Newspapers / The Charlotte Post (Charlotte, … / Jan. 11, 1996, edition 1 / Page 7
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7A STRICTLY BUSINESS/The Charlotte Post Black financial institutions benefit from influx THE ASSOCIATED PRESS LOS ANGELES - Hundreds of blacks responded to a cam paign urging them to put their money in African-American financial institutions, boosting deposits at one black-owned bank by about $600,000 in a single day. Founders Bank of Los Angeles and three other black- owned financial institutions benefited Saturday from "Change Bank Day.” The event was peirt of a cam paign mounted by Recycling Black Dollars, an organization of black business owners, to persuade blacks to invest in their communities. "It’s just phenomenal,” Founders President Carlton Jenkins said. "This is the best birthday present the bank could have received. "What they’re saying is, 'We’ve finally arrived with you, Carlton,’ ” he said. In return for their business, Jenkins promised to invest depositors’ money in the black community and give cus tomers good service. Founders, established five years ago, has $100 million in assets. Campaign organizers esti mate that blacks have about $9 billion deposited in Los Angeles-area financial institu tions. The campaign’s goal is to move 25 percent of that into black-owned institutions by the year 2000. "If we were able to get just 25 percent of our money into black banks, we can see a hotel on Crenshaw, a hotel at the Convention Center, new manufacturing plants in South-Central, which in turn would provide more jobs for young blacks,” said Muhammad Nassardeen, head of Recycling Black Dollars. He said the campaign was based on self-help, not racial separatism. "Nobody ever called it racism when other people were doing it.” Among Founders’ new cus tomers was South-Central Los Angeles carpenter Melissa Mitchell, who came with her 9-year-old son, David, to open his first bank account with $100. "It’s for David’s college,” she said. "It’s not much yet, but it’s a start.” The idea of promoting finan cial solidarity with the black community has been around for years. But it was revital ized by the Million Man March, said Celes King, state chairman of the Congress of Racial Equality. "Building on that momen tum, it was time to let people know that we are not the poor people that many people have depicted us to be,” Nassardeen said. The other black-owned financial institutions partici pating in the campaign are Broadway Federal Savings, Family Savings Bank and South-Central People’s Federal Credit Union. Information on how much new business they received was not immediately available. Come home to Charlotte’s African American newspaper Subscribe to Ctjaflotte fSost at 376-0496 "If we were able to get just 25 percent of our money into black banks, we can see a hotel on Crenshaw, a hotel at the Convention Center, new manu facturing plants in South- Central, which in turn would provide more jobs for young blacks," -Muhammad Nassardeen, head of Rea/cling Black Dollars. Economic strength in King’s plan The law Offices Of Cox, Gage And Sasser fake pleasure in announcing that Arthur Griffin Pormety with legal Services of the mm Southern Piedmont and currentfy a member of the Charlotle-Mei klenburg Board of Education has joined the firm as a liligation paralegal • SOCIAI Si:u-HUY DtS-lBUlTY • WORKtKS COMPF\SAriO\ • l'\MFF Puonir.n • PrjtsosAi L\irm- LAW OFFICES Cox, Gage AiND Sasser 227 «:■(■.« Trade Street • Sutle 2/00 The Carillon • Charlotte. North Carolina 2HJ0J f704)S424200 Continued from page 6A ment? King's economic agenda included issues where he thought the government could help. There were three areas he felt the government should address, politics, full employ ment and the guaranteed income. Regarding politics Dr. King was most concerned with edu cating blacks about what could be done through the political process. He encour aged blacks to vote, run for public office and use political power to pass anti-discrimina tion legislation. He also thought it was gov ernment's role to create full employment. King felt that new forms of work which enhance the social good would have to be devised for those for whom traditional jobs were not available. But the most radical part of this economic agenda dealt with the guaran teed income. The Guaranteed Income Although he perfected the policy of nonviolent protest, Martin Luther King, Jr. was always considered to have radical ideas that changed society. His economic agenda was no different. Dr. King embraced a guaranteed income policy. He believed that people should be made consumers by one method or another: give them jobs or give them some money. He felt that an- indi vidual's income should not be allowed to fall below a certain level. Obviously, this was radical thinking 25 years ago. But back then it was thought that a guaranteed income for all Americans could be accom plished with $20 billion dol lars, about what it would cost to place a man on the moon, and well below the $35 billion price tag for the Vietnam War. Martin Luther King, Jr. a man of peace and a man of vision. CHARLES ROSS is the host of the nationally syndicated radio program, 'Your Personal Finance," and author of “The Commonsense Guide to Personal Financial Planning. Dividend use to buy more stocks Continued from page 6A ing for a dividend, the compa ny reinvest your dividends to purchase more of its stock. As a bonus, many give you a dis count on the price of the stock you buy through reinvest ment. • Stick with it. Don’t let short-term market swings sway you off course. To make money in the stock market investors need to stay involved long enough to offest the lows with periods of out standing returns. The trick is to allocate your assets in line with your financial goals, and then stick to that allocation regardless of short-term mar ket fluctuations. • Look into real estate. In addition to securities, consider investing in real estate. One way to make an investment is through a real estate invest ment trust (REIT - a type of closed-end fund that invests in diversified portfolios of resi dential and commercial prop erties. REITs, which issue shares that trade on stock exchanges, give you the oppor tunity to invest in real estate without the problems of man agement and poor liquidity that come with buying proper ties directly. But be careful - rising interest rates could dampen profitability. • Take reasonable risks. Allocating your assets among a wide range of inflation-resis tant vehicles can help you minimize the risk of loss. If you're investing for a long term goal like retirement, time also is on your side. You should be able to ride out the intermediate ups and downs in the market and still come out ahead. Keep in mind, if you try to avoid risk altogeth er by putting your money only in the safest investments, you run the risk of not earning enough to beat inflation. • Know the costs. Market risk is a given, but there are other investment-related costs that have nothing to do with risk - commissions, mark-ups and management fees. Because these costs are not always obvious, it's important to ask about them before investing and include these fees when calculating the return on your investment. • Don't overlook taxes. Keep in mind that many of your investment decisions will have tax ramifications. To help you make the most of your invest ments and minimize the tax impact on any gains, it's wise to consult a CPA or another tax advisor. Bo BuBtmss Call one of our professional representatives to help market your business, profession or event in the publi cation that produces results and keeps you in touch. • StrictlyBusiness, Designed to Profile Minorities in Business and Minorities Successful Within Majority Corporations. • Healthy Body/Healthy Mind, Designed to Keep You Abreast of Current Health Issues, Concerns and Preventions. • The Post, Designed and Dedicated to the concerns of - the Black Community. FRAN FARR£.R Advertising & Marketing Director & General Sales Call: (704) 376-0496 or Fax: (704) 342-2160 JERI Assistant Sales Manager & Automotive Specialist Prime Spots Still Available In The 1996 BLACK GUIDE CALL TODAY! PAT Healthy Body/Healthy Mind Specialist Sfie Cfiarlotte iPast Will Be Qosed Monday, JanuarylSth In Honor Of The Martin Luther King, Jr. Holiday BOB General Manager & Account Executive February Is Black History Month ...ADVERTISE Your Business! i' herilage house SPECIALIZING IN UNIQUE GIFTS, ART, BOOKS AND HOME ACCESSORIES WITH AN ETHNIC HAIR In Honor of Dr. Martin Luther King B-Day HERITAGE HOUSE Invites You To Save Your Total Purchase January 15th, 1996 Only Ebony Visions, Miss Marthas, And Original Art Not Included, Must Present This Ad Kings Court At 901 South Kings Drive • Charlotte • 344-9695 (By The Melting Pot & Mama Ricotta's Restaurants) NEW 1996 Hours Mon. - Sat. 10-6 Hertz Supports Disadvantaged Business Enterprises. (0)ertz has a strong commitment to the development of Disadvantaged Business Enterprises (DBE’s). (f)he contributions made by these suppliers have been of great benefit to Hertz and our customers alike. are proud of our efforts in seeking out such busi nesses and pledge to continue our efforts to ensure that all have a fair and equal opportunity to supply goods and services. HERTZ RENT A CAR 4102 Rental Car Rd. Charlotte, NC 28214 • 359-0114
The Charlotte Post (Charlotte, N.C.)
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Jan. 11, 1996, edition 1
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