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Why Was Essence Magazine Sold to TIME Inc. in the First Place?

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Time Inc. is selling Essence Communications Inc. to Essence Ventures LLC, a company launched in 2017 by Shea Moisture founder Richelieu Dennis. As a result, the Essence brand has returned to a 100% black-owned independent company, after 12 years of being owned by Time. via Black Enterprise

In 2015, my wife, Lauren and I served as media for an event chaired by Edward Lewis, Publisher and Co-Founder of Essence Magazine. The event was packed; black excellence and black affluence everywhere. It was the Association of Black Cardiologists’ 6th annual “Spirit of the Heart” Awards held at the famous Cipriani 42nd Street in NYC; I personally, had never seen anything like it.

My wife and I navigated through the crowd and walked up to Mr. Lewis, the last co-founder standing at the time Essence was sold to Time Inc., and introduced ourselves as Black Fitness Today. After the interview, he gave us his business card and asked to send him a copy of our magazine. He also suggested that we read his book, ‘The Man from Essence: Creating a Magazine for Black Women’ and take some of the lessons he learned over the years of running Essence Magazine and apply those same lessons during our journey with Black Fitness Today.

The book was a rollercoaster detailing how Essence almost didn’t get off  the ground, to running out of money, to having to pull more investors in like Hugh Hefner (Founder of Playboy), to the mag failing to make a profit for the first seven years, to now serving tens of millions of readers across the globe and creating a community of loyal supporters who show up every year at the Essence Festival. That book provided the insight as to why Lewis sold Essence in the first place.

Why Edward Lewis Sold Essence – In His Words

In the chapter titled “selling in,” Lewis talks “selling in” – a play on “selling out,” something many accused him of doing when agreeing to sell Essence to Time Inc.

I wasn’t worried about the ‘soul’ of Essence. I was worried about its staying power. I wanted to ensure the longevity of Essence Communications as an institution serving the needs of black women. That would preserve its soul. It was becoming clear to me that independent, one- or two-magazine-titled companies were going to have a harder time surviving in the new millennium…The Internet was threatening to turn print on its ear. And there were the ever-escalating production costs that simply made it more expensive for smaller publishing companies.

To ensure the continued existence and growth of Essence it made sense to join with a mighty company that not only desired us, but promised to share with us its considerable resources.

What Time Inc. brought to the table was beyond anything we could ever do alone. [savings in production costs, syndicated research, opinion-poll capabilities, and advertising opportunities]

Excerpts from The Man from Essence: Creating a Magazine for Black Women

The Essence – Time relationship was supposed to be a five-year courtship when Time Inc. purchased 49 percent of Essence in 2000. But in 2005, the courtship turned into a marriage when Time purchased the remaining 51 percent to gain full control.

Much of the beef with Lewis’ move back in 2000 was his failure to bring potential black buyers to the table. But, almost two decades later, the tables have turned and ownership of Essence is back where it belongs in – in black hands.

Black media and black positive representation matters. So learning Essence Magazine is 100% black-owned once again is a breath of fresh air, especially given the sociopolitical climate. The power of ownership has become something even more important in our community, which is yet another reason to celebrate the reclaiming of Essence Magazine.

 

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Ilen Bell is co-founder and CEO of Black Fitness Today, the digital magazine dedicated to empowering the black community - mind, body, soul, culture and money. He lives in Tucson, AZ with his wife and daughter and nine-to-fives it as head strength and conditioning coach for a military special operations unit.

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Men

Bless Up! DJ Khaled Dropping Pounds With Weight Watchers And Boosting Stocks

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DJ Khaled

DJ Khaled has officially made Oprah Winfrey $26 million dollars richer after joining forces with Weight Watchers. He has begun documenting his weight loss journey on the new Weight Watchers Freestyle Program, via his social media platforms. Through DJ Khaled’s influence, we are likely to see (as Weight Watchers hopes) to see a growing millenial and male customer base.

“DJ Khaled has an incredibly authentic drive and passion to inspire others through his wellness journey and experiences on WW Freestyle,” Weight Watcher’s president and chief executive Mindy Grossman said in a statement. “Being healthier is not just about weight anymore. It’s about overall health and wellness — being your best self. By capturing and sharing his process, he will enliven and inspire his community, showing that it’s possible to integrate healthy habits into your life.”

Read more from Fortune.

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Money Moves

How to Raise Your Credit Score Without a Credit Card

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How Self Lender works….

1. Signed up for a free Self Lender membership HERE: http://slflndr.com/thebudgetnista

BONUS: You’ll get your credit score and credit monitoring, including notifications for free!

2. Choose the, “build credit and savings” option.

3. Fill out the form.

Note 1: They are going to ask you for your social security number. That’s normal procedure when you apply for any loan. The site is secure.

Note 2: Self Lender DOES NOT use your credit score to qualify you. They use an alternate consumer report called ChexSystems. As long as you don’t owe any bank, you should be approved.

Note 3: Anytime you apply for credit, you get an inquiry. Thankfully, Self Lender is NOT a hard credit pull. Hard pulls stay on your credit report for 2 years, but it only affects your score for a few months. Self Lender is a soft pull, so there is no inquiry reported. They don’t use your credit score to qualify you. That’s why it’s not affected. (see note 2)

Note 4: To be on the safe side. DO NOT apply for credit (anywhere), if you plan on buying a house in the next 6-months. Your realtor will thank me. 🙂

4. Take out a credit builder loan. I suggest you take one out for the lowest amount possible, so your monthly payments will be manageable.

Bonus Again: Unlike a traditional loan, this one is held for you in a one-year, FDIC-insured certificate of deposit bank (CD) account.

Every month, your super-low payment is automatically taken from your bank account to pay toward the loan — and the 12.65% APR Self Lender charges to cover its own costs.

5. At the end of the year, the CD will mature and unlock, and its 0.10% APY growth rate means you’ll GET YOUR MONEY BACK, plus a little interest (minus fees).

Sidebar: You can pay off the loan earlier if you like too. You can pay it off anytime within the year. When you do, you’ll get the money from the CD back.

Das it!
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Basically, it’s a loan, but YOU DO NOT get the money. Instead, Self Lender puts it away for you in a CD.

You pay the loan off in a year, then you get the money from the CD back.

It’s like taking a loan from yourself while saving money at the same darn time! Remember, credit bureaus are more concerned with the habit of paying regularly, more than the amount borrowed, so borrow a low amount.

The purpose is to show creditors you can pay back and off what you owe. Self Lender is genius, right?!

The Real MVP Bonus: Your credit history will benefit from responsibly paying on and eventually off, an installment loan with fixed payments. Doing so shows future creditors that you, my friend, are worthy of credit because you proved it 12-months in a row. Woot Woot!

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Bonus Plus: Self Lender reports to all three credit bureaus: Equifax, Experian and Transunion. *insert happy-dance*

Bonus on Bonus: Although I’m not a fan of the whole “good debt” term, installment loans are looked at similar to student loans. This means, if you’re going to have debt, it’s the better option. Your Self Lender credit builder loan will also increase your “types of debt”, which can positively affect 10% of your credit score.

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THE BREAKDOWN (courtesy of the Penny Hoarder)

Let’s say you take out a $1100 credit builder loan…
By the end of the year, you will have paid off the $1100 loan; $1164 when you include the interest you will have paid. There is also a minimal $12 admin fee, that Self Lender charges.

Your original $1,100 will have gained a little interest and will be: $1,101.10 at the end of the year.

That means you’ll have grown your credit and improved your credit history for the low-cost of about $75, in one year! The $75 is the full cost of your interest if you get the $1100 credit builder loan.

The $75 interest (if you choose to borrow $1100), is split into 12 payments and taken as part of your monthly payment (about $6/month), like most interest and principal payments for a loan. That’s less than what some banks charge you for your check account each month, and those accounts DO NOT grow your credit.

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THE MATH on a $1100 Self Lender Credit Builder Loan:

$1,164 (what you’ll have paid by the end of the 12 months)

+ $12 (Self Lender admin fee)

– $1,101.10 (what you’ll get back after paying off the loan)

= $74.90 (cost of the whole process)

Do you know how much credit repair companies charge? I assure you, much more that $75 for 1-year. Most cost more than $75/month.

*****You don’t have to borrow $1100. I suggest you borrow the lowest amount provided. Currently about $500. That will bring your monthly payment to less than $50/month.*****

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Interested in learning more and signing up with Self Lender? You can do so HERE: http://slflndr.com/thebudgetnista

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I am an affiliate of Self Lender, and I earn a commission off of referrals, but I would not recommend a product or service that I didn’t believe was helpful and useful.

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Money Moves

How do you deal with family and friends who do not support your business?

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I get this question a lot!

“How do you deal with friends and family who do not support your business?”

So the hubs and I decided to answer it together. Check out the video below and don’t forget to go to coachsheena.com to ask your business questions! We will do a video response just for you!

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For more about our services!
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https://yourfinancessimplified.com/financial-coaching/
https://yourfinancessimplified.com/testimonial/

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All the Social Type Links n Stuff
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FACEBOOK: http://is.gd/vp9f0p
TWITTER: http://twitter.com/urfinancesimple
INSTAGRAM: http://instagram.com/yourfinancessimplified
WEBSITE: http://www.yourfinances

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