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In 1980, media moguls Bob Johnson and John Malone partnered together to launch prominent cable network, BET (Black Entertainment Television). Now 40 years later, they’ve reconnected to team up for a new business venture. According to Black Enterprise, serial entrepreneur Johnson started RLJ Cos., his portfolio of businesses that include the Retirement Clearinghouse L.L.C. — a company in which businessman Malone is now an investor in. Citing this renewed partnership as a “meeting of like minds,” both Johnson and Malone announced the latter party has purchased a minority stake in Retirement Clearinghouse to help shrink the wealth and retirement savings gap for minorities, a news release reports. “I invested alongside Bob when he launched Black Entertainment Television. When Bob approached me to talk about his work with 401(k) auto portability, I recognized an opportunity to extend that work into practical ways to achieve inclusive capitalism,” Malone shared in a statement . He also...
Whether you recently took out a mortgage, you’re saddled with student loan debt, or you’ve overextended your credit cards, you may be one of the millions of Americans working to pay off their debt obligations. However, just because you’re paying off debt doesn’t mean you shouldn’t be thinking about your future. Saving for retirement now (even if it’s just a little) means you can reap the benefits of compound interest , allowing your investments to grow exponentially over time. It’s a strategy that pays off — a 25-year-old who contributes just $250 per month toward his or her retirement ($3,000 per year) with a return of nine percent would have more than $1 million by retirement age. Below, you’ll find a handful of strategies for saving for retirement, even if you’re in debt. 1. Consider Refinancing Your Student Loans Whether on your own or with a qualified cosigner, refinancing your student loans can free up some extra cash. The annual federal student rate interest amount is...