6A
Cljarlotte ^osst
STRICTLY BUSINESS
THURSDAY, JANUARY 2,1997
Set your
financial
goals
CHARLES ROSS
Your
Personal
Finance
The new year has already
begun and you promised to start
the year right by getting your
finances together. It’s not too
late.
One of the first areas you
should deal with concerns your
financial goals. In order for a
financied goal to be reahstic it
must have a time frame and a
dollar amount. Without these
two components a goal is only
wishful thinking.
Let’s suppose that you want to
buy a house or car. You need to
know when you will make the
purchase and how much it will
cost. So your goal may sound
something like this: I plan to
buy a house in three years and I
will need $3,000 for the down
payment. Now you can break
yom: goal down into short-term
goals. You can plan to save
$1,000 every year, about $85 a
month.
Budgeting
If getting your finances togeth
er this year is your objective,
developing a budget should be
at the top of your list of priori
ties. By using a budget you are
saying, in effect, that your
finances are important and that
you are willing to use all the
tools at your disposEd to be suc-
cessfijl.
Here are some tips:
Your budget should be written
down. Without a written bud
get, you tend to forget what
your anticipated expenses are.
A Ford Foundation study found
that the secret to achieving your
goals is writing them down. You
can go to any one department
store or office supply store and
find forms that will help you
construct a budget.
Make sure you review and
evaluate your budget at least
once a month. Don’t make it too
painful, but if it doesn’t hurt a
little, you are probably not try
ing hard enou^.
Once your finances are laid
out you will have to decide what
changes to make in order to
reach 3rour goals.
Taxes
Many consumers are con
cerned about what wiU happen
to the economy this year.
Getting your finances together
will help insure that you will be
able to weather any economic
storm.
One area that is often over
looked is taxes. If you expect a
big refiind this year, file early.
By the end of January your
employer must send you a W-2
statement, but don’t wait to esti
mate your taxes. Using your
last pay stub for last year, figure
out your taxes based on what
you think your deductions and
exemptions will be. If you don’t
know, look at your 1995 tax
return.
See GOALS on page 7A
Chiseling a name
out of art
By Kathy Dukes
SPECIAL TO THE POST
Although sales of African
American collectibles continue
to boom across the country,
nearly all companies that
manufacture them are white -
with at least one exception.
Positive Image Collection is
a six-year-old Augusta, Ga.,
manufacturer of collectible fig
urines that sensitively cap
tures both the historic and
contemporary African
American experience. It is
headed by sculptor Norman A.
Hughes, who left a 20-year
stint as a railroad clerk and
fi:eelance sculptor to build his
own company.
“When I first started out, Fd
go to trade shows and I only
saw old Southern plantation-
type figures,” Hughes recalls.
“I thought it was a shame that
no one saw us from our own
point of view, and depicted us
the way we were. I started
Positive Image to try and
show various other sides of
blacks in America.”
Today Hughes’ loving depic
tions of African American
heroes, children, soldiers,
angels and ordinaiy people are
sold in more than 700 stores in
35 states. They are collected
by thousands of people and
are owned by celebrities such
as baseball legend Hank
Aaron and Gen. Cohn Powell.
“Since we introduced the line
five years ago, sales have
grown dramatically, and the
vast majority of our retailer
chents have done so well with
Norman’s emotionally power
ful art works that they have
reordered,” said Bill Barnes,
president of The Giftware
Specialists, which represents
the Positive Image in
California, Arizona, Nevada
and New Mexico.
“Norm Hughes has the tal
ent and abihty to capture the
reahstic passion, pathos and
exuberance of people in his fig
urines and bring to life the
characters that he sculpts,”
Barnes adds. “Not only is his
the only African American-
owned manufacturer of black
figurines, but in our opinion, it
produces the finest, most
detailed, most moving work on
the marketplace. A lot of oth
ers do black figurines - many
with a very African feel - but
Norm beautifully captures the
essential African American
experience, both historically
and today, in a touching, real
istic, dramatic, non-sugar-
coated way.”
Hughes was bom in 1947 in
Augusta, the third of four chil
dren of a painting contractor
and a nurse’s aide. At six, he
discovered the red clay
brought up by his father’s post
hole digger and began using it
See SCULPTOR on page 7A
Suit alleges bias
at Pennsylvania
restaurant
THE ASSOCIATED PRESS
Sculptor Norman A. Hughes started Positive Images Collection six years ago. The comp-
nay features work such as the piece above commemorating the Million Man March.
PI'TTSBURGH — A former assistant manager at a Rax fast-food
restaurant alleged that he was fired because he hired too many
blacks and homosexuals.
Paul Shellhammer, 42, of Allegheny County filed the suit in
U.S. District Court Tuesday. Shellhammer also claimed age and
disability discrimination in the suit.
A message left with a Rax official in Worthington, Ohio, was not
immediately returned today.
Rax officials declined to promote ShelUiEunmer to manager
because he once had cancer, meaning “his health was unreliable
and he was too high of a risk for promotion,” according to the law
suit.
Shellhammer also accused the chain of harassing black employ
ees. The lawsuit said Shellhammer was told he would be
assigned to the night shift if he continued to hire blacks and
homosexuals because “it was bad for business.”
Shellhammer was hired by Rax in 1980 and moved to another
store in 1989. He is seeking back pay and benefits, reinstate
ment, unspecified damages and legal fees.
Money Management
The ABCs of
IRA accounts
By Amanda S. Danjchi
SPECIAL TO THE POST
For the vast majority of taxpayers, the Individual Retirement
Account has always been an excellent way to put . money away for
retirement and, at the same time, save valuable tax dollars. Recently,
Congress has revised the rules, making IRAs even more attractive.
To help you make your IRA investment decisions, here are answers
to some key questions about IRAs from the North Carolina
Association of CPAs.
Who is eligible to open an IRA?
Anyone tmder the age of 70 1/2 with earned income can open an
IRA. Under IRA rules, “earned income” is defined as income from
salary, wages, tips, alimony, sales commissions, and self emplo3rment.
There is no minimum eligibility age for opening an IRA.
How much can I contribute to an IRA?
Under current law, if both you and your spouse work, you can con
tribute up to the lesser of $2,000 or 100 percent of your earned
income. For 1996, if only one spouse is employed, you may set up a
special spousal IRA and contribute up to $2,250, provided you file a
joint tax return. However, beginning with the 1997 tax year, you’ll be
able to make an even larger contribution. Congress heis changed the
law, allowing each spouse to contribute up to $2,000 even if one
spouse had less than $2,000 in earned income or no earned income at
all. However, you must file jointly, and the total contribution for both
you and yoiu spouse cannot exceed $4,000 or your combined earned
income for the year.
What IRA contributions are deductible?
Two tests determine whether or not your contributions are
deductible. The first test hinges on whether you or your spouse is eli
gible to participate in a qualified, company-sponsored retirement
plan. If neither of you has a retirement plan at work, you can deduct
your IRA contributions in fuU, regardless of your income. If you or
your spouse is covered by a qualified plan, a second test comes into
play. Your contributions for the 1996 tax year are fully deductible
when your adjusted gross income (before subtracting your IRA contri
butions) is less than $25,000 on eui individual tax return or less than
See IRA on page 7A
Business Briefs
• C.W. Williams Health
Center has been awarded a
$56,000 grant by the Kate B.
Reynolds Charitable Trust of
Winston-Salem.
The funds will be used to
convert underutilized existing
space on the third floor of the
center into clinical space for
women’s and prenatal ser
vices, said Michelle B. Marrs,
the center’s CEO.
“Our organization has
reached out and provided
medical care to the uninsured,
underinsured, public assis
tance recipients and the work
ing poor in the community
during the last 15 years,”
Marrs said. “The grant from
Kate B. Reynolds will give us Reynolds of
additional resources to pro- Winston-
vide primary care and educa- Salem,
tion to women who otherwise Three-
would not receive care.” fourths of the
C.W. Williams Health trust’s
Center was founded in 1982. income is
The Kate B. Reynolds Trust designated
was created in 1947 by the for use in
.will of Mrs. William N.
Cole
health-related programs and
services across North Carolina
and one-fourth for the poor
and needy of Winston-Salem
and Forsyth County.
• Ada C. Cole has been
named director of community
relations for Kaiser
See COLE on page 7A
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