soothing music; watch a funny movie). Get a massage, a facial or a haircut. Meditate. Count to ten before losing your temper or getting aggravated. Avoid difficult people when possible. issueone quartertwo | 25
5. Protect Yourself from Pollution If you can’t live in a smog-free environment, at least avoid smoke-filled rooms, hightraffic areas, inhaling highway fumes, and exercising near busy thoroughfares. Make sure your home is dust -free and, if possible, carpet-free – failing that, clean your carpets thoroughly and frequently. Exercise outside when the smog rating is low. Make sure that the air quality is good if and when you exercise indoors. Plant lots of shrubbery in your yard; plants are good pollution deterrents and they also cut down on dirt stirred up from the street. 6. Floss Your Teeth Recent studies make a direct connection between longevity and teeth flossing. Nobody knows exactly why. Perhaps it’s because people who floss tend to be more health conscious than people who don’t? 7. Keep a Positive Mental Outlook There is a definitive connection between living well and healthfully and having a cheerful outlook on life. You can transform your life by
renewing your mindset; empower yourself by thinking positive and healthy thoughts on a daily basis. 8. Choose Your Parents Well The link between genetics and health is a powerful one. But just because one or both of your parents died young in ill health doesn’t mean you cannot counteract the genetic pool handed to you. 9. Educate Yourself on Healthy Choices and Alternatives Consider making a deliberate choice to live a healthy lifestyle. You can choose to live a healthy lifestyle . . . if you truly want it! This requires educating yourself! After you make a choice to live a healthy lifestyle, simply take some time everyday (10, 15, or 20 minutes a day, or whatever your schedule permits) to learn about health and nutrition. Take a trip to a bookstore and purchase a few books or CDs from the health/nutrition section. If you’re trying to cut down on spending, visit your local library instead. Attend health seminars or workshops, join a support group and consult
with a health or nutrition expert for guidance. Practice proper meal planning by setting up a weekly meal plan. By preparing your meals ahead of time, you won’t be spending money unnecessarily on restaurants or ordering takeout. When you lack knowledge, you will lack understanding; and lack of understanding creates a clear path to ill health, resulting in medical treatment which could have easily been prevented! To quote comedian Chris Rock, “The money is not made in cures, but in keeping people sick.” Finally, there are people who believe that living a healthy lifestyle means all work and no play. That’s not so! It’s vitally important to have harmony in your life: take care of important matters, but have fun too! Enjoyment is part of a healthy lifestyle as well. When you are engaged in fun activities, such as exercising, dancing, and laughing, you feel better. When you feel better, you often think more clearly, which can lead to you making healthier choices. There is nothing stopping you from living healthy and having fun too!
Education
Choosing an MBA Program in Canada
A
s today’s business world becomes increasingly complex, skilled professionals with advanced degrees will continue to be in high demand. Master of Business Administration (MBA) degree programs in Canada are designed to equip students with the skills that are necessary to meet the sophisticated needs of contemporary businesses. Denise Baker, assistant dean of the University of British Columbia’s Sauder School of Business, remarks “While you can learn these skills on the job, pursuing an MBA degree can accelerate your skills development and career progression.” Once you have made the decision to pursue your MBA degree, you must decide which program to attend. Take the time to research your options thoroughly and pick the program that is right for you. Benefits of an MBA You may be thinking that in today’s tough economic times, financing your degree will be a challenge in itself. No doubt this is a valid concern. According to Statistics Canada, average graduate-level tuition and fees for the 2009/2010 term were around $ 20,564 (http://www.statcan.gc.ca/ daily-quotidien/091020/t091020b4-eng. htm). Rather than focusing on the shortterm costs, however, think of earning an MBA degree as an investment that has the potential to deliver long-term value. In the meantime, there are several forms of financial aid including scholarships, loans and fellowships that are available to help finance your degree. According to Statistics Canada, median
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By: Tamara Moffet annual earnings for master’s degree recipients employed full-time in 2007 were around $60,000. Master’s degree recipients earned, on average, 33% more than individuals who hold a bachelor’s degree alone. The agency also reports that business, management and public administration are among the nation’s top three fields of study. If you are seeking to advance your career, change careers, increase your earning potential or even start a business, an MBA degree can take you where you want to go. Kathy Murphy, president of the Centre for Entrepreneurship, Education and Development (CEED) in Halifax, Nova Scotia, received her MBA degree from St. Mary’s University. Murphy reveals that, when deciding upon an MBA program, she sought “to be in a program which had a strong focus on leadership development.” She credits much of her career success to the skills she acquired during her MBA studies. “The MBA program allows you to explore many areas of business that equate to a value-based client focus, and an ability to identify opportunities and utilize the skills of the team to affect positive outcomes,” says Murphy. “Since graduating in 2006, my degree has led me to more challenging executive level positions. [In] my current position as president and CEO of the Centre for Entrepreneurship, Education and Development, I have the confidence and skills to lead an organization with 30 employees and a significant operating budget.” Assess Your Circumstances MBA programs are available in several different forms. Although the MBA is a
versatile degree that allows for great career flexibility, establishing goals in advance will enable you to select the type of MBA degree that effectively aligns with your long-term career plans. “Matching your goals with what the school offers is really important,” says Heather Christensen, executive director for the MBA Programs Office at the Alberta School of Business. General MBA programs provide comprehensive instruction on a broad range of businessrelated subjects. In contrast, specialized MBA programs are much more focused and allow students to develop a specific area of expertise. Advanced MBA programs give students the opportunity to earn an advanced degree in business and a secondary degree in another area such as management or finance. In addition to career objectives, personal circumstances will also influence your decision. If work or family obligations bind you to a certain geographic area, your program selection pool will automatically shrink. Fortunately, several schools in Canada offer online MBA degree programs for students who need more flexibility. Pursuing an MBA degree is a challenging endeavour which requires dedication and commitment. Whether you attend classes online or on campus, determine whether or not you can realistically handle the workload of a full-time MBA degree program. If not, a part-time MBA program may be a more practical choice. Keep in mind however, that part-time programs usually take longer to complete. If you prefer the fast track, accelerated-one year MBA programs are also an option. Before you can begin your MBA studies, however, you must first get accepted by the program of your choice. It is
important to be aware of and ensure that you meet a program’s minimum admission requirements before applying. Although exact requirements vary by institution, all MBA degree programs in Canada require applicants to hold an undergraduate degree. Some programs will only admit applicants who meet their minimum score requirement for the Graduate Management Admission Test (GMAT); others do not require applicants to submit GMAT scores. Certain programs may also require applicants to possess between one and three years of prior work experience. Evaluate Your Options Canada is home to some of the world’s top MBA degree programs. However, no two programs are exactly the same. Determine what type of educational environment best suits your individual style of learning. Some programs will emphasize a certain teaching approach such as group work, lectures or research projects, while others utilize a combination of approaches. Class sizes may also have an impact on your overall learning experience. Large classes can provide greater opportunities for networking. On the other hand, small classes offer closer settings with more instructor access. Your classmates will be both your colleagues and your competition, so you may want to obtain student demographic information including age range, gender ratio, ethnic diversity, and years of work experience. A carefully constructed exit strategy is essential for a productive post-graduation employment search. Find out the average employment prospects for graduates of the MBA programs you are considering. Learn the extent to which each program will assist you in finding a job after you graduate. Consider programs that have solid connections within the business community and a good reputation with employers. Earning a degree from an MBA program with a good reputation and high recruitment potential will make you more attractive to employers. Since
accreditation status can potentially affect a program’s reputation with employers, consider choosing a program that is accredited by one of Canada’s leading accrediting institutions such as the Association of MBAs (AMBA), the European Quality Improvement System (EQUIS) and the Association to Advance Collegiate Schools of Business (AACSB). As Christensen points out, “Not all employers look at this but certainly the larger employers would recruit from schools that are accredited.” Resources With so much information to consider, researching potential MBA degree programs might seem a bit overwhelming. There are many resources, however, that can help you with your search. The international rankings provide information
about the quality of different MBA degree programs around the world. Each year, several prominent business publications including The Financial Times, Canadian Business, Forbes, The Wall Street Journal, and Business Week publish lists of MBA programs which they have determined to be the among world’s best. According to Baker, “At least five Canadian MBA programs are ranked in the top 100 worldwide by The Financial Times.” These publications base their conclusions on data that they collect from the programs’ faculty, current students and alumni. They gauge overall program quality, entry-level graduate salaries and
post-graduation employment rates and career advancement. While rankings can be a useful resource, remember to use them sparingly. Since each publication establishes its own set of criteria, the results are not uniform. As a result, a program that ranks high on the list in one publication may rank significantly lower in another. For more factual information about an MBA program, examine the program itself. Look at their website or speak with a representative to learn about program requirements, class sizes, student demographics and primary instruction methods. Career Centres can give you information regarding job search assistance and industry connections. Financial Aid Offices can help educate you on the different forms of financial assistance available and how to apply. Admissions representatives and faculty members can inform you about admission requirements and help you determine what type of MBA degree is right for you. Make it a point to speak with students who are currently enrolled in the MBA programs which you are considering. This will give you an idea of what the program is like from a student’s perspective. Remember to speak with individuals outside of the institution as well. Alumni have already completed the journey that you are about to begin. Contact several members of the programs’ alumni and inquire about their experiences both in the program and after graduation. Among the most important resources at your disposal are employers. Contact companies that you are interested in working for and find out which schools they recruit from and hold in high regard. Finding the right MBA program requires time and diligence. However, with careful planning and a little legwork, the result will make it well worth the effort. issueone quartertwo | 29