As we approach another holiday season of gratitude, giving and being thankful, what lessons have we learned from the current economic conditions Many of us have been living beyond our means for a long time and people of color especially have stressed themselves into early graves in their quest to “keep up with the Joneses” and to “give their children the things they did not have

People of color are often accused of being hypersensitive when it comes to “perceived discriminations” and there is little recourse when there are issues that they feel they are being specifically singled out A case in point is credit checks that many Blacks feel are used against them because of their historically low scores in comparison to their White counterparts

According to Entrepreneur, there are an estimated 600,000 businesses that are started annually in a wide range of industries and that number changes very little due to economic conditions at hand In other words, in good times, starting up your own business occurs because ideas as well as funding flows more freely and, in bad times, increased job layoffs and business closures provide incentives to starting up your own business or to buy other struggling operations and to re-launch them

Much has already been written about the plight of Black entrepreneurs and the major issues that have kept them from achieving significant benchmarks These issues have included lack of diversity in contracting and financing opportunities

With all the discussion about the growth industries including health, IT, education, green technologies, etc that will lead the country out of its fiscal slump, you do not hear much about Black-owned businesses being a “growth area,” but it should be

Experts agree that doing something you love gives meaning to your life Many people may have passions they would like to pursue, but the need to be practical often supersedes the dreams

When business experts and the media projected the rise of employment consulting and focused on it as an emerging industry model, many began to set their sights on elaborate titles, freedom and ultimate time control As we approached the new millennium leading publications, including Business Week, projected double digit growth of the consulting profession in under five years

The current economic climate has generated an ill wind over the job market of the country and hampered decisions for African Americans, particularly African American males, to pursue the best career choices for themselves While many are facing the daily challenge of trying to find work when thousands are losing their jobs, others are just not happy where they are working

A recent holiday cartoon by acclaimed cartoonist Walt Handelsman featured a number of empty gift boxes that were labeled “jobs” and the character in the cartoon was looking inside one of them quite disappointed That view reflects the mindset of most regarding the state of American unemployment

Saving money is always high on the agenda during an economic crisis for all families struggling to make ends meet when there is less Unfortunately, with the increase in job losses and business closures, the concept of saving money and income investing to “build a nest egg for the future” has taken a back seat to more practical realities including keeping a roof overhead and food on the table for most families today