Elevate U | The Black Collegian Magazine

Showing posts with label Q-n-A. Show all posts

Invest in Real Estate?

Q: What's up Al? I need some advice... I'm livin here at school and I just recently rented a house... my old land lord currently wants to sell my old house for about 78k. I was thinking if I bought the house then rented it out it would be a way to get a income... what do u think?

A: Owning rental property is a good and profitable idea. Here a few things to consider:

1. Make sure you do a thorough title search or get a title search company to do it. If there is a lien on the house when you buy it then you will end up paying for the lien or even worse, you could lose the house and any money you've put into it. There's NOTHING you can do about that. Ouch. Liens take precedence over anything else.

2. If you end up buying the house make sure you get a FIXED APR, not an adjustable one.

3. How long can you afford to pay the mortgage yourself if you have trouble finding a tenant?I've seen a few people get jammed up dealing with this. It took longer to rent their property than they thought it would. They messed up their credit and almost lost the house because in addition to their normal mortgage, they had to pay the mortgage on the rental property.

Knowing that shouldn't scare you, just prepare you.

4. If your tenant(s) call you about repairs will you be able to make them or do you have the money to pay someone to do it?

5. Be careful with shady individuals and certain types of college students. They've been known to tear a place up! Get some references before you rent to them and do a credit check.

Reflect on those five things for awhile because a rental property could give you plenty of headaches and financial worries. But who knows? If you do this right you could graduate debt free or close to it, especially if you end up investing in more than one property. Let me know if you have any more questions.

How do you retire with an extra million dollars?

Q: "You did a money management session today at Georgia State University…do you have any books you would recommend to[young people] for money management and investing? Lastly, what was the calculation that you did to figure out the millionaire question, in case I wanted to retire earlier? Thank you.”

A: I had a great time at Georgia State. Here's a Millionaire Formula: Starting at age 22 (or earlier) invest $3000/yr. in a Roth IRA (Individual Retirement Account) for 43 years (up to age 65) at 8% interest and you'll retire with an extra million dollars.

There are other accounts or investments you could use if the interest rate is good but a Roth IRA is supposed to be good for people in your age group because you’ll probably be in a higher tax bracket when you retire than you are in now. With a Roth IRA you don't get taxed at 65 when you take out the money. (WARNING: Talk to your bank or a financial adviser.)

Here are several good books on money management for young people:

The Money Book for the Young, Fabulous & Broke by Suze Orman

The Wall Street Journal Guide to Understanding Money and Investing by Kenneth Morris

Please Send Money. A Financial Survival Guide for Young Adults on Their Own by Dara Duguay

Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good by Dr. Boyce Watkins (for mature audiences only!)

Related Articles:

4 Keys for Smart Credit Card Use

College Debt 101

Secrets to Becoming a Successful Campus CEO

Protect Your Credit Rating – It Can Impact Your Future!

Soft Skills - Why all the fuss?

Q: "Al, what are soft skills and why all the fuss about them?"

A: Soft skills are intrapersonal and interpersonal skills that determine a person's ability to excel or at least fit in a particular social structure, such as a project team, a company or even a jazz quartet. These skills include competencies in areas such as Emotional Intelligence, communication, leadership ability, etiquette, conflict resolution, decision making, self-motivation, self-discipline, persuasion, etc.

The reason for all the fuss is simple. Experts ranging from psychologists to business and spiritual leaders, such as Donald Trump and the Dalai Lama, agree that one or more of the soft skills have the greatest impact on your level of success.

Of course you still need to be able to demonstrate a certain level of expertise in your field, but this is the Information Age. A lot people have- or have access to- hard skills knowledge.

Do a lot of people have that certain je ne sais quoi that inspires and motivates the people around them? Do a lot of people have the ability to communicate clearly and effectively? Are a lot of people good at managing their emotions? Try answering that in rush hour traffic or after standing in the customer service line at Wal-Mart for 45 minutes!

Companies use all kinds of assessment tests like MBTI (Myers-Briggs Type Indicator) and MSCEIT (Mayer, Salovey, Caruso Emotional Intelligence Test) so that they can get an idea of what your personality is and what soft skills you possess.

A good friend of mine recently applied for a job as a consultant with the Gallup Organization. When she completed the online application and submitted her resume she was prompted to take an assessment test. Based on her assessment test (not her resume) she was turned down for the position via an automated response! The response said that Gallup would keep her results on file and if any positions opened up that fit her profile she would be notified.

Another thing that makes soft skills so "sexy" is that they present a chance to level the playing field. It has been said that your IQ (Intelligence Quotient) is fixed from birth. But your EQ (Emotional Intelligence Quotient), your IPQ (Influence and Persuasion Quotient), your MQ (Motivation Quotient), and any other type of "Q" that you want to invent can be improved.

The most interesting thing about soft skills is this. Although it might be the latest term on the street, it's nothing new. A great book on soft skills, How To Win Friends and Influence People by Dale Carnegie, was published in 1936.

The Book of Proverbs 29:20 states "Do you see a man who is hasty in his words? There is more hope for a fool than for him." It was written and then compiled sometime between the tenth and sixth centuries B.C. It's loaded with soft skills tips.

And the Ancient Egyptians wrote "Be skilled in speech so that you will succeed. The tongue of a man is his sword and effective speech is stronger than all fighting".

So as you can see all the fuss over soft skills is nothing new.

Related Articles:

How Sharp Are Your "Soft" Skills? - People Skills in Real Demand

How To Get A Job By Graduation

Ernst & Young Profile

Public Speaking Tips Pt. 2

continued from part 1

Be Brief

Recently, I was the keynote speaker at a welcome back dinner for the African-American Cultural Center at the University of Connecticut.

I was supposed to deliver a 90 minute talk but the students were so engaged and had me so fired up that before we realized it, an hour and 45 minutes had gone by!

You might be thinking, “Al, an hour and 45 minutes is not brief. That’s a long time.”

Actually, it depends on the context. That’s the interesting thing about time; two hours can seem like ten minutes or ten minutes can seem like two hours.

Have you ever been stuck listening to a lack-luster speaker? Have you ever been trapped in a mind-numbing lecture or boring conversation? Ten minutes of this torture is excruciatingly painful, right?

The point is: brevity is a matter of perception.

As far as the students were concerned, I was brief because they were enjoying themselves and time flew by. No one realized how long it had been until it was over.

If you’re good, there comes a time when the audience has had enough but they still want more. That’s when a master elocutionist takes a seat. You’ve given them enough to respect and remember you; you’ve been considerate enough for them to appreciate and admire you.

If you’re not sure whether or not time is flying by, then it’s probably better to finish early.

Keep in mind that it’s best to apply the Be Brief Philosophy in moderation. If you’re supposed to speak for 30 minutes and you sit down after 5 minutes, that’s not brevity, that’s robbery. (Unless you were boring, then that’s called mercy.)

Closing the show in a magnificent manner is an invaluable skill for any speaker. You have to know when to…

Be Done

I have seen many speakers have the audience wrapped around their little finger only to let things unravel minutes later because they didn’t know how or when to finish.

The close is the most important part of any type of speech. It has to be clear, concise and memorable. It could be a powerful quote or profound thought; a poignant story or a persuasive call to action.

The only thing that should follow your close is silence (from a jury) or applause (from an audience).

There are peak moments in every speech and you should close on one of them. Have you ever been in a conversation and suddenly realized that it was time for it to end but you weren’t sure how to get out of it?

Once I was delivering a keynote address to 4000 people. After about an hour, I told a thought-provoking, touching story about my father and forgiveness. It would’ve have been a great place close but I just kept yapping away. Eventually I lost them. Although, I was able to rally and end on a good note, I could have ended on a great note.

“Begin with the end in mind.”
Stephen Covey, author of The 7 Habits of Highly Effective People

After I finish brainstorming ideas for a seminar or keynote, the first thing I do is come up with my close—a story, quote, thought-provoking question, or call to action.

I make an outline, but I don’t write out word for word what I’m going to say. (It’s perfectly fine to write out your speech. It’s just not my style.) So, when I’m up in front of the room 95% of what’s delivered is extemporaneous.

My opening and closing, however, are well-thought out and rehearsed. If there’s a Q&A session, I conduct it before my close because when my close comes out of my mouth, I’m done. Period.

As I stated earlier, covering this topic could take an entire semester, but adhering to the three B’s will greatly enhance your public speaking skills.

Be good, be brief, and be done!

Recommended Reading:
How to Develop Self-Confidence and Influence People By Public Speaking
Dale Carnegie

Public Speaking Tips Pt. 1

Q: As a motivational speaker and thought leader, do you have any suggestions or experience that you want to share? I understand that practice makes perfect. Do you have specific tips for improving public speaking?

It could take an entire semester to answer this question. Are you talking about a motivational talk, an attorney’s closing argument, or a political or oratorical type of speech? There are different nuances and tricks of the trade for each. Here’s my advice, however, regardless of the type of speech:

Be good, be brief, and be done!

Be Good

The true sign of a Master is the ability to make everyone in the audience feel like you were talking directly to them.

This is based on relevancy, subject mastery, and eye contact.

RELEVANCY

Initially your audience may not believe or understand that what you have to say is relevant to them. You have to show them the relevancy; help them to understand why and how your topic is relevant.

Provide them with stories or examples that directly relate to them. Be empathetic by showing them that even if you haven’t had the exact same experiences, you have had similar ones.

You the power of relevancy on your side, you will have a stronger hold on the minds and hearts of your audience.

SUBJECT MASTERY

You should know more about your topic than you have time to talk about. For a one-hour keynote I come prepared with three hours of information on my topic. For a half-day seminar I show up with 1½ days worth of material. I want people to know that what they just received from me was the tip of the iceberg.

Also, if you happen to loose your train of thought or completely forget something, it’s easier to recover when you have a ton of information in your arsenal.

The best speakers seldom worry about perfection because they spend more time working on credibility and expertise—the fruits of subject mastery.

The Million-Dollar Question: Which do you think an audience would prefer: a clueless speaker that delivers a perfect speech or an expert speaker that delivers a good speech?

EYE CONTACT

Research shows that around 70% eye contact is optimal during a typical conversation in the U.S. In public speaking that percentage needs to be raised to 95%-100% because the audience is focused on you.

Of course, gawking at people is a no-no. Your goal is to make meaningful eye contact (translation: more than a split-second glance) with as many members of your audience as possible. It’s best to look at an audience member, complete your thought then move on to someone else.

Two final things about being good:

First, take a public speaking class or join a Toastmasters club.

Second, DO NOT tell jokes. Tell humorous stories and use witty phrases. I would rather watch grass grow than be subjected to the torture of listening to a boring speaker.

Unless it’s a eulogy or some other serious or somber speech, the audience wants to laugh. Laughter increases blood flow to the brain and keeps your audience from turning into a room full of zombies.

No matter how good you are, you still need to...

Continued in part 2

Constant Elevation: 7 Questions to Keep You on Point

Q: Mr. Duncan, how do you stay on point? How do you make sure that if you’re on the road to success nobody can pull you off?

One of the harshest realties is:

How your life turns out is all on you. No excuses.

People and the environment have a significant impact on your development, but for the most part you have control over where you go and the people that play a major role in your life--especially your friends and peers. You have complete control over your attitude about what happens to you.

Here are a set of questions that I ask myself at least once a month to make sure that I have the right attitude and stay in a state of constant elevation. Answering them in writing will help bring clarity and keep you focused.

1. With whom am I spending most of my time?

2. How are they influencing my behavior?

3. How are they influencing my thinking?

4. How are they influencing what I say?

5. How are they influencing my health? Are they stressing me out? Are they abusive in any way?

6. What do they have me becoming?

The Million-Dollar Question: Are all of these things helping me to elevate myself?

If the answer to the million-dollar question is “no” then it’s time to change the people with whom you spend most of your time. I know that’s not easy, but who ever said elevation was easy?

Related Articles:

Six Ways to Turn Setbacks into Comebacks

Your Transition To The World Of Work: Eight Steps For Success

Career Success Starts with Self-Assessment

Delayed Gratification: The Lost Art

Q: Mr. Duncan, in your article In Plastic We Trust: 4 Keys for Smart Credit Card Use Pt. 2 you wrote about delayed gratification. Can you
offer more insight on the topic? I think delayed gratification is overrated. After all, you only live once.

A: Delayed gratification is a form of self-discipline that is necessary for emotional mastery. It is a battle of id against ego.

People often think it means “no fun”. That’s not true. It means sacrifice now to experience even more enjoyment and rewards later.

You can still have some fun. You can still have a few nice things, but not too much too soon.

One of my mentors once told me that as far as he is concerned, delayed gratification and impulsive behavior are arguably the causes of the majority of personal problems people encounter.

After many personal experiences and doing tons of research over the years I couldn’t agree with him more. There was a time when nine out of ten mistakes I made could be traced to delayed gratification and a lack of impulse control.

With crime, overwhelming debt, obesity, and sexually transmitted diseases running rampant these days, it seems as if the art of delayed gratification is being practiced at an all-time low.

This is most unfortunate because delayed gratification is one of the keys to your well-being. It is the forerunner of achievement and fulfillment.

The Marshmallow Test

Imagine that a group of 4 year olds are in a room. An adult walks in and presents them with an interesting proposition. Each of them can have one marshmallow to eat right away. But if they wait for the adult to return in 20 minutes, they can have an additional marshmallow.

What a dilemma -- especially for a 4 year old. If you were one of those kids, what option would you have taken? According to psychologist Walter Michel, the option you chose would have offered valuable insight regarding the level of your future success.

In the 1960’s at a pre-school on Stanford University’s campus, Michel and a group of researchers conducted what has become known as The Marshmallow Test on a group of 4 year olds.

As you can imagine, some of the pre-schoolers immediately gobbled up the marshmallow. But others found some interesting ways to delay gratification while waiting for their second marshmallow. Some started singing and talking to themselves, others played games, and one even took a nap!

They had some fun but not too much too soon.

The most amazing thing took place much later when Michel tracked down the group during their adolescent years. The students who held out for the second marshmallow had developed superior emotional and social competencies.

When dealing with stress and adversity they were less likely to fall apart. Instead they showed self-confidence, diligence, and self-reliance. For the most part the marshmallow gobblers displayed the opposite characteristics.

When tested again in high school the two groups exhibited even greater differences. The students who practiced delayed gratification even had higher SAT scores.

Million-Dollar Question: Are YOU going to wait for a second marshmallow?

The phrase “you only live once” is nothing but the truth, family. That’s exactly why you need delayed gratification.

Having nice things; that’s cool. Being eternally overwhelmed by debt; that ain’t cool.

Having fun and being spontaneous; that’s cool. Paying the price for idiotic, impulsive behavior; that ain’t cool.

It requires great effort to practice the art of delayed gratification and impulse control. But if you think it’s hard living with them, try living without them.

For steps on mastering delayed gratification read: In Plastic We Trust: 4 Keys for Smart Credit Card Use Pt. 2

Related Articles:

How do you take control of your emotions instead of letting your emotions take control of you?

Who made you do it?

Better Decisions = Better Destiny

Freshman asks: When is the Time for Intimacy Right?

5 Qualities of Good Women that Can Make a Man Better Pt. 3

Continued from part 2

Question From a Reader

Q:Mr. Duncan, in the first part of your series on the qualities of good women, you mentioned that maturity plays a part in being responsible. Is it safe to say that since women mature faster then men it’s always going to be harder for men to be as responsible?

A:Huh?

You’re kidding, right?

No. It’s not safe to say that. In fact, it’s downright dangerous. The last thing an irresponsible person needs is another excuse not to step up.

There’s a difference between maturity that develops innately and maturity that is learned. One is a matter of genetics; the other, a matter of discipline.

Women hit puberty faster than men. That’s why a girl was probably the tallest person in your class from 5th-8th grade. But that wasn’t the case in high school, right?

Have you heard about someone that is 40 going on 10? How about someone that is 8 going on 28? Mental maturity develops at an individual-specific rate that is determined by a number of factors including an individual’s desires, thought pattern, and environment.

For years I was financially immature. I was clueless when it came to doing things like balancing a check book. That has nothing to do with genetics. Good financial habits just weren’t a part of my repertoire at the time. After accidentally bouncing one too many checks I decided to show some discipline, put in some work, and develop new habits.

That’s the kind of maturity that great women have in most, if not all, of the areas of their lives. That kind of maturity is synonymous with discipline.

Keep this in mind. It’s no easier for a self-disciplined individual to take on responsibility than it is for a lazy individual to take on responsibility. The former simply chooses to meet the challenge head on. The latter avoids the challenge.

Up next: Pt. 4- A Conversation with Wendy Wilson, Director of Minority Advising at Darton College

Related links:

Your Online Campus Advisor

Pregnant and Planning to Stay in College

Couldn't Get to Work On Time