Podcast: Black Women and Money

A new survey highlights generosity and the importance of financial plans.

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For this week's Alpha Consumer Podcast, I interviewed Rhonda Mims, president of the ING Foundation, and Valerie Brown, president of the ING retail annuities market segment. The ING Foundation recently completed a survey on black women and money that highlighted the group's generosity—more than a third had lent family or friends more than $1,000 in the past year—as well as the need for financial planning, something shared by all demographic groups.

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Mims and Brown recommended a website, finra.org, that allows consumers to check up on financial planners. They also offered these tips:

  • Use an automatic savings plan.
  • Start with a workplace retirement plan.
  • Join an investing club for women.
  • Resist impulse purchases.
  • Use credit cards sparingly.
  • You can also hear the Alpha Consumer Tip of the Week on opening those pesky plastic packages.

    Meanwhile, if you're wondering whether this morning's Fed cut will affect you, here's an explanation of how it could lower rates for credit cards, auto loans, and mortgages.