The Columbus Tri-Annual Issue 2 by NBMBAA Columbus Chapter

he Columbus

ri annual -

A National Black MBA association Columbus Chapter Publication

ALSO INSIDE: the value of a PMP Are HBCU Institutions still valuable today? The importance of mentoring

COLUMBUS, OHIO CHAPTER

Editorial

DID YOU MISS IT? For all of those who aƩended the NaƟonal Black MBA Conference and ExposiƟon, thank you for your support! For those who didn’t, you missed out on excepƟonal job and networking opportuniƟes! Once again the NBMBAA showed up and showed out in Atlanta as thousands of people were treated to workshops being conducted by luminaries like the legendary basketball star Erwin “Magic” Johnson, and Good Morning America’s iconic Robin Roberts. AƩendees were privy to hundreds of employers HIRING ON THE SPOT, networking with other professionals, gourmet meals, parƟes with celebriƟes, and live music aŌer long but producƟve days. It was an especially meaningful night on Wednesday September 17th as our own David Harrison was awarded the Helping Hands Award in recogniƟon of his hard work and dedicaƟon to the NBMBAA. Thank you David! Next year the conference will be held in Orlando Florida. Be sure to check out www.nbmbaa.org for conference informaƟon. Speaking of conference, in our second issue of The Columbus TriAnnual our own Columbus Conference “ambassador” Tennille Cooley has graciously contributed an arƟcle on why conference is a valuable asset to your personal and professional life. Also be sure to check out Fanchon Kent’s arƟcle on Mistakes Women Make in Their Careers. And are Historically Black Colleges sƟll worthwhile supporƟng? Alethia Gaddis weighs in. These and other arƟcles of interest are in this issue! Enjoy!

Regards,

Tamara Staley

President NBMBAA Columbus Chapter 1

TCT| Issue 2

cONFERENCE pICS

More pics can be found at www.columbusbmba.org www.columbusbmba.org 2

The Helping Hands Award On Wednesday, September 17th 2014, NBMBAA Columbus Chapter member David Harrison was awarded the 2014 Helping Hands Award at the NBMBAA Conference and ExposiƟon in Atlanta Georgia. This presƟgious award is given to a NBMBAA member who donates their Ɵme and resources to making the chapter so great! Thanks for all your hard work with the NBMBAA Mr. Harrison!

TCT| Issue 2

The Helping Hands Award David E. Harrison is a na ve of Valdosta, GA. He currently serves as the Director of the Office of Diversity and Inclusion Student Services within the Max M. Fisher College of Business at The Ohio State University. Prior to serving in this role, he was an Assistant Director of Recruitment and Development and Office Manager within the Office of Minority Affairs at The Ohio State University. He joined the Office of Minority Affairs staff in 1987 as a Recruiter/Counselor and Coordinator of the Minority Scholars Program. He received his Bachelor of Arts degree in Poli cal Science at North Carolina A&T State University in 1985 and his Masters of Arts degree in Poli cal Science with an emphasis in Public Policy and Theory at The Ohio State University in 1988. He received two Cer ficates of Commenda ons and an Honorable Discharge because of his service as a Reservist in the United Stated States Marine Corps. He served for eight years (1985-1993) in the USMCR. Considered as one of the most recognized and accomplished Senior Administra ve Staff Members at The Ohio State University, his extracurricular campus and community awards and honors are numerous and include the following: Columbus Jaycees Outstanding Young Ci zens Community Service/Junior Achievement Award-1997; OSU Dis nguished Diversity Enhancement Award-1998; OSU Na onal Alumni Associa on Josephine Failer Award-1998; Franklin County Children’s Services Ten Year Volunteer Service Award-1999; Asian Business Student Associa on Faculty/Staff Award of Apprecia on for Guidance, Hard Work, and Support-2000; 2001 OSU Dis nguished Staff Award; 2003 Most Outstanding Student Organiza on Advisor Award; 2004 Boy Scouts of America Whitney Young Service Award, and the 2004 and 2011 FCOB Outstanding Staff Service Award. He is a member of the Prince Hall Masonic Lodge (St. Mark’s Lodge #7) and the Alpha Phi Alpha Fraternity, Inc. He is also a Life me member of the ALPFA, NABA, NBMBAA, and the NSHMBAs. He is a 2004 inductee into the Na onal Honor Society of Phi Kappa Phi. He is a Past President of the NBMBAA - Columbus Chapter. He was recognized by the 10,000 member na onal organiza on as its “2005 Na onal BMBAA Member of the Year.” He is currently featured as one of the Most Influen al Blacks in Columbus, Who’s Who Blacks in Columbus, 2014 Edi on. His office currently supports 15 student organiza ons within the Fisher College of Business. He has been instrumental in helping to start eight organiza ons over his almost 28 years of service at The Ohio State University as a Graduate Student Assistant and University Administrator. www.columbusbmba.org 4

Contents Are HBCU Institutions still valuable today? - by Alethia Gaddis Many other countries have completely revolu onary public educa onal infrastructures...

Mistakes women make in their careers - by Fanchon Kent Some mes itâ&#x20AC;&#x2122;s not what you know but who you

13 15

know that can make a diďŹ&#x20AC;erence...

PMP Certification, Is It Worth IT? - by Delila Wooten

When considering if you should pursue the PMP cer fica on, ask yourself what is important to you.

How to get to Nation Conference - By Tennille Cooley The #1 benefit to a ending the NBMBAA conference are the development opportuni es.

How to Set Your Financial Responsibilities - by Jean-Claude Ndongo

21 25

During our lives, we move through the financial lifecycle. Here is a snapshot of where you should be.

The Importance of Mentoring - By Jonathan Stone Be someone who ma ers to someone who ma ers.

TCT| Issue 2

he Columbus

Tri-annual

issue 2

editor

Publisher

Tasha asha Jeﬀ Jeﬀerson erson

Edmund mund Davidson

Contributing Writers

Alethia Gaddis Al hi G ddi

Tennille Cooley T ill C l

Fanchon Kent

Jean-Claude Cl d Ndongo Nd

D lil Wooten W t Delila

Jonathan Stone

NBMBAA 1 East Wacker Chicago, IL 60601 (312) 236-2622

NBMBAA Columbus Chapter P.O. Box 163575 Columbus, Ohio 43216. (614) 470-1683

We value your feedback and encourage you to share your thoughts about our magazine. Please send all emails to markeƟng@columbusbmba.org. facebook.com/columbus.nbmbaa @Columbus_MBA linkedin.com/in/nbmbaacolumbus instagram.com/nbmbaacolumbus www.columbusbmba.org 6

the NBMBAA. Who are we? The National Black MBA Association® (NBMBAA) was founded in 1970 at a two-day conference held at the University of Chicago, by a group of African American MBA students, faculty, advisors, and businessmen. The purposes of the Association are: the encouragement of career independence for African American business professionals; the promotion of African American intellectual and economic wealth and empowerment; and the professional advancement of African American business professionals. Comprised of African American and minority business professionals from across the world, the Association is a business force boasting U.S. and international members and corporate partners. The Association has awarded over $5 million dollars in scholarships to minority students participating in both undergraduate and graduate programs around the world. Today, the membership is over 9,000 and the Association has expanded its outreach to include 46 chapters and 28 collegiate chapters. At the NBMBAA®, empowering professionals through strategic business forces is fundamental to our character and the way we represent our members. We have created numerous ways for our members to contribute to our commitment of fostering intellectual and economic wealth for the communities in which we empower, work, and serve.

VISION The Na onal Black MBA Associa on will be the premier business organiza on serving Black professionals.

Mission The Na onal Black MBA Associa on leads in the crea on of educa onal opportuni es and economic growth for African-Americans. We serve to: • • •

Provide innova ve programs to s mulate their intellectual and economic growth Build partnerships with key stakeholders who help facilitate this growth. Increase awareness and facilitate access to graduate management educa on programs and career opportuni es in management fields. For more informaƟon about NBMBAA go to www.nbmbaa.org

TCT| Issue 2

Leaders of Tomorrow Since 1992, the National Black MBA Association has provided mentors who coach students on a consistent basis in college preparation, academic success, leadership, public speaking, social engagement, networking, and goal setting to develop discipline, set and achieve high academic standards, and implement ways to serve their communities. Over 8,000 minority high school students have been mentored through LOT LOT operates in more than 30 U.S. cities, Canada, and the United Kingdom More than 95% of LOT graduates enroll in college. More than $2 million in scholarships and programming support has been provided by LOT and its partners.

Setting New Standards The hallmark of LOT is its intensity. Working with their mentors, high school students are encouraged to tackle challenges most other students wouldnâ&#x20AC;&#x2122;t dare even approach, regardless of socio-economic circumstances, and overcome those challenges with a high degree of excellence. At the same time, LOT students learn how to be leadersâ&#x20AC;&#x201D; setting goals and high standards for themselves and their peers, and motivating others to follow their lead as they make a difference in their communities.

Creating New Habits Too many students are not proficient in basic subject matter. Moreover, to be competitive in a globally interconnected marketplace, proficiency is not enough. Excellence is required. The Leaders of Tomorrow Program helps students change the way they approach achievement on an everyday basis so that striving for excellence becomes a habit.

Embracing New Opportunities LOT helps young people learn both how to prepare to take advantage of and create opportunities. They are exposed to different ways of thinking, different cultures, diverse career fields, numerous colleges, and people who have achieved greatness. In the process, future leaders discover that whatever they want to accomplish in life is within their grasp, as long as they have the discipline, courage, assertiveness, and skill to make it happen. For more informaĆ&#x;on about Leaders of Tomorrow go to www.nbmbaa.org/lot/lotCase.aspx www.columbusbmba.org 8

The Value of being a Member Membership Fees We offer several membership options based on professional level and affiliation. Student Membership

Associate Membership

Professional Membership

$75.00

$150.00

Per Year

Full Access

Articles, Videos & Training

Chapter Level Only

Full Access

ALL DISCOUNTS

Top in Search Results

Does Not Qualify

All Opportunities

Featured Profile

Does Not Qualify

Upgrade

To Associate

To Professional

Directory Listing

Chapter Only

National

Chapter Events

Local Chapters only

NBMBAA Annual Conference

Discounted Price

Coaching

Discounted Price

Access Knowledge Resource Partner Discounts

Job Seeker

$10.00 Per Resume Review

To join go to http://www.nbmbaa.org/members/joinnow/

TCT| Issue 2

2014 NBMBAA Columbus Chapter Tamara Staley President

Buf Vic Cor

Tasha Jefferson Vice President Administration

Edm Vic Ma

Delila Wootten Vice President Operations

Qia Vic Lea

Jonathan Stone Vice President Finance

Dea Vic Rec

Executive Board Members

ffie Patterson e President rporate Outreach

Buffie Patterson Immediate Past President

mund Davidson e President arketing

Past Presidents of the NBMBAA Columbus Chapter 1993 1994 1995

Carey Cheri Leslie Epps Myron Hoskins

ana Williams e President aders of Tomorrow

1996 – 2000 2000 – 2004 2004 – 2008 2009 – 2013

Diana Spencer David Harrison Oyauma Garrison Buffie McGee Patterson

adra McIntosh e President cords

EDUCATION

Institutions Still

by Alethea For almost two centuries now, historically Black colleges or HBCUs as they are o en called, have been educa ng the best and the brightest. Despite the financial challenges some HBCU’s face I believe they are s ll relevant and remain a cri cal part of our heritage in the black community. It’s a fact, that HBCUs oﬀer culture, a rich history and rigorous academic programs. And, in my opinion, HBCUs provide a culturally aﬃrming, psychologically suppor ve environment. Students are “home” on an HBCU campus and it’s important to feel “at home” when selec ng a college or university when you expect to spend 4 -5 years of your life there. In addi on, students don’t have to “prove” they belong when a ending an HBCU. Having a ended and graduated from a predominately white ins tu on, this dis nc on is key as it removes one of the hurdles to the successful matricula on through college, to graduate school and the workforce. Out of my experience, I have created the Jump Start U4 College program as a vehicle to provide college access programming to students, regardless of where they choose to pursue their higher educa on goals. However I also created the program as a vehicle to specifically expose young people to the HBCU experience. I have several friends, collogues and associates who have graduated from HBCU’s. They all echo the same sen ment: “the black college experience is second to none.” The cultural significance, they say, contributes to a strong sense of community among the student body. In addi on to the academic preparedness, there is the bond that extends beyond gradua on. This is evident in the number of students who return to HBCU Homecoming fes vi es. A ending and gradua ng from a HBCU provides a tremendous networking opportunity among people who look like you. For some, a ending an HBCU makes a statement. Some students feel empowered by a ending a 13

TCT| Issue 2

Valuable Today?

a Gaddis university that has a history of figh ng for African-American students’ rights to higher educa on. Another advantage is that HBCU’s provide classes, extracurricular ac vi es and tradi ons that speak directly to the Black American experience. Recently 27 students traveled with the Willie & Vivian Gaddis Founda on for KIDS on the Jump Start U4 College tour; with support from First Church of God, the Na onal Black MBA, Columbus Chapter, HBCUConnect.com. Delta Sigma Theta Sorority Incorporated, Nu Phi Chapter and the Na onal Colla on of 100 Black Women, Columbus, Chapter. They embraced the unique opportunity and experience of a ending an HBCU as evidence in the faces and ques ons asked on each of the campuses (Winston-Salem State University, North Carolina A & T, Morehouse College, Spelman College, Clark Atlanta University, Tuskegee University, Talladega College, Tennessee State University and Fisk University. In addi on, in the program evalua on, all of the students said they are planning to a end an HBCU and of those 27, six said they had not considered a ending an HBCU un l par cipa ng in this program. O en mes I know it comes down to which school can provide the most scholarship opportuni es. It is incumbent upon alumni to give back to their schools financially so that finances are eliminated as a barrier to making a student’s dream become reality.

www.columbusbmba.org 14

CAREER

NTHEIRCAREERS CAREERSMISTAKE MISTAKESWOME MISTAKESWOMEN AKESWOMENMAKE WOMENMAKEINTH INTHEIRCAREERS ESWOMENMAKEIN AREERMISTA ESW 15

TCT| Issue 2

SMISTA KES WOME ES WOMEN MAKEIN NMA KE INTHEIRC MAKEIN THEIRCAR EIN THEIRCAREER HEIR CAREERS MIS S N W By Fanchon Kent

As an HR professional with over 10 years of experience, I can recall a couple of occasions that I should have made a decision to pursue my career goal but instead decided to stay in the same role. I had an opportunity to work as a Diversity Manager for a steel manufacturing company but turned down the offer. My new role would have been to ensure that the company - on a wide range - had diversity ini a ves across its five major plant pla orms throughout the US. I made a decision to not take the posi on, not because of the role, but because I felt like the posi on and the accommoda ons were not what I was looking for at the me. My background in HR consisted of mid-level talent acquisi on consul ng in various markets. I was accustomed to having an office with a view and a salary over $80K plus incen ves. The offered posi on was not paying as much, I’d have a cubicle not an office, and the loca on was in an old downtown Columbus office building. In addi on, I would have been the only African American working in that office. While I thought this posi on in tle alone would put me in a be er posi on, I could not

www.columbusbmba.org 16

CAREER

STAKESWOMENMAKEINTHEIRCAREERSMISTAKESW get past the areas that I thought out-weighed or lowered my value as a HR professional. Looking back I probably should have taken that job. The tle alone would have opened so many other doors for me. Having a background as a leader in diversity is so much more rewarding than the importance of a desk and a ‘rinky dinky’ office. What I failed to view was the future opportuni es that the posi on had to offer, and that the experience and knowledge gained would have sufficed all of those others areas that were a concern. What I learned from this was that tles in many cases mean stepping stones to the bigger picture. The importance of se ng a career path is to help one see the steps that one needs to take in order to meet his or her end goal.

{

The other mistake that I made was not having a career path mapped out. For me walking away from this posi on made sense at that me because of my lack of direc on and insight. The key to success is having a five year career plan and then making strides to get there. It is more to just saying “I want to be a director someday” because ge ng there is the bigger challenge. For some it means obtaining higher educa on or cer fica ons that will enable them to advance in their career. Take an accountant for an example. In that role the most that a person will be able to do is run numbers and reports. These folks are not part p of the planning p g or

The key to success

is having a

FIVE year career plan

and then making

STRIDES

To get there.

budge ng process, they are simply there to share data. Now, a person with a CPA is more apt to providing addi onal insight to the company’s over bo om-line and establishing budget demands. CPAs can become advisors as well as own their own accoun ng consul ng firms. Another example is that a general school teacher can only provide in-class instruc ons. A teacher with a Ph.D. can become an administrator that runs a school, teach at a university, write books, instruct programs, and/or open a charter school. I spoke with one school teacher of 10 years who commented that obtaining her Ph.D. would have proven beneficial for her. Unfortunately, due to other personal circumstances she could not complete her Ph.D. program and 17

TCT| Issue 2

WOMENMAKEINTHEIRCAREERSMISTAKESWOM ENMAKEINTHEIRCAREERSMISTA ESWOMENMA EINTHEIRCA

withdrew. She stated that looking back on her path she wished that she would have stayed on her course. Networking within one’s common circle can be very beneficial to one’s success. Some mes it’s not what you know but who you know that can make a diﬀerence. One lady spoke about her failure to reach out and how she felt like this caused her to become stagnant in her career. “I am a Supervisor at Medical Prescrip on Company in Ohio with a MBA. It is now that I am looking back over my career I can honestly say that I did not network [with] my connec ons in or out of work to get me to the next level or just to gain insight into how others achieved success. I reflect on my career, I wish I could do it over and focus on more of networking in the workplace. I didn’t [give my] career a one two punch meaning educa on plus networking. I see now it really is who you know!”

References: •

•

Mistakes that Women Make in Their Careers Setpember 4, 2014; Interveiw: Candance Williams. Data from the Bureau of Labor Sta s csLabor Force Sta s cs from the Current Popula on Survey h p://bls.gov/cps/cpsaat07.htm (2013 annual averages)

According to DOL Sta cs, there were 127.1 million working age women (16 years of age and older, civilian non-ins tu onal popula on) in the U.S. in 2013 – 72.7 million were in the labor force. Of the 127 million women of working age, 99.5 million were White, 16.6 million were Black or African American, 7.1 million were Asian, and 18.7 million were of Hispanic or La no ethnicity.

Another woman stated “I am a mother of four and my husband has been the financial provider but I do have a degree. We’ve been fortunate enough to have a good life because of his income. I went to college right a er high school and majored in general business. I never used my degree because I became pregnant shortly before gradua on and then married my husband and became a stay at home mom. I’m not sure how my career would have advanced. So for me due to children, I never got the opportunity to work for a corpora on. My plan is once my youngest child goes to kindergarten I will seek employment. I know that my skills will not be current and [I] will probably have to take some job ready classes to get acclimated to the workforce but think that a er me I’ll be able to get a fairly decent job because of my degree. If I had to do this over again, I would not have had children so soon and would have sought a posi on working for an insurance company or a bank.”

www.columbusbmba.org 18

CAREER

the g in hy P k s a n w PM e o r fo Ɵon ƫng rst e B es ge he fi ld r u q the d, t ou now to bo rƟfie n sh o I k Ɵon P ce esƟo e “d rma g PM qu lly b info eƫn rea ough on g en cide d?” de rƟfie ce

{

The experience in ge ng PMP cer fied can show just how disciplined you as a professional can be. Becoming PMP cer fied is definitely not something to quickly jump into without a clear understanding on the nature of the material, the cer fica on process, and benefits on ge ng cer fied. There are many detailed steps during the applica on, study and exam process which should be measured with your career interest and more importantly your background. In order to be successful, it is important to conduct as much research early on as possible and talk to others who have embarked on the journey. Once enough informa on has been compiled, it’s important to reflect once again on why you want to pursue the cerfica on to make sure you are making a strategic choice. Mentors are great to have these 19

TCT| Issue 2

types of conversa ons with on whether or not the PMP makes sense to get. There are many who would debate on the importance of having a Project Management cer fica on in today’s workplace. When I began to consider ge ng cer fied I started out asking myself, what do I intend to get out of it? It’s cri cal to be strategic about how you progress in your career. When I first set out to obtain the cer fica on, I researched the value that would be gained from having a PMP. I then compared that to what I wanted to do in my career over the next 3 -5 years and found that those values align with my goals. The rest was straigh orward as I only needed to build my plan on achieving that goal. The exam prepara on can be mentally challenging if you are not prepared. There are countless resources available to help guide you along the way so do not be discouraged with the amount of material that is intended to be covered when studying. It is important to know also that there is more than one path to take in order to prepare for the exam. Many chose to do an accelerated crash course (usually 1 week in length) and others choose to self study and go take the exam. There are many organized study groups available with structured learning methods also. Any one of these choices can be great op ons and each person striving to take the exam should iden fy which one is the best fit. No ma er which path is chosen to begin the preparaon of studying the material, my best advice is to take as many prac ces ques ons your brain can possibly handle. Rita McCauley oﬀers a great resource known as the PM Fastrack so ware which consists of exam like ques ons that can be purchased. One of the many great takeaways from passing the exam is the great connec ons I made through various PMP focused groups. Many people along your journey will recognize your commitment, and hard work which can open doors to future opportuni es. The ability to demonstrate your project management skills will resonate with employers and posi on you diﬀerently from other candidates. The Project Management Ins tute (www.pmi.org) iden fies 6 reasons to get a PMP: 1. 2. 3. 4. 5. 6.

Highlights / recognizes project management skills Reflects achievement Provides greater potenƟal in higher salaries Career OpportuniƟes Greater recogniƟon among employers Provides a compeƟƟve edge in the job market

I have found that each of these benefits was valid in my journey as a cer fied PMP. Many employers will inquire about the willingness or desire to have a PMP for those professionals whose background or interests lay in project planning and execu on roles. Having the PMP can help set you a part while also showcasing your project management skills and give you a whole new outlook on business in today’s world. When considering if you should pursue the PMP cer fica on, ask yourself what is important to you about having it and then research what is oﬀered by having it, and then look to match both of those lists up. Those results will then you can make a strategic choice on the next steps to enhancing your career. www.columbusbmba.org 20

CAREER 21

TCT| Issue 2

www.columbusbmba.org 22

CAREER

I have been a ending the NBMBAA conference since 2007. This past year marks the 7th conference I have a ended and each year I learn something new! As an advocate for NBMBAA, I’m constantly approached with the same ques on which is “What are the benefits to a ending the conference? It’s a lot of money and a lot of me away from work /family.” Speaking from my own experience, a ending the NBMBAA conference has a tremendous amount of benefits. If I tell you all of them, this ar cle will be way too long so I will focus on just a few. The #1 benefit to a ending the NBMBAA conference is the development opportuni es which will be available to you. These opportuni es tend to go a very long way in both your professional and personal career. In each workshop I have ever taken, there is something I can take with me which can be applied in my personal or professional endeavors. In addi on to development, the connec ons you make through networking are priceless. Over the past 7 years I have a ended the conference either as a jjob seeking candidate or a corporate recruiter. With each eexperience, I have grown to connect with some dynamic people within their respec ve industries. I have learned p tto leverage those very same connec ons for myself or ssomeone whom was ac vely seeking a career change. K Keep in mind a great deal of posi ons filled in any given ccompany are usually filled through the power of your n network, not a pos ng on its job board. W While the conference can be beneficial, it can also be eexpensive if you are not fortunate to have your company ssponsor you. Ge ng your company to sponsor your cconference registra on takes a li le research and p partnership from you managers and/or senior leaders. M Many employers have a certain amount of funds allocated w within their yearly budgets for professional development, sseminars and educa on. The bigger ques on is how do we u lize those resources to grow and develop in our career? Take a look at the following two points:

TCT| Issue 2

Before you go to your employer to ask for conference sponsorship, GET PREPARED! • Research the history between the organiza on and your employer. • Check to see if your company has been an advocate for conferences/ seminars in the past. • Be prepared to educate your employer about NBMBAA and what it has done for the community. • Lead with your employer’s interests. • List out a budget to give to your employer showing a cost breakdown. • An cipate ques ons your employer may ask (or thinking but may not necessarily ask). • How will this benefit my team? (What’s in it for me?). • How will this aﬀect your day-to-day workload being . away from the oﬃce? • How much will this cost?

In preparing to request conference sponsorship, you should be mindful of the following: • How are you regarded as an overall employee? • How is your performance as an associate within your team? (high performer, mediocre performer)? • What is the percep on of you in the eyes of your peers and those a few levels above you? • Be willing to split the costs of registra on with your employer? • Be willing to give a formal download of what you learned back to your employer and/or team.

Overall, the Na onal Black MBA Conference is something any minority professional should experience at least once in their career. It is a memorable experience that requires some investment with much return. www.columbusbmba.org 24

LIFESTYLE

How to Set Your Financial Priorities BY Jean-Claude M. Ndongo

During our lives, we move through the financial lifecycle. We begin by saving for a house, then focusing on our children’s college educa on, and later, we’re looking toward re rement. To help set your financial priori es, consider the following life stages.

Early Years

25-40

tage iit’s t ’s b est to focus fo ocus on At this stage, best growth-oriented products since many of your goals are several years away. To create a balance, life insurance can oﬀer safety and stability in addi on to death protec on.

Building Years

40-50

A rising income is helping you achieve your goals during this stage in your life. However, expenses such as your children’s college educa on may reduce your current spendable income. The need for growth is s ll essen al since re rement is nearing, yet impending goals may warrant a shi toward more conserva ve products.

•

Work on your savings through good financial habits.

•

Consider taking risks with your investments for the chance to outpace inflaƟon.

•

Have adequate life and long-term disability income insurance, and be sure your policies cover your needs.

•

Size up your reƟrement needs to project your annual reƟrement income and expenses.

•

Beware of credit card debt, car loans, lease payments, and mortgage debt.

•

Be more conservaƟve and avoid making high-risk investments.

•

Set up an estate plan shortly aŌer marriage and update it when you have children. It’s important to have a will, a living will and a durable power of aƩorney.

•

Weigh your financial needs against those of your children. Don’t let your children’s college costs interrupt your reƟrement savings plan.

TCT| Issue 2

Refining Years

50-60

Your peak earnings combined with reduced financial responsibility for your children can make this stage financially rewarding. Accumula ng assets for re rement is more important than ever. •

Consider a shiŌ toward more conservaƟve growth opportuniƟes including inflaƟon protecƟon.

•

Take a look at your estate plan. Your estate may have grown to the point that you can benefit from advanced estate planning techniques, such as marital status and life insurance trusts.

•

Determine your desired reƟrement lifestyle and plan accordingly.

Rewarding Years

60 Plus

To maintain your lifestyle during reƟrement, you’ll likely need extra income to supplement Social Security benefits and pension payments. The majority of your savings and investment program should focus on producing income and protecƟng your investments against inflaƟon. www.columbusbmba.org 26

LIFESTYLE

The Importance of

Mentoring By Jonathan Stone

TCT| Issue 2

}

Be Someone Who

Matters To Someone Who

Matters

www.columbusbmba.org 28

LIFESTYLE

As the director for a professional development program geared towards helping high school students explore careers and prepare for the working world I frequently pose the ques on “What do you want to be when you grow up?” More o en than not, students reply with the visions they have of themselves becoming rich and famous by becoming professional basketball or football players, singers or rappers. Unaware that only 0.08% of high school students become professional football players and 0.03% play basketball professionally, these students do not look for opportuni es to learn about other professions. Without posi ve guidance these students will be woefully unprepared for life a er high school. Enter the mentor. By having an experienced adult in the lives of young people to expose them to posi ve experiences, the odds of those youth gradua ng and being prepared for life a er high school increase drama cally. Research has shown that mentoring has significant posi ve eﬀects on two early indicators among high school drop-outs: high levels of absenteeism (Kennelly & Monrad, 2007) and recurring behavior problems (Thurlow, Sinclair & Johnson, 2002). An evalua on of Big Brothers Big Sisters programs showed that students who meet regularly with their mentors are 52 percent less likely than their peers to skip a day of school. An analysis of mentoring program evalua ons conducted by Jekielek, Moore and Hair found that youth in mentoring rela onships present be er a tudes and behaviors at school and are more likely to a end college than their counterparts.

{

Mentors,

Mentors provide their mentees with

“We make a living by what we ge

an experienced friend who is there to help in mul ple situa ons. They can promote the importance for educa on to help students with homework and to keep them in school. Mentors can also provide support for day to day living by increasing a youth’s self-esteem and

TCT| Issue 2

providing guidance on how to handle a mul tude of scenarios. According to an evalua on of Big Brothers Big Sisters, youth who meet regularly with their mentors are 46% less likely than their peers to start using illegal drugs and 27% less likely to start drinking. Lastly, mentors can assist youth in the workplace by helping youth to establish career goals and begin working towards them. By using their personal contacts, mentors can introduce mentees to other professionals, create resumes, and find employment opportuni es. Becoming a mentor is a rela vely easy process and 90% of it is just showing up. There are mul ple outlets that provide formal mentoring opportuni es throughout Central Ohio. Being consistent and mee ng regularly with a mentee has documented benefits for both par es in the rela onship and is one of the most important aspects of being a mentor. Whether its going to a baseball game, play, or assis ng with homework in the library, your presence lets a young person know that you care about their well-being. It also promotes high self-esteem, supports academic achievement, and increases the amount of posi ve exposure for that young person. Mentors should understand they are not meant to replace a parent, guardian or teacher. A mentor is not a disciplinarian or decision-maker for a child. Instead, a mentor echoes the posi ve values and cultural heritage parents and guardians are teaching. A mentor is part of a team of caring adults. The most recent session of my professional development program for high school students kicked oﬀ in mid-September 2014. This par cular session involves a group of students who have par cipated in mentoring oﬀered by the Expanding Visions Founda on for at least 2 years.

et, we make a life by what we give” - Winston Churchill

When asked what career field they would like to enter, I was pleasantly greeted with the following replies: “Architect. Oncologist. Physical Therapist. Traveling Nurse.” These students have reaped the benefits of posi ve exposure through mentoring and thus are on their way to experiencing success a er gradua on!

NBMBAA Columbus Chapter Bi-Weekly

NEWSLETTER Sign up Today! Be in the know about our latest events, upcoming educa onal workshops, career development, and more. Just email w newsleƩer@columbusbmba.org and ask to be placed on the newsle er distribu on list!

www.columbusbmba.org 30

LIFESTYLE

Mentoring Programs in Central Ohio Below is a list of mentoring programs that the NBMBAA Columbus Chapter is involved with. For more informaƟon please feel free to reach out to them and get involved!

The Mentoring Center of Central Ohio A coali on that has grown to over 40 youth-mentoring organiza ons, commi ed to serving the whole child. A resource for volunteers who need their ques ons answered about mentoring and tutoring. A hub designed to increase the quan ty and quality of mentoring in Central Ohio. A service center providing background checks, training and coaching on best prac ces. A recruiter of 22,000 mentors, helping 65,000 children since its founding in 2000. More info: hƩp://www.mentoringcenterco.org/

NaƟonal Black MBA AssociaƟon Leaders of Tomorrow Leaders of Tomorrow (LOT) is a NBMBAA ini a ve focused on improving the academic and leadership skills of minority high school students. Our goal is to increase the number of students entering college, especially in business-related disciplines. This program aims to equip the students with tools they will need to succeed. Mentors are professionals from the community who volunteer and interact with the students on a monthly basis to expose the students to diﬀerent developmental areas to help ensure their success. Students also visit local companies and educa onal ins tu ons as part of the program. More info: hƩp://www.nbmbaa.org/programs/LOT/ THE

EXPANDING

VISIONS FOUNDATION

The Expanding Visions FoundaƟon The Expanding Visions Founda on is a mentoring organiza on serving the Central Ohio community. They provide various programs and services to the youth in the community and their families. These programs are designed to develop young people and prepare them for life ahead of them. They do this by developing lesson plans based on a well-defined curriculum. The core curriculum for the Expanding Visions Founda on focuses on 3 key areas of development including the following: • • •

Educa onal Development Personal Development Health Educa on

More info: hƩp://www.expandingvisions.net/ 31

TCT| Issue 2

Bumblebeez Bumblebeez is a non-profit mentoring program for African-American girls ages 10-13 years of age. Its purpose is to provide young ladies with resources and informa on to combat the many social and emo onal issues girls face daily using prac cal life skills heavily supported and rooted in Biblical principles. Bumblebeez exists to cul vate genera ons of young girls and women to be of service to God, family and community. We will provide young ladies with self-esteem, leadership and team-building skills through a series of workshops over a 10 month period. These workshops are designed to prevent many of the social and emo onal issues young preteen girls face such as: bullying, ea ng disorders, teen pregnancy and drug and alcohol abuse to name a few. Bumblebeez intends to inspire genera ons of girls and young women to develop and maintain a stronger rela onship with God through Jesus, a be er understanding of themselves and a greater apprecia on for their community and each other. More info: hƩp://bumblebeezgirls.com

Future PossibiliƟes, Inc. Future Possibili es, Inc. was founded in 1994 by Lorraine White in New York City and is currently headquartered in Columbus, Ohio. More than 2,500 children from various boroughs of New York and the inner city of Columbus have graduated from our program and applied their newly developed life skills to make a posi ve diﬀerence in their communi es. This unique coaching organiza on has since expanded into Toronto, Ontario, and most recently to Sydney, Australia. The organiza on has no paid staﬀ and is run by an ac ve Board of Directors guiding a structured commi ee system of volunteers. We are the proud recipient of the “Golden Ruler Award” presented by the Columbus Board of Educa on as the best partnership between the public city schools and the local business community. More info: hƩp://futurepossibiliƟes.org/