In the Black: Live Faithfully, Prosper Financially: The Ultimate 9-Step Plan for Financial Fitness

by Aaron W Smith, Brenda Lane Richardson

Overview

With economic uncertainty reaching unprecedented levels, Aaron W. Smith's accessible nine-step plan to take control of your financial future will resonate whether you're just starting out or finding yourself midlife with concerns about your retirement. In The Black will transform your retirement plans, regardless of income, by offering concrete advice on what opportunities are available and using real-life examples to illustrate how anyone can achieve their financial dreams be they middle- aged and facing debt or actively saving since their early twenties.

In clear, easy-to-follow steps, readers will learn how to:

• Overcome historical resistance to investing
• Save for retirement while keeping kinship ties intact
• Use faith as a motivator for saving and strengthening financial discipline
• Break through denial about changes in Social Security and pension plans. . . and much more.

Product Details

ISBN-13:	9780061450693
Publisher:	HarperCollins
Publication date:	05/12/2009
Edition description:	Original
Pages:	336
Product dimensions:	5.30(w) x 7.90(h) x 1.00(d)

About the Author

Aaron W. Smith is the founder and president of A. W. Smith Financial Group, Inc., a comprehensive financial planning firm based in Richmond, Virginia. Smith has more than ten years of experience in the financial services and insurance industries. He holds several securities and insurance licenses and is also a Registered Player Financial Advisor for the National Football League Players Association.

Trained as a minister, Brenda Lane Richardson is a journalist, active public speaker, and the author of Story Power, The Language of Fertility, and Chesapeake Song. She has written a column for the Oakland Tribune, and her work has appeared in Essence, Glamour, Ms., and the New York Times Magazine.

Table of Contents

Acknowledgments ix

Introduction: How Reading This Book Can Change Your Financial Future 1

Step 1 Figure Out What You Really Want

Chapter 1 Defining Your Values 17

Chapter 2 Getting Your Goals Straight 28

Step 2 Envision Your Financial Future

Chapter 3 Facing Reality and Exploring Your Dreams 45

Chapter 4 Creating the Financial Plan That's Right for You 53

Step 3 Work Your Money

Chapter 5 Paying Yourself First 67

Chapter 6 Getting a Handle on Your Spending 84

Step 4 Quit Strumming the Money Blues

Chapter 7 Paying Down Debt 97

Chapter 8 Maximizing Your Cash 109

Chapter 9 Pinpointing the Amount You Need to Retire 118

Step 5 Put the Pieces Together

Chapter 10 Knowing When to Take Social Security 137

Chapter 11 Choosing Traditional or Roth IRAs 152

Chapter 12 Recognizing an Annuity for What It Is 163

Step 6 View Home Ownership as a Viable Option

Chapter 13 Understanding Our Passion for Real Estate 181

Chapter 14 Knowing Whether to Rent or Buy, Stay or Downsize or Relocate 195

Step 7 Don't Just Play the Market, Understand It

Chapter 15 Making Wall Street Work for You 217

Step 8 Protect Your Assets

Chapter 16 Selecting Insurance That Fits Your Needs 235

Chapter 17 Keeping Income Flowing for the Rest of Your Life 251

Chapter 18 Choosing a Financial Professional 279

Step 9 Enjoy the Richness of Your Life

Chapter 19 Leaving a Legacy 291

Chapter 20 Reinventing Your Life 301

Appendix: Worksheets for Tracking Your Expenses 307

Notes 315

What People are Saying About This

Suzan Johnson Cook

“If you’re worried about retirement, read this book. It’s filled with the Holy Spirit, fun to read and easy to follow.”

Mary Beth Franklin

“In the Black fills a void in the much under-served niche of financial planning for African Americans.… This book will empower you to move forward.”

Editorial Reviews

If you’re worried about retirement, read this book. It’s filled with the Holy Spirit, fun to read and easy to follow.” — The Rev. Dr. Suzan Johnson Cook Senior Pastor, Believers Christian Fellowship Author, Live Like You’re Blessed

“In the Black fills a void in the much under-served niche of financial planning for African Americans.… This book will empower you to move forward.” — Mary Beth Franklin, Kiplinger's Personal Finance

“Smith’s work is a timely volume urging individuals at all income levels to improve their financial literacy and take control of their economic futures.” — Publishers Weekly (starred review)

From the Publisher

If you’re worried about retirement, read this book. It’s filled with the Holy Spirit, fun to read and easy to follow.

The Rev. Dr. Suzan Johnson Cook Senior Pastor

In the Black fills a void in the much under-served niche of financial planning for African Americans.… This book will empower you to move forward.

Mary Beth Franklin

If you’re worried about retirement, read this book. It’s filled with the Holy Spirit, fun to read and easy to follow.

The Rev. Dr. Suzan Johnson CookSenior Pastor

"If you’re worried about retirement, read this book. It’s filled with the Holy Spirit, fun to read and easy to follow."

The Rev. Dr.; Senior Pastor - Suzan Johnson Cook

Veteran financial adviser Smith focuses on the financial needs of African-Americans, emphasizing the importance of saving, budgeting, investing in retirement plans and risk management, all with an eye to historical patterns that may impede African-Americans from attaining financial security (such as the community's resistance to investing). Sprinkling the text with references to spirituality and to his Aunt WaWa's no-nonsense advice, Smith shares uplifting case studies of clients and public figures, ranging from the wealthy and successful (e.g., Supreme Court Justice Clarence Thomas, a multimillionaire couple, a single mother and successful entrepreneur) to those struggling to find their financial footing (e.g., one man fighting to rebuild his life postincarceration and another who successfully overcame the addictions that had destroyed his family life and left him destitute). With nine million African-American baby boomers slated to retire between now and 2029 and the current economic crisis testing the confidence of the public at large, Smith's work is a timely volume urging individuals at all income levels to improve their financial literacy and take control of their economic futures. (May)

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Publishers Weekly