Newspapers / The Charlotte Post (Charlotte, … / July 25, 1996, edition 1 / Page 7
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Cljarlotte ^osit THURSDAY, JULY 25, 1996 7A STRICTLY BUSINESS The Post positions for multi-media expansion By Herbert L. White THE CHARLOTTE POST The Charlotte Post Publishing Co. is positioning itself for the Information Age by diversifying the way it delivers its message. The parent company of The Post is moving into cyberspace with an improved World Wide. Web site as part of its five-year plan to increase market share. Erratic budget plan CHARLES ROSS Your Personal Finance Only two black-oriented news papers - The Post and the Afro- American newspapers of Washington and Baltimore - have web sites. Internet surfers can access general news from a black point of view as well as read alxjut issues that are par ticular to Afncan Americans. “Our bent and focus will still be to the black perspective, but everything out there that we cover traditionally won’t be quoted as black but will be of interest to our audience,” Charlotte Post Publishing CEO/President Gerald Johnson said. Accessing the Internet helps round out the company’s long- range goals of being a multi- media entity, Johnson said. In addition to publishing 'The Post, the Black Guide, a directory of Afncan American-owned busi nesses, was launched last year as part of a five-year plan to diversify the company by the year 2000. Future plans include establishing a regional newspa per group and sports publica tion, but the World Wide Web is this year’s addition. “In order for us to survive, we have to participate in the direc tion information is headed,” Johnson Being your own boss may not be as glamorous as it seems. Consultants, salespeople on commission and small business owners may find themselves on a financial roller coaster. Many such entrepreneurs cannot get a handle on managing their finances because their incomes fluctuate. Much of the standard money-managing advice doesn't work for people with erratic incomes. Budgeting is not a set. once-a-year exercise. Their bud get may have to be revised every three to four months. Paying federal taxes becomes a quarterly ritual, not an annual one. A systematic plan to save for a rainy day is the only thing that wiU keep erratic earners afloat when business is down. Savings People who work for them selves should set up two emer gency funds, one for themselves and one for the business. Each fund should be big enough to cover at least six-month’s worth of expenses. Your emergency cash must be readily available. This means put it in a money- market account. Part of the plan should include a reward for yourself in a good year, but don’t rush to upgrade your lifestyle, such as with a bigger mortgage or private- school tuition. When you're flush with cash, it would be wise to set up a personal, home equi ty or business line of credit, but you vrill have to be persistent Borrowing Many self-employed people are surprised when they apply for a mortgage or want to refi nance their current one and often become frustrated. If you See BUDGET on page 8A Mobil, bank launch venture Johnson said. more people are going to be get- “It’s quite ting their information through clear by the this medium. I’m a strong sudden believer (in the adage) that growth of those people that refuse to grow cyberspace with how the marketplace is that this is growing will wither and die, the wave of because you have to keep up the future. with the times.” Ultimately, ’The Internet site could open more and See THE POST on page 8A Money Management PHOTO/MONICA MORGAN Gerald Johnson (left), Mobil Oil’s business relations manager for ethnic markets presents a mock check for $750,000 to Bill Johnson, chairman of the board of Detroit’s OmnlBank. FROM STAFF REPORTS DETROIT - Mobil Oil Co. has announced a ground-breaking agreement with Detroit’s OmniBank, one of the nation's largest Afiican American owned financial institutions. Designed to assist black. Latino, Native American and women service station fran chisee candidates, the Special Purpose Credit Program is an agreement between OmniBank and Mobil which provides $45 million in financing to minori ties. ’The agreement also provides OmniBank with a capital investment of $750,000 funds which will be leveraged to increase the banks’ risk-adjust ed capital, giving it the ability to make additional and larger loans. It win also make financ ing more readily available for qualified candidates. This new Mobil and OmniBank collaboration aug ments the Fairfax, Va.-based oil company’s ongoing efforts to be responsive and sensitive to the communities it serves by recruiting more ethnic and women franchisees. Expectations are to increase ethnic and female dealers by 50 new franchise owners per year. “This partnership with OmniBank affirms Mobil’s com mitment to diversity and reflects our intent to form solid, productive working relation ships with black-owned busi nesses,” says Gerald C. Johnson, Mobil business rela tions manager, ethnic market ing. “Both Mobil and OmniBank believe that one of the best means of revitalizing many of the urban neighborhoods in which we do business is by embracing the concept of com munity development banking. ’The importance of a coopera tive effort with an African American financial institution of OmniBank's stature cannot be emphasized enough," he con tinues. “Together, we’re taking a pro active approach to ensure suc cess." Bill Johnson, chairman of the board of OmniBank agrees. “We, too, see this unique See MOBIL on page 8A Kids and money By Amanda S. Danchi SPECIAL TO THE POST Getting your children into the habit of saving small amounts of money today can offer them a big payback down the road. The N.C. Association of CPAs emphasizes that introducing your children to the basics of investing may be one of the most valuable lessons you can give them. Start with a savings account Most kids start out small — saving their allowance, baby-sit ting money or birthday cash. These are all good opportunities to begin showing your children how money grows in a savings account. Many banks offer special child-oriented savings accounts with low minimum balances and no fees. Depending on the bank's policies and the child's age, the bank may ask that you open the account jointly with your child or that you open a custodial account. In either case, be sure you use your child’s Social Security number so that the interest earned will be treated as your child’s for income tax purposes. As your child grows older and wiser, he or she is likely to realize what most adults already know — that the return earned on a sav ings account isn’t enough to help them keep ahead of infla tion, much less reach their sav ings goals quickly. When that time comes, your child might be ready to make the leap from saving to investing. Consider mutual bonds Mutual funds are an easy way for children to get involved in — and understand — investing. For children, ihe advantages of investing in mutual funds are basically the same as for adults — low cost, professional man agement and instant diversifica- See KIDS on page 8A BUSINESS TO BUSINESS d T'V & VCR REPAIR NIGHT OWL TV & VCR SERVICES SPECIAUSTIN ■ Home Theater, Surround Sound, Picture-N-Picture Consulting And Set-Up SERMSGALL OP METRO CHARLOTTE ■ (704)-523-0642 “In Home/In Business Service” Keep The Fatth * BLACK - OWNED ENTERPRISE * Matthew 7:7 C:Joloar Let us sharpen your image with affordable full color digital printing. We can offer short run, high quality printing at competitive rates. ♦ 1 Sided 8.5 X 11 Flyers as low as .59 each ♦ 2 Sided Brochures with tri'fold as low as .91 each (typesetting and photo scanning not included in price) CONTACT: Dec at 522-7724 or David at 522-6362 for more details DJE GR-APHICS MORTGAGES MADE EASY UMQUE mortage INC. Working liarder So You Can Achieve The American Dream «’8428} FAX « 87M285 152 Conn Si. • Statesville FIRST & SECOND MORTGAGES . LOW FIXED RATES “HARD TO DO’ LOANS HOME EQUITY LOANS CONSTRUCTION LOANS TRAINED PROFESSIONALS & COUNSELING NO APPLICA'nON COST A APPLY BY PHONE OR MAIL Evenings & Weekends By Appointment At last! A Certified MBE Company That Can Handle Your Office Needs! AMEBlCANPBDDiJ^ DISTRIBUTORS INCORPORATED • Copy Paper • Computer Paper • Toner Ink Cartridges, Etc.... And We Deliver Call or Fax Today! (704) 522-9411 * Fax (704) 522-9413 8227-E Arrowridge Blvd. Charlotte^ NC 28273 • Don Blcmkt Pres. Have business news? A story idea? We want to hear it. Call Herbert L. White at 376-0496.
The Charlotte Post (Charlotte, N.C.)
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July 25, 1996, edition 1
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