Newspapers / Winston-Salem Chronicle (Winston-Salem, N.C.) / Jan. 14, 1988, edition 1 / Page 2
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PAGE A2 Wftiston-Salem Chronicle THURSDAY, JANUARY 14, 1988 Enterprise Look No More -- "The Ultimate" BUSINESS PROFILE Credit Where It's Due H.A. Smith, left, secretary/trea surer of the Victory Mutual Credit Union, and Robert A. Miller, right, the organization's president, believe that a penny earned should be a penny saved, and they want people to get Into the savings habit at their credit union (photo by Santana). SUPER KINGS MW WOMW HIGH POTENCY FORMULA! IRON, GINSENG, VITAMIN E, &ZINC NATURE'S HELPER FOR TODAY'S PEOPLE ON-THE-GQi MODEL PHARMACY 724-5052 1225 E. Fifth St. 723-7332 Getting the credit union habit By ROBIN BARKSDALE Chronicle Staff Writer At Victory Mutual Credit Union, the notion is that a peruiy earned should be a penny saved. That's the advice they offer their clients at the 42-year-oId estab lishment whose office is currently located at 11W. Sixth St. Victory Mutual focuses on servicing the low- and moderate- incwne members of the communi ty by providing information and assistance with developing good financial management techniques. "Saving is a habit," said Robert A. Miller, the credit union's president. "Anyone can develop a habit of saving. It has to become a habit. Anyone who works and spends all he works for is really working for nothing. What you earn is yours to save.” For the past 42 years, the credit union has operated under the philosophy that "Nobody Can Borrow Until Somebody Saves." In a nutshell. Miller said, that is what the credit union and the con cept of savings is all about. Victory Mutual Credit Union is the result of an effort started by W.M. Nesby, a former Winston Mutual Insurance agent. He was the business' founder and first secretary/treasurer. In March of 1984, Victory Credit Union merged with the Employee’s Credit Union of Winston Mutual Life Insurance Co., thus receiving its present name - Victory Mutu al. Today, the credit union pro vides its clients with savings accounts, loans and Christmas club savings accounts. With years of experience to their credit, the officers of Victory Mutual, said that young people appear to have the most difficulty saving money. "It's a matter of determination and willpower," said the Rev. H.A. Smith, the organization's secretary/treasurer. "If you're thrifty and determined, you can save. The biggest hindrance is that they spend money before they have it." But, Miller and Smith said, their credit union can provide counseling which will help mem bers try to rebuild their credit rep utations and get back on the right track. "We know that everyone makes mistakes in life," said Smith. "We like to give them a chance to overcome their mis takes." Smith said also that one way they work with their clients is to help them seek loans with a spe cific purpose in mind. If a Client has a specified use for the money he borrows, he said, that person is likely to be more careful about spending the loan money. The community may buy into the credit union by paying a 50 cents initial charge and purchas ing at least one share, which costs approximately $15. At that point. Smith said, a client becomes a member of the credit union with all of the rights and privileges of membership. But both Smith and Miller said that they are hoping to receive more support from the local Afro-American community. But, they said, the community has every reason to feel comfortable with the services the credit union offers. REAL ESTATE COURSE "ACCELERATED" Prepare now for I® a sales career \ Days, 2 1/2 weeks Starting Feb. 8, ending Feb. 24 Evenings, 3 1/2 weeks Starting Feb. 1, ending Feb. 23 Weekends, 6 Saturdays Starting Feb. 20, ending March 26 CALL 724-7353 ‘=1X5“ Miller-Motte Business College REAL ESTATE DIVISION 647 W. 5th St. (Across from the public library) "They should choose a credit union, generally, because it has a record of making loans much cheaper than any other organiza tions," Smith said. "The community should choose ours because ours is one of the oldest institutions in the city that has done this for the pre dominately black community and we certainly ought to do all we can to help strengthen the eco nomic base for the people in our city." The firm will hold its 25th annual shareholders meeting Jan. 25 at Golden State Mutual Life Insurance Co. You have a new neighbor who wants to meet you. New EE bonds can be a good small investment It S a Company Called. TRW. By NITA A. HIGGINBOTHAM Area Specialized Agent Series EE Savings Bonds lost some of their luster when the Treasury lowered the guaranteed yield to 6 percent beginning with new bonds issued after Nov. 1, 1986. For the small investor, however, new EE bonds can be a good investment if you can afford to lock up your money for a mini mum of five years. current interest on your money for five years, you are guaranteed a 6-percent return for each of those five years. There is an inflation factor included. If inflation were to take off suddenly, the rale for EE bonds is tied to a Treasury index, which means you have some pro tection from a sudden return of inflation. that a $50 savings bond costs $25. If lost, stolen or destroyed, they can be replaced without a transac tion fee. These bonds give you the security of a U.S. government issue, a guaranteed minimum interest rate of 6 percent if held fw five years and a variable rate if interest rates move higher than 6 percent. Another way of looking at it is that if you are willing to forego Savings bonds are a good alternative for an investor with small amounts of cash who doesn’t need income now. Anoth er option to consider is that the taxes on the interest that accrues may be paid annually or may be deferred until the bonds are redeemed. Series EE bonds are sold at one-half of their face value, so Unlike U.S. Treasury bonds. Series EE bonds are non-nego- tiable in that you cannot sell them. They cannot be used in an IRA (individual retirement account), but because they are already a tax-deferred investment, you wouldn't want to use them as such anyway. Wc'vc moved to (ircensboro to a,ssemblc rack and pinion .steering gears in our brand new facility in Weaver Interstate (x'ntcr, near the airport. And we’re looking for new employees to join us. Light Assembly Work Available All over the world, TRW provides high quality, high technology products and services to the car and truck, space and defense, and information and energy' markets. We have nearly 80,000 employees in 24 countries. You have a chance to join us. TRW offers an outstanding work environment, including: Series EE bonds also can be purchased in joint membership with rights of survival which allow them to bypass probate. You can also name a beneficiary. For more information on money matters call the Money Management Center at 767-8213. ' competitive wages ' excellent benefits ' no probationary period ' an atmosphere that encourages employees tc participate in decisions about the business We are now taking applications for light as,scmbly positions through the North Carolina Employment Security Commission. If you’d like to get to know us better, call one of the numbers below. We’d like to meet you, too. Equal Opportunity Employer M/F/H/V The Winston-Salem Chronicle is published every Thursday by the Winston-Salem Chronicle Publishing Co. Inc., 617 N. Liberty St. Mailing address: Post Office Box 3154, Winston-Salem, N.C. 27102. Phone: 722-8624. Second-class postage paid at Winston-Salem, N.C. 27102. The Wlnston-Sai'.4i Chronicle is a charter member of the Newsfinder service of the Associat ed Press and a member of the Audit Bureau of Circulations, the National Newspaper Publishers Association, the North Carolina Press Association and the North Carolina Black Publishers Associa tion. Subscription: $18.52 per year, payable in advance (North Carolina sales tax included). Please add $5.00 for out-of-town delivery. PUBLICATION USPS NO. 067910. North Carolina Employment Security Commission (919) 379-1850 Greensboro (919) 882-4141 High Point (919) 761-1700 Winston-Salem la
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