BUSINESS TIP

DISCLAIMER: This page was created so that I can share with you some of the things that I have learned in the course of doing business. Please don’t substitute these words of wisdom for professional advice from a trained professional. (You know, those highly paid individuals with all those degrees on the wall :).

The sale price of houses are plummeting across the nation. CNN has reported: “Home values are predicted to drop in 342 out of 381 markets during the next year...Overall, the national median home price is predicted to drop 11.3% by June 30, 2010.” While this may temporarily be bad news for people who are rallying for a rise in the value of mortgage stocks, this is great news for people who are looking to buy property.

The November 2009 issue of Money Magazine features an article that addresses home buying. It is entitled, “Is This A $6,900 Bargain?: Detroit’s Four-Figure Home Prices Are Unusual, But Investors Around The Country Think Foreclosed Houses Are Too Cheap To Pass Up. How To Tell A Great Deal From A Money Pit.”  The collapse of various industries are affecting the prices of homes. This is especially evident in Detroit, where the auto industry was the prevalent employer. Money Magazine sites the following statistics:

“913 Home Sales in Detroit in July
802 of Those Were Foreclosures
$7,500 Median City Sale Price
20% of Addresses are Unoccupied
Nationally Home Prices Are Down 31% From The 2006 Peak.”

The magazine goes on to state that, “Foreclosed homes in decent condition can sell within hours.”

Before you purchase a home it is advisable that you not only consider the purchase price, but also consider: closing costs, any liens that may be on a house, and any necessary repairs that may be needed.

Many real estate investors are purchasing “discounted” houses in various markets and renting them out in order to earn additional income. Money Magazine refers to a scenario where a home buyer purchased a house for approximately $15,000 (closing costs and renovation expenses included). The buyer plans to rent out the property for $800 per month. The magazine states, “Minus the ongoing taxes and maintenance, plus 10% of the rent for a professional property manager, [He] will pocket more than half the rent.”

I came across these great business-related quotes:

“Do not hire a man who does your work for money, but him who does it for love.” -Henry David Thoreau

“I’ve always studied business. Even when I was a ball player, I’d read business journals and the business sections of newspapers.” -Magic Johnson

“If you want to feel rich, just count the things you have that money can’t buy.” -Proverb

“You can only become truly accomplished at something you love. Don’t make money your goal. Instead pursue the things you love doing, and then do them so well that people can’t take their eyes off you.” -Maya Angelou

[SIDEBAR: Also check out my newsletter blog at: www.LegalEaglesFlyOrDie.Blogspot.com for my frequent "Fly Or Die Commerce Reports."]




"Our people have to be made to see that any time you take your dollar out of your community and spend it in a community where you don't live, the community where you live will get poorer and poorer and the community where you spend will get richer and richer. Then you wonder why where you live is always a slum area." -Malcolm X

People who regularly visit my newsletter blog are accustomed to me posting the following essay every Friday. I am posting it here as The Business Tip of The Month this month because I cannot reiterate enough how important it is that money circulates within the community. I hope that all is well with everyone, and everyone is enjoying their summer.


The 2008 not guilty verdict in the Sean Bell case evoked outrage, emotion, and debate. It is not an anomaly that the police officers involved in the Sean Bell slaying were acquitted of all charges on all counts in State Supreme Court. I could run out of ink printing the names of people who have been victimized by the inaptly named justice system.

The American justice system has been especially terroristic towards the African American community. Many community members can cite historic and personal accounts to prove this. Therefore, it would be foolhardy (at the least) to turn to a system that has methodically oppressed us, and request that they free us. We can only free ourselves through extreme discipline and intelligent planning.

As a community we have been too compliant with leaders who organize ineffective, delayed reactions. The only strategy that can save us in this last hour is one that calls for a collective code of conduct that will be conducive to improving the conditions of our community, and shifting the paradigm of how we are treated by outside entities. The first step of this code of conduct should be based on economics.

The old adage of “money talks,” still reigns true in the new millennium. Any political scientist worth his or her library card will tell you that: “Economic powerlessness equals political powerlessness,” and conversely “economic power equals political power.” This means that if we continue to allow our wealth to be extracted from our community, we will remain impotent.

The power of the collective “Black Dollar” is often discussed. However, that power has been left unchanneled. Today is the day to change that. A one-time boycott is not going to bring long-term change and respect to our community. Our community has launched boycotts before. Our success and ascension will be based on what we consistently do. For this reason, we should initiate “BUY BLACK FRIDAYS.”

BUY BLACK FRIDAYS is a small step towards our community acquiring power via controlling our economics. Every Friday, people who acknowledge the injustice and oppression that the African American community has been consistently subjected to should do one of the following:

Option #1: Spend $0 on Friday
Option #2: Spend no more than $10 on Friday
Option #3: Only Shop at Black Businesses on Friday
[PLEASE NOTE THAT THE ABOVE OPTIONS CAN & SHOULD BE EXERCISED ON A DAILY BASIS. However, we can all at the very least focus on Fridays. This way we can take a collective stand and build our collective discipline. Please remember that this is only Phase 1!].

To the people who are tempted to label “BUY BLACK FRIDAYS” as racist, I say this: In the big scheme of things, this is about right & wrong, justice & injustice. The African American community is a strong, proud community that has endured the brunt of America’s iron fist. We must stop the pounding. I feel that any fair-minded individual will concur, and join in.

ANY business that is privileged to enjoy the support of the African American community MUST return that support.

I thank you in advance for your effort and dedication.

-Elsie Law AKA Starface