Program History
Bigger and Better Business became the first national program of Phi Beta Sigma Fraternity. It was first introduced at the Tenth Anniversary Conclave, in Philadelphia, Pennsylvania (December 1924). When Bigger and Better Business was adopted as a national program, special emphasis was placed on encouraging and promoting Negro businesses. At its inception, the program sought to encourage Negro businesses to improve their business acumen, efficiency and service to the public, to be competitive with other businesses.
Black Spend Initiative
Black Community Spending Power : Phi Beta Sigma Fraternity Inc. is poised to change those grim numbers. The fraternity has developed something called the Black Spend Initiative (BSI) – designed to support, sustain and potentially recover Black-owned businesses and to increase the amount of time consumer dollars circulate in Black communities.
Adopt a Business Initiative
The purpose of our International Adopt-A-Business Initiative is to assist Black-Owned businesses with the development, promotion, and growth of a black-owned business. This initiative supports Phi Beta Sigma Fraternity Incorporated’s International Bigger and Better Business program. The goal of this document is to assist our chapters from the International, Regional and State levels on how to effectively implement our Adopt A Business initiative. As a team we have listed below a few ways in which your chapters can promote, patronize and spotlight your chapters adopted business, Understand why an Adopt A Business MOU is important to have in place, as well as the benefits of establishing a relationship with your Adopted Business.
Legal Help, Made Easy and Affordable
With a network of 39 law firms serving the United States and Canada, LegalShield’s provider lawyers have the experience to handle whatever legal need you throw at them.
Phi Beta Sigma - Living Trust
What is Life Estate Deed
A legal document used in real estate to grant ownership of property to an individual for the duration of their life. When those individual passes away, property ownership automatically transfers to another person or entity of the original owner's choosing.
How to Build Your Emergency Fund
The Bottom Line
Having an emergency fund is a necessity. Think of it as a shock absorber for the bumps of life, one that’ll keep you from adding to the load of debt you most likely already carry. The coronavirus outbreak has shone a giant spotlight on the difference having an emergency fund makes when a crisis hits.
Key Takeaways
An emergency fund is a key component of any good financial plan.
The rule of thumb is that you need to keep between three- and six-months’ worth of household expenses in your emergency fund.
In order to populate your fund, you should find ways to economize and contribute those savings—along with any financial windfalls—to it.
What Will You Need
While some call having one to two months’ wages in reserve ideal, most financial experts say that the recommended emergency fund amount should cover three to six months’ worth of household expenses. That’s a great idea, and a key part of any sound financial plan, but it also requires some effort to achieve.
Why So Much?
The amount of money required to populate a proper emergency fund is certainly significant, but we live in uncertain times with uncertain economies, especially in the wake of the coronavirus. Corporate loyalty is a thing of the past, and unemployment can happen unexpectedly, usually at the worst possible moment. Even without a global crisis, emergencies such as sudden illness or disability, major car repairs or a new roof, can be expensive, and there’s never a good time for When compared to what you’ll need over the course of 20 or 30 years in retirement, three months’ worth of expenses doesn’t look like much.
Though the amount of money needed in your fund may seem daunting at first, remember that it is a drop in the bucket compared with the amount you will have to save for retirement.
Where to Put the Money
Money market funds and high-interest savings accounts are two good places to park your emergency fund. You need safe, liquid options so that your money is accessible in times of need. These choices make it harder for you to dip into it (face it: you’ll be tempted to from time to time), and you’ll also earn a bit of return on the money.
The Bottom Line
View your emergency fund like an insurance policy. Once you have it, guard it carefully. It’s not a piggy bank. You should not using it for incidental expenses. In fact, as your salary rises, be sure to up the amount to match your new situation. Use the fund only in the event of an emergency and spend it carefully when you do need to draw on it. Remember, once that money is spent, it always takes much longer than anticipated to replace it. Start now and save whatever you can, even if it isn’t much. Having an emergency fund gives you a better shot at weathering a crisis without running up a credit card balance or taking out a personal loan.
Black Owned Businesses Corner
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Bigger and Better Business Event
Is Your House in Order? Estate Planning and Life Insurance Event.
If you would like to receive more information about estate planning, wills and trusts, or power of attorney, visit Ms. El-Rhonda Williams-Austin at www.https://www.williamsalstonlaw.com. If you would like to learn more about life insurance, real estate, or are looking for financial coaching, visit Kennisha Pressley-Smith at www.strivingtothrive.org.