Are you a person who spends sleepless nights worrying about money and whether you’ll have enough of it when you retire? Are you looking for someone who can answer questions about how to manage your money? Or do you need to start looking for advice from new sources? If any of these scenarios apply to you, here are five tips to help you find the financial advisor that is right for you.

1)      Check for qualifications

Make sure you choose a financial advisor who has the Certified Financial Planning (CFP) designation, or equivalent licenses. These special designations ensure that a financial advisor is well-versed in fund management and that they understand the ethical codes that they should abide by.

2)      Do extra research

Interview a potential advisor the way you would interview a babysitter for your child or a photographer for your wedding—in-depth. Additionally, you should look for referrals from family and friends. The Internet is another important resource—from Facebook to LinkedIn, you can learn a lot about a candidate online.

3)      Ask how well they know their clients

Be wary of an advisor who pushes you into doing something you are not comfortable with, or who tries to sell you a product that “guarantees” you a high rate of return. If it sounds too good to be true, then it most likely is. A financial advisor who is aware of differences in the personalities and preferences of their clients will make use of the Know Your Client (KYC) rule, or a similar guideline. This helps them determine whether you are a conservative, moderate or aggressive investor. They are then able to give you investment advice which suits your personal tolerance for risk.

4)      Use your Employee Assistance Program (EAP)

If your workplace does offer this valuable program, you can ask your EAP provider for financial advice. A good EAP provider will be able to help you with financial concerns in a range of topics including credit/debt management, bankruptcy, separation and divorce, and early retirement. This useful service is free of charge.

5)      Refer to the Certified Financial Planning (CFP) website

Another great resource to consult is the CFP website. This site has a search feature which helps you locate practising CFP professionals in your area. Just follow this link: http://www.fpsc.ca/directory-cfp-professionals-good-standing

You may decide to delve into do-it-yourself investing rather than enlisting a financial advisor. In this case, a terrific book to get you started is The Wealthy Barber by David Chilton. The book provides some excellent financial planning advice in a storytelling format. You can read its review as well those of other useful financial books from here. Best of luck!

Busiku Mwinga, MBA

Senior Financial Consultant

On April 30^th Chris Bosh posted a couple of questions on his Twitter page:

“Been wanting to ask. Where should I go next season and why?”

“OK… Let me rephrase the question. Should I stay or should I go?”

This was yet another blow for Raptors fans hoping that the franchise’s star player will resign; those tweets were posted near the end of a disappointing season for the Toronto Raptors that did not include a playoff berth.

At the beginning of the 2009-10 season, it looked as though this might be the year the Raptors would emerge as an upper-tier team in the Eastern Conference with team manager Brian Colangelo making a big splash by signing forward Hedo Turkoglu to the marquee-free agent and former Orlando Magic for a five-year $53 million deal. Coloangelo also signed a host of other players. Many pundits felt that the Raps would significantly improve on their discouraging 2008-09 season.

Instead, the 2009-10 season was disastrous. Turkoglu, whose numbers are significantly down from last season, has not lived up to expectations on the court thus far; Bosh fractured his nose, forcing him to miss multiple games in the last stretch of the regular season; off court, Toronto players experienced tension and division among themselves, according to reports; and the Raptors did not make the playoffs.

So will this sub-standard season be the nail in the coffin for Chris Bosh leaving? That remains to be seen, but Bosh’s recent actions—and the timing of them in regard to his free agency— have me feeling less than optimistic about him staying in the “big smoke” past July 1^st.

Cleone A. Jacob

Sports Editor, Black Ink Magazine

“We need fathers to realize that responsibility does not end at conception. We need them to realize that what makes you a man is not the ability to have a child – It’s the courage to raise one.”

President Barack Obama – Father’s Day Speech – June 2008 on his campaign trail.

For Brandon Hay, the founder and Executive Director of the Toronto-based men’s support community, the Black Daddies Club (BDC), a typical day goes a little something like this…

“I get up in the morning sometime around 5 a.m. to drive my wife to work, get home and check my email for 15 minutes. Get my kids in the bath, prepare breakfast and lunch ,get them dressed, drive them to school and daycare get home around 9 a.m., return emails and phone calls, at 11am I then pick up my middle son from school and bring him to daycare.”

“ I head out to do any BDC related business such as meetings, speaking engagements, drafting press releases, phone calls, etc. until 3 or 4pm (depending what part of the city I have to go), I then pick up my wife, then my kids from daycare or school. I take my kids to the library then play in the park (if its summer), do homework with my oldest sons, Monday, Wednesdays and Fridays my eldest son plays football with the Scarborough Thunders from 6:30pm to 8:30pm. I make dinner, get them ready for bed and do the whole thing all over again the next day.”

To the unassuming spectator, it would be hard to fathom this devoted family man was once a young vulnerable man, who at the tender age of 24 once experienced fear, anxiety and trepidation upon hearing the life altering news that he would be a Father. Raised in a single parent home without a strong male father figure during his formative years – Hay wondered if he would be man enough or even know how to be a “Dad”.

His mental fortitude, ingenuity and desire to be the father he never had, led him on a mission to seek out help and resources to prepare him for one of life’s most important roles, especially as a black father.

“I went to a family resource center in my neighborhood (Malvern) to find materials or community support for fathers (resources that were culturally relevant to me as a black father); however they only had resources for mothers’ grandparents, and guardians but nothing for fathers not to mention black fathers.” Hay discovered there was clearly a void. There were no spaces, forums or specific groups available to discuss parenting from the perspective of black fatherhood and the critical issues facing the black community as a whole on a consistent basis. After speaking with other young black fathers in the community and hearing similar issues and concerns – this was the confirmation Hay needed to birth this initiative.

Today, Brandon Hay has transformed his uncertain circumstances into a powerful movement – becoming a change maker, community organizer and supporter of the idiom “it takes a village”. The Black Daddies Club (BDC) formed in 2007 has become a lighthouse in the black community.  BDC is empowering and challenging black fathers and families to be engaged, have the courage and resolve to participate in forums and community initiatives discussing issues and challenges within the black community that are hindering our children and families success . He has facilitated creating a public voice, safe space and fraternity for black fathers.

To shatter and abolish the often cited neglectful images in the media which continually perpetuate absentee black fathers as the norm, is a fundamental goal of the organization.  The BDC has been featured in the Toronto Star, CFRB Radio, CTV News, 100 Huntley Street, Global News and The Globe and Mail and is realizing this mandate.

Black Ink Magazine, had the pleasure of speaking with Brandon Hay for an in-depth interview to learn more about this movement that is transforming fatherhood in the black community and to commemorate and celebrate Fathers Day, honouring the plethora of black fathers who have  nurtured, protected, educated and loved their families and have had the courage to raise their children.

BIM: What is the mission, vision, and/or mandate of the BDC?

BH: The mandate and guiding principals of the BDC are to:

1. Develop a continuous support system for black fathers to share their challenges and or experiences
2. Host events featuring various speakers both high-profile and “everyday” people who can inspire and encourage positive practices for black fathers and community members generally
3. Work with the media to provide alternate images of black fathers

BIM: What are some of your programs and initiatives?

BH: Holistic Integration Programming (H.I.P.): Which is a 3 step module (1) Prison-working with the young men that are incarcerated (2) Community- working with these men when they are released, (3) long term community, making sure these men are independent to navigate through the systems to acquire the help if needed.

Each one -teach one model: BDC will be looking to re-start the very much needed mentorship module for our young black youth that are in need of such programming.

Civic engagement initiatives - 2010 is an election year for the City of Toronto, and BDC feels that it is very important for the youth and the individuals who live in Toronto’s 13 priority neighbourhoods to play more of an integral role in the election process. Currently we don’t feel that these individuals are apart of these candidates communication.

Daddies and Me- To celebrate Fathers Month (June), BDC will be taking a group of Dads out with their children to Ontario place to promote bonding amongst father and child.

Fathers Day photo exhibit fundraiser- On Sunday June 20, 2010, BDC will be holding its Fathers day event/ fundraisers. Come out and see over two years of BDC photos, bring the entire family

2nd Annual Orono Family Picnic: A strong community begins with strong families, BDC is honoured to be one of the partnering organization to produce this great one day event (August 2010), that welcomes families from around the GTA to come and spend the day with us; last year we had over 500 families that came out

BIM: What is the demographic makeup of your membership and supporters?

BH: Essentially our target are black fathers, however membership have black women, white fathers as well white women; our intention is not to cut any one out, all we ask is that you care about the cause and are willing to be apart of positive change within your community

BIM: What are some of your membership benefits?

BH: Free entry to BDC-related events such as Daddies and me, discounted prices to events and a BDC T-shirt (designed by Toronto visual artist, Mark Stoddart).

BIM: What are some of the biggest challenges you face in running the BDC?

BH: Lack of funding, finding the right individuals to partner with and

Locating dedicated volunteers (which also goes back to lack of funding). People want to give back and volunteer but to get long-term assistance without paying someone is hard, people have lives and families.

BIM: What are some of the challenges expressed by black Fathers dealing with fatherhood in your forums and community initiatives?

BH: We are preaching to the converted, in the sense that we get a lot of men that support BDC however these are the men who have made the change already, there is a need of getting those men who are not playing a role as involved parents with their kids. But to that I say that is an opportunity for BDC to become more creative in our outreach.

BIM: What are the long-term plans for the BDC?

BH: We plan on doing more work with young men in conflict with the Law; a large population of black men are in conflict with the prison system. Doing more taboo discussions and workshops targeted to the black community.

BIM: How has being a father changed your life?

BH: It has made me more motivated and focused in terms of my life and my business. It has made me more sensitive, loving and more caring to the feelings of others, it has made me more community minded (that if I want my sons to do well, then the kids that they play with at school or in the community should also do well), it has made me see the importance of leaving a legacy and a foundation for them to build on when they get older and leave for my grand kids and so on. I am more patient because of them and one can’t take them self too seriously with kids. I am also a better listener and more tolerant because of them.

For more information on the Black Daddies Club’s events and initiatives, please visit their website at www.blackdaddiesclub.com

By: Associate Editor – Dawn Vernon

If you have not already opened up a tax-free savings account (TFSA), you may want to consider taking advantage of this exciting and relatively new savings vehicle. The government introduced it to the Canadian public on January 1^st, 2009. Its best feature, the account is exempt from taxes: neither capital gains not investment income are taxed when withdrawals are made from this account.

For example, suppose you contributed $5,000 (the maximum allowed) in a Canadian equity within the TFSA at the beginning of 2009. The markets worked well for you, so your $5,000 investment grew to $6,000. When you withdraw the $6,000, the government will not tax your $1,000 gain upon withdrawal. Hard as it may be to believe, it’s true. If you had put that money in a non-registered account and applied the same scenario, the government would have taxed 50 per cent of your capital gains.

For the TSFA, just as in the Registered Retirement Savings Plan (RRSP), the government carries forward unused portions of the contribution room every year. If you did not open a TFSA account in 2009, that year’s $5,000 of contribution room would have been carried forward to 2010, permitting you to deposit up to $10,000 if you decide to open an account this year. Revenue Canada lets you know how much contribution room you have available for the TFSA in your income tax assessment.

As mentioned earlier, there is a limit as to how much you can deposit into a TFSA; for 2010, you must stay within $5,000. If you exceed the limit, the government imposes a penalty, charging one per cent of the surplus on a monthly basis. You can have multiple TFSA accounts with different retailers or banks; just make sure that the total contribution to all of your accounts stays within the limit.

You are able to invest in an array of asset classes (stocks, bonds and short-term investments) within the TFSA. You are also able to invest in company stock within the TFSA. If your employer offers a group TFSA for employees, you may want to go with the group plan instead of opening your own TFSA at a bank. Usually the organization is able to negotiate lower management fees with the record keeper (i.e. insurance company). Investments offered within a Group TFSA account may also be “no-load” funds or mutual funds that do not have a sales charge.
Many investors are currently debating whether to put their money into a TFSA or an RRSP. The RRSP does have its benefits, especially for those high-income earners who use it to reduce their taxable income. An RRSP also provides participants the opportunity to take advantage of programs such as the Home Buyers’ Plan (HBP), for those looking to purchase their first home, or the Lifelong Learning Program (LLP), for those who want to pursue further education.
Here is a summary of the main features of a TFSA:

• Contributions to a TFSA are not tax deductible (this also applies to an RRSP).
• The plan is registered by Revenue Canada.
• You receive contribution room back when you withdraw from a TFSA (not the case with an RRSP).
• There is no age limit for contributing to a TFSA.
• The contribution limit is carried forward when not used (this also applies to an RRSP).
• The current limit is $5,000 (will be indexed to inflation).
• It lets you invest in the same investments offered for RRSPs.
• TFSA assets can be transferred to a spouse upon death.
• Capital losses are not tax deductible.

For more information about the TFSA, RRSP, HBP, or LLP please visit Revenue Canada’s website: www.cra-arc.gc.ca

By: Busiku Mwinga, MBA
Senior Financial Consultant

If you are an entrepreneur looking for sources of funding for your business, you have surely heard about obtaining small business loans through your bank, applying for lines of credit, and possibly, asking for funding from family and friends. There is, however, another popular source of financial support: funding through investors.

According to the Angel Investment Network, a Canadian web-based service that matches investors seeking investments with entrepreneurs seeking capital, Angel investors are currently investing over $3 billion in Canadian businesses each year. “This number would be substantially higher if these Angels were better able to find and review new types of investment opportunities.”

So how can one become better prepared to approach investors? What does it take to be perceived as an “investable” entrepreneur? Black Ink spoke with Joanna Track—the president of Sweetspot.ca, Canada’s first online, trend-spotting lifestyle guide of its kind. Starting with a newsletter in 2004, Sweetspot.ca has tripled its revenue since an investment from Rogers Communications Inc. made Joanna’s “sweet” dreams come true!

Joanna Track, President, Sweetspot.ca

BIM: What motivated you to create Sweetspot.ca?

Joanna Track: The concept was inspired by a similar business in New York called DailyCandy. I worked in advertising and transferred to New York where I was introduced to DailyCandy . . . I found that there was nothing like it in Toronto when moved back about six or seven years ago. I always knew I wanted to be my own boss. I had a good base to take the leap and I ended up digging into my RSP to get it started.

BIM: How simple or difficult was it for you to get enough people on Sweetspot.ca?

JT: There were 600 people the day I launched, and it was through friends and friends of friends and we reached 10,000 a year later. Our first newsletter went out in June of 2004 and the first advertising sale of that year was in November. A lot of it was viral, through bartering and partnering especially with marketing help.

BIM: When you start a small business, there are a number of challenges and small wins along the way; what was the experience like for you when you first got started?

JT: The challenges were big, the biggest being the month-to-month expenses and being able to pay them. But it takes money to make money. Everything costs money so [it summoned] bartering and good PR. I had to get creative on spending effectively. The wins are what kept me going. I started by sending emails to my contacts and then it grew virally as I began getting calls from companies to get featured.

BIM: Tell us about the day when you got the call from Rogers.

JT: Two years into it, I had been approached by other companies but it didn’t work out or feel right and I was turned off by these big companies. When Rogers came along I wasn’t [initially] too excited; I had the confidence that I can do it on my own, but partnering with Rogers could make it faster and easier.

BIM: In your online discussion with the Globe & Mail you said: “I think the thing that Sweetspot has that attracted them, was a unique business model, with good profit potential. But as they told me, they were buying into me, even more than the company. I think I showed them that I had a good balance of creative ideas, and strong, effective business skills. I think at times there are entrepreneurs out there with fantastically creative business ideas, but have a challenge managing the day-to-day business operations. I was able to show Rogers I was good at both.”

Tell us more about your personal brand and some of the inherent attitudes and behaviours any business owner needs to make the business work?

JT: They were impressed with me. I remain very professional and at the end of the day it’s always business. Business cards and invoices are essential, even if it’s two people; and have all your financials organized and ready. Treat it the same way as if you were a large corporation. Rogers saw my confidence and organizational skills. Confidence comes from knowing your strengths or weaknesses. Know your stuff, or if you don’t know, ask somebody.

BIM: How can an entrepreneur go about making themselves more attractive to potential investors?

JT: Have the confidence, looked polished and professional and not just aesthetically, but also in substance; keep your financials in order, have your business plan ready. The business plan gives you a starting place and you need to have a vision and a revenue plan. In a few bullet points you can outline [your] vision, mission, how you operate, and how you make money.

Visit www.firstangelnetwork.ca or www.angelinvestmentnetwork.ca for more info on finding investors.  For more information on Sweetspot, check out www.sweetspot.ca.

Sandra Gabriel
Editor-in-Chief
Black Ink Magazine

Nova Scotia’s Black Business Initiative (BBI) aims to improve the economic and business opportunities available to the African-Nova Scotian community. Here, BIM talks with the BBI’s Chief Strategist and CEO Rustum Southwell about the organization’s purposes and strategies.

Southwell migrated to Canada from St. Kitts in 1972 and settled in Halifax. A devoted contributor to African-Nova Scotian community initiatives, his current board posts include the Halifax International Airport Authority Community Consultative Committee, United Way of Halifax, and the Board of Waterfront Development Corporation Ltd., to which he was recently appointed. In 2010, Southwell received the Black Business and Professional Association’s inaugural Distinguished Men of Honour award for his indelible contributions and leadership among black entrepreneurship and for raising the community’s economic empowerment. Since Southwell’s appointment as a founding Executive Director to the BBI in 1996, the BBI has assisted to create over 300 black businesses and nearly 700 jobs in Nova Scotia.

BIM: What is the purpose of the BBI?

RS: The BBI is a province-wide business development initiative committed to fostering the growth of businesses owned by members of Nova Scotia’s black community. We are committed to growing the black presence in a diverse range of business sectors including high-tech, manufacturing, tourism, and the cultural sector.

BIM: How did the BBI come to fruition?

RS: The BBI was formed in 1996 by the provincial and federal governments to address unique needs confronting the black business community in Nova Scotia—including, but not limited to, a lack of business skills and weak business culture, lack of linkages to the wider business community, discriminatory challenges faced by many, as well as the lack of access to capital and other resources.

BIM: What are some of your membership benefits?

RS:

• Networking: Links and networking opportunities with the broader business community, government agencies and other organizations.
• Professional Development: Opportunities to build up business skills and knowledge through a dedicated training centre that offers various courses and programs.
• Mentoring: Through qualified business development managers as well as through a pool of business owners with vast knowledge.
• Funding: funding opportunities are available through a number of strategic partners.

BIM: What are some of your programs and initiatives?

RS: The BBI offers a number of programs and services designed to assist Small to Medium-sized Enterprises (SMEs), start-up companies, and aspiring entrepreneurs in the African-Nova Scotian Community. We support the development of business and job opportunities for black Nova Scotians through four primary activities:

1. Training, mentoring and counselling – the BBI has a dedicated training department where various business courses are offered, as well as a mentorship program and counselling activities.
2. Communication activities – the BBI is proactive in its communication strategy. We produce a quarterly magazine entitled Black to Business, as well as an annual business community resource directory and annual report along with several brochures. The BBI also maintains a rich, versatile website (www.bbi.ca) that is updated regularly.
3. Loan and equity lending – the BBI has a repayable loan program and also manages a community investment fund.
4. Strategic Initiatives – strategic initiatives conducted by the BBI include trade missions, roundtables, bi-annual business summits, and a very successful youth program called Business is Jammin’ (BIJ) for entrepreneurs aged 12-30.

BIM: What type of lending agency is the BBI?

RS: The BBI is a community business development organization and provides funding through a General Loan Fund, a Community Development Fund, and an Equity Fund. The Loan Fund is a low-interest term loan with a varied re-payment structure based on your particular project. The Community Development Fund is non-repayable and is available to registered not-for-profit community organizations. With the Equity Fund, the BBI makes an investment in return for an agreed stake in the project. Term loans carry an equity requirement of 10 per cent of the total project cost. Equity loans carry a five per cent requirement. The financing is provided to qualified individuals and businesses for purposes of business start-ups as well as growth and expansion strategies of existing businesses.

BIM: What is the demographic makeup of your membership?

RS: The BBI’s client base consists of businesses and youth throughout Nova Scotia. Businesses are at least 30 per cent black-owned and -operated, and range from sole proprietorships to incorporated businesses.

BIM: What are some of the biggest challenges you face in running the BBI?

RS: Some key challenges are:

• Limited resources and dependence on government funding
• Scarcity of well-qualified and skilled black personnel in the province
• Ensuring community awareness of the BBI
• Integrating the black businesses into the broader business community is always a challenge – that is, getting them to partner with black businesses in vendor-supplier relationships and so on

BIM: What about long-term plans for the BBI?

RS: Our Sustainability Strategy addresses the BBI’s need to reduce its over-reliance on governmental funding and its requirements to lay the foundation towards becoming economically self-sufficient. As part of the Sustainable Strategy, the BBI has identified a requirement to support the BBI’s activities utilizing an integrated network of interrelated organizations under the umbrella of the BBI.

This network (Black Business Enterprises, or BBE) includes Business Is Jammin’ (BIJ) and the Black Business Consulting (BBC) which is focused on driving economic activity; it is an entity focused on the overarching governance and integration of all the related entities. Each entity has been carefully selected to provide the best benefit (e.g. risk management, tax implications and mandate and resource implications) to ensure full coverage to support and facilitate the BBI vision with no duplication.

The BBI sees the strength of this re-organization model, coupled with the strategic plan, as the foundation to its overall growth and viability over the coming years.

BIM: What does leading this organization mean to you?

RS: I’m proud to lead an organization that can provide resources to individuals, young and old, who aspire to grow businesses in the black community, to increase the wealth and independence of black Canadians and empower business-minded people.

Dawn Vernon
Associate Editor – Black Ink Magazine

The Board of Directors

If your employer tells you to expect a week’s delay for your next pay check, how will you respond? Will you find yourself panic-stricken, scrimmaging to rub two cents together to get by, or will you rest easy knowing you have a contingency plan—money saved in an emergency nest egg to see you through this minor financial setback?

The Vanier Institute of the Family authored a report in early 2010 assessing the current financial state of Canadian families. It cited research that found 59 per cent of respondents stated “they would be in trouble if their pay check was delayed by even a week.” The study also revealed that Canadian families are “walking a financial high wire” with research from 2009 indicating several troubling trends. 2009 saw a 50 per cent increase in mortgages running 90 days or more in arrears compared to 2008. The number of credit card holders behind at least three months in their payments rose 40 per cent from 2008 to 2009. Also, household debt climbed to an astounding $96,100 in 2009, creating a debt-to-income ratio of 145 per cent, the highest it’s ever been according to the report.

Along with the rest of the world, Canada is slowly recovering from one of the worst recessions experienced in a generation. Governments and corporations have begun to pick up the pieces and to lay out plans which will prevent repeats of some of their mistakes. But the “great recession” or “credit crisis” also brought to light the abysmal state of personal finances for many Canadians, and exposed financial missteps which have led to overspending (on credit), under-saving and far too much consumer debt.

Warning Signs
Are you on the verge of a credit crisis? Are you a slave to your debt? Do you:

• Use credit cards for everyday purchases because you do not have enough money in the bank?
• Increase your credit limits to make more room for purchases?
• Find yourself further in debt from one month to the other with no repayment plan?
• Find yourself borrowing from friends and family to handle your debt?
• Have multiple credit cards that are maxed out or close to the limit?
• Hide retail “therapy” purchases from your spouse or significant other, or suffer from buyers’ remorse?
• Have only a vague idea of how much you really owe?
• Avoid answering collection calls, or opening your bills when they arrive in the mail?
• Lack an emergency fund for important or urgent unplanned expenses?

According to Credit Canada (a Canadian charity which helps individuals and families prevent and respond to financial difficulties), all of the above are telltale signs that an individual’s personal finances are spiralling out of control. If you answered yes to any of them, you should create an action plan or seek professional help to address your debt management and spending habits. Tackling debt can feel like an overwhelming challenge, but where there’s a will—and a plan—there’s a way.

“Get real about what it is you’re spending. Then you can deal with the debt.”

According to Gail Vaz-Oxlade, a personal finance maven and renowned finance author, a columnist, and the host of the hit TV show Til Debt Do Us Part, “People have no idea how much money they make or how much money they’re spending. They are completely clueless about their money; I show people what they’re making and they’re surprised because people think their income is gross dollars, but what you earn is your net.” She stresses the importance of realizing exactly what you earn and spend each month before trying to create a repayment plan. Vaz-Oxlade vehemently states, “Get real about what it is you’re spending. Then you can deal with the debt.”

“All those people who say ‘It’s not so bad, I have a handle on my debt’ . . . I ask them, ‘Do you pay off your credit card balance every month?’ ‘No.’ ‘Well you’ve totally gotten rid of your overdraft protection?’ ‘No.’ And there are people out there who still believe their line of credit is their emergency fund,” says Vaz-Oxlade. “I make people get real about what it is they’re spending. Then you can deal with the debt.” She shares her debt-tackling action plan in her most recent book, Debt-Free Forever: Take Control of Your Money and Your Life. Here, Black Ink Magazine takes a look at a few of Vaz-Oxlade’s steps to eliminate debt:

Debt Detox: Five-Step Debt Repayment Plan

Step 1 – Add up everything that you owe
People tend to think about their debt in terms single debts (my student loan payment, my visa payment etc.) instead of the sum of the parts. To get a sense of just how deep your debt is, start by adding it all up: bills, credit cards, car and mortgage payments, loans, etc. List them all in a spreadsheet to figure out your monthly spending. Next figure out your net monthly income to determine money earned vs. money spent. Are you in the red or the black?

Step 2 – Rank your debts from most expensive to least expensive
The most expensive debt is the debt with the highest interest rate, not the highest principal amount. Using a list of your debts, write down the interest rates beside each. You may want to start a new list, with the highest-interest debt at the top, going in descending order to the lowest-interest one at the bottom. Starting at the top, this is the order in which you want to repay your debts.

Step 3 – Figure out what you have to pay each month to remain in good standing
Using your debt list, write down the minimum monthly payment for each item. These amounts are important because if you can’t keep up with them, you will damage your credit score. But don’t stop there, because it will take you ten years to pay down your debts if you only ever pay the minimum payment.

Step 4 – Figure out what you have to pay to get out of debt in a reasonable amount of time
According to Gail Vaz-Oxlade, a reasonable amount of time is three years or less for consumer debt. The same amount of time is reasonable for student debt, if it represents five or fewer years of classes (for example, a four-year undergraduate degree). If your debt is tied to a professional degree, it will take longer to pay off, and in this case Vaz-Oxlade recommends setting a 10-year payment period. Figure out the amount and frequency of all the payments you need to make in order to free yourself from each debt in your chosen amount of time (ideally, three years or less).

Step 5: Implement the “Snowballing technique” to tackle debt
First, make your minimum payments for every item of debt. Then, take the money you would have otherwise used to make additional payments to any debts, and instead use it only to make an additional payment for your most expensive debt, the one at the top of your priority list. Continue this pattern each month until your highest-priority debt is paid off, and then direct the additional payments to the next-highest debt instead. Keep moving down the list as you pay each debt off, “snowballing” your payments until all of your debts are paid in full.

Tip: Don’t forget savings during debt repayment
A good rule of thumb is to set aside 10 per cent of your net income for your savings. According to Vaz-Oxlade, “Saving is a habit and as long as you haven’t established [the] habit then you won’t save.” Not that this habit will be easy to start, or to stick to; but discipline is key. “There’s always a good reason not to save (a long needed vacation, a new car, etc.). A good reason to save is because you are supposed to and a rainy day always comes along.”

For more information about Debt-Free Forever: Take Control of Your Money and Your Life and Gail Vaz-Oxlade’s other publications, go to www.gailvazoxlade.com.

Dawn Vernon
Associate Editor – Black Ink Magazine

In December 2006, Mike Slocombe and a collective of friends embarked on a cross-Atlantic voyage from Canada’s largest metropolis, Toronto to the remote village of Baro in Guinea, a West African nation with a complex history and a rich culture. They embarked on their globetrotting adventure to learn and culture themselves to the traditional African rhythms and dances, indigenous to that region of the world.

Slocombe, who has a deep rooted passion and admiration for the art of African drumming—so much so, he is a founding member of the Toronto-based percussion ensemble Baro Dununba, which is rooted in cultural music from West Africa and the Diaspora (individuals of African ancestry living outside of Africa )—was ecstatic at the opportunity to commune and apprentice under the masters of the art forms on African soil—a homecoming that would prove to be life changing.

“I was so excited and nervous at the same time, as I had always felt that if I visited Africa I would not return,” recalls Slocombe. “I had mentioned this to a spiritual guide before I left and she said that it did not necessarily mean that I would be harmed or stay there but that I would most likely find a part of myself, or have an awakening, making me a different man. She was so right.”

Upon their arrival in Baro, Slocombe’s and his friends’ excitement about their pilgrimage was eclipsed by the sight of human suffering through poverty, disease and sickness. “Tetanus, leprosy, and severely infected wounds were prevalent in the village. Children, the aged, and men and women were afflicted with simple and curable (medical) issues,” says Slocombe. Many of these ailments are treatable in the western world.

Overwhelmed by a desire to do something, Slocombe and his peers immediately stepped in to help the community. “As a group we assisted as much as we could have with the medical kit we had brought, disinfecting and bandaging wounds, and dispensing over-the-counter pain medication. We shared with over 50 people using our personal medical supplies.”

But it was an encounter with a sick young mother possessing a severe open sore on her chest, requiring immediate medical attention that most deeply affected Slocombe. Unable to nurse her newborn due to her condition, the mother was in dire straits, crying for help. “I asked about the local doctor and possible treatment; she informed me that there were not sufficient medical supplies in the local clinic to treat her sore. The nearest hospital was close to 50 kilometres away! I cleaned the wound and had her come back a few times to change the dressing. The wound did not improve and I used my last money to have her taken to the hospital in the city. This more than any other incident influenced me to do something,” recalls Slocombe. It planted the seed for the creation of the BreadFruit Lane Charity.

“Officially” in existence since May 2009, BreadFruit Lane is a non-profit organization whose goal is to promote education, health and sustainable development. Their mission is to serve as a catalyst for change for individuals, communities, and countries around the world who are affected and afflicted by poverty and disease. They do this by improving drinking water, skills, and education; their efforts also include coordinating responses for disaster relief, disease prevention education, and providing resources, including medicine and professional help, to all of humanity without prejudice.

The name “BreadFruit Lane” is significant on two levels. “The name comes from my high schools days in Barbados,” says Slocombe, reminiscing while he explains. “My friends and I used to have lunch under a breadfruit tree where we would discuss, digress, argue, fight, reason, and express our dreams, desires, sports, and of course girls. In a sense it was a brotherhood, where we discussed our future and plans, and we called it ‘BreadFruit Lane.’ I had loved the feeling and ideas shared under this tree, it has always inspired a sense of good will and giving.” In addition, the breadfruit tree provides shelter and food—it’s a source of life, sustenance and delicacy for many cultures in the Diaspora. Once Slocombe made the decision to make the charity a physical reality, the name came effortlessly.

Since its inception, BreadFruit Lane has been working to transform lives and communities. The organization provided gift certificates to Sistering (a local community organization) for their 2009 Christmas party. As a member of Baro Dununba, Slocombe hand-delivered over $20,000 worth of medical supplies to Guinea in December 2008; the shipment included vitamins, female-specific medications, first-aid supplies and antibiotics.

As with most young grassroots organizations, publicity and fundraising are key challenges. “We have been using social media networks like Facebook to grow, generate awareness and to get our name out there,” says Slocombe. “In recent times there have been a lot of fraudulent organizations collecting funds. As a result people are more cautious with their gifting—which they should be. Our challenge is to demonstrate that we are unique, honest and legitimate.”

On March 13 of this year, BreadFruit Lane hosted “Spring Fling,” the organization’s official launch celebration, with a special performance by Baro Dununba where two African drum masters shared their talent to much fanfare. “The event was a success! We had several substantial donations and everyone is looking forward to our next event,” says Slocombe.

BreadFruit Lane is volunteer-based, but has big plans for the future. “In five years we hope to have several full-time employees. As it stands right now, we have had people doing fundraising on our behalf in the U.S. We have established some contacts in Guinea and are not limited to African countries. We have been collecting items for Africa and have diverted some of those to Haiti because of the earthquake,” says Slocombe.

“It’s important to us that our partnership with our supporters and volunteers is transparent and that they are educated. We believe that if you know what is going on in the villages, you will help,” says Slocombe.

For more information about BreadFruit Lane, follow them on Facebook to keep abreast of their current projects and fundraising events. If you’re interested in volunteering your time, talents or treasure, you can reach them at 1-866-819-5329 or by email: info@breadfruitlane.com.

By Dawn Vernon
Associate Editor- Black Ink Magazine

There is an abundance of excellence amongst the black Canadian population and this year the Black Business & Professional Association will be presenting awards to 14 of those black Canadians who represent excellence in business, education, academic, community, technology, arts, athletics and more.

The BBPA introduced the winners at the Harry Jerome Awards media launch on Tuesday, March 23 at the Scotia Plaza in Toronto, ON. The winners in each category included:

• Academics – Mr. Kwesi Johnson
• Athletics – Mr. Aaron Brown
• Arts – Mr. Michael Chambers
• Business – Ms. Dolores Lawrence
• Community Service – Mr. Winston La Rose
• Health Sciences – Dr. Lisa Robinson
• Leadership – Ms. Saron Gebresellasi
• Lifetime Achievement – Mr. Stanley G. Grizzle
• Media – Mr. Ron Fanfair
• President’s Award – Mr. Hamlin Grange
• Professional Excellence – Mr. Akwatu Khenti
• Technology & Innovation – Dr. Abdullah K. Kirumira
• Trailblazer – Dr. Andrew Knight
• Young Entrepreneur – Mr. Thomas Tewoldemedhin

The BBPA Harry Jerome Awards celebrates and pays tribute to the outstanding, inspirational and great achievement in the black Canadian community. The awards were established in memory of Harry Jerome, an Olympic athlete, scholar and social advocate.

One of the premier track athletes of his time, Harry’s athletic achievements were partnered with scholastic excellence and social consciousness. Despite his short time with us, Harry left a substantial legacy and blueprint for success. He earned both an undergraduate and graduate degrees in science at the University of Oregon. He helped to provide equipment for young athletes who could not afford it, he created opportunities for black people outside of the sports arena and was a vocal opponent of the misrepresentation of black people in Canadian television and wage discrimination barriers against blacks.

After his retirement from active competition in 1968, Harry went on to work with the Federal Ministry of Sport. He was named British Columbia’s Athlete of the Century and in 1971 he received the Order of Canada as a testament to his achievements.

Harry Jerome died suddenly in 1982 at the age of 42, but his legacy lives on through events like the Harry Jerome Awards. The annual awards gala and ceremony has seen almost 300 people cross its stage to accept this prestigious community recognized award. Notable winners include former lieutenant governor of Ontario Lincoln Alexander, Senator Donald Oliver, entrepreneur Denham Jolly, human rights advocate the late Beverly Mascoll, former M.P.P. the late Dr. Rosemary Brown, renowned jazz pianist Oscar Peterson and Olympic gold medalist Mark McCoy. More than 1,000 people attend this awards ceremony every year, including black business owners and professionals, dignitaries, political leaders and students.

This year’s award will take place at the Toronto Convention Center on April 24, 2010 in Toronto, ON.

By Sandra Gabriel
Editor-In-Chief

Photo by: Felicia Carty

Improving your customer’s experience improves your bottom line.

Experience matters. Your customer’s experience that is. When was the last time you walked in your customer’s shoes? What do your customers experience when they interact with your company?

Touch Point Fact: A mere 5 per cent decrease in customer attrition can increase profits by 20 per cent
Source: Reichard “The Loyalty Effect: The Hidden Forces behind Growth”

Every now and again, it’s good to walk in the shoes of your customer, to get a bird’s eye view of the experience – from their perspective.

A couple of approaches are available to you depending on your budget:
1. $$$$ – Hire a Consultancy/Firm
Hire a firm that specializes in mystery shopping/ customer research to interview your customers, understand their pain points, and identify opportunities for improvements.

2. $$ – Enlist Trusted Peers
Ask trusted business colleagues that match your ideal client profile for their experience dealing with your firm. This may not always provided candid feedback but can get some salient points if structured appropriately.

3. $ – Walk the ‘Floor’
Get involved and interact with customers, ask them about their experiences. Select a handful of your top –ideal clients and have conversations.

Regardless of which method you choose, ACT on the feedback. Ultimately, you want to turn this exercise into a regular channel for obtaining timely and relevant data on your customer touch points – working towards an established ‘Voice of the Customer’ program.

A 2008 Forrester report notes “85 per cent of executives agree – customer experience will play a very or critically important role in gaining a competitive advantage over the next three years”. So your customer’s experiences do matter. Improve on your customer’s experiences, their moments of truth, and improve your bottom line.

By Abena Rodwell-Simon
Customer Experience Evangelist at I.d.e.e. &
Director, Delivery at The Mezzanine Group