There are other ways to motivate students than requiring them to take on debt or work long hours taking away from their studies. For example, we don't allow our kids to work during the school hours their freshman year. After that, they can work a little but not so much that it hurts their education.

You are NOT a financial failure if you rent. You are getting something for your money. A roof over your head.

My grandmother's grandparents were slaves. My grandmother Big Mama would tell me about the stories she heard as a child growing up in the shadows of a North Carolina plantation. It's only been in my lifetime that blacks have had the right to vote, live in certain areas or hold certain jobs. It is with this black history that I write about the financial challenges African-Americans still have.

The schools can't cover all the values that go along with how you handle your money. For example, a financial literacy class might not teach me to hate debt the way my grandmother, Big Mama did.

The rich are depressed because they realize their money can't buy them out of their issues.

You can't time the market.

Many debt collectors offer a lump sum option so ask. And if you get it, make sure it's in writing and you keep the payoff statement FOREVER.