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Sexes see money, saving and spending differently Continued from page 7A or house. Saving habits Given the fact that on average, women out live their husbands by six years and have almost a 50-50 chance that they will divorce, you might think that women would be more eager to save. But a recent study showed that women save only about half of what men do. Tradition seems to prevail that women depend upon men to provide for them. But the last decade has brought about a change in the way women view their work, in or out of the home, and the control of their money. Many newlyweds have three bank accounts - one joint account and two separate accounts. It is not wise to hide funds from your spouse because it sets up barriers. Also, each spouse should contribute to joint savings. Taking financial risks Many couples can see eye to eye on money matters until it comes to investing. Most of the time, men are more willing to take risks with money than women. One reason again is a man’s higher earning power, coupled with the fact that overall, women tend not to trust themselves when it comes to finances. A recent survey showed that 41 percent more men than women said they knew how a mutual fund works. Another study of high schoolers found that male students are almost twice as likely as their female peers to consid er themselves very knowledgeable about money and investments. In actuality, there is little difference in knowledge between male and female students. For the most part, women tend to be overly cautious about investments. Borrowing money Money worries may have a couple on edge, but chances are he'll get more sleep at night than she will. A recent consumer study found that women are more likely than men to carry an impaid credit card balance from month to month and to have more than $1,000 in credit card debt. But when it comes to big-ticket bor rowing, such as for a loan for a .small business or investment, women are so risk-adverse that they often shun the opportunity. 'This difference may be owing to a lack of confidence about future earning power and the ability to pay back loans. Men see large loans as a sign that they have arrived, but are more apt to overextend themselves and then are slower to admit the problem. Men sleep much better because they tend to sweep debt problems under the rug. Charles Ross is host of the nationally syndi cated radio show, "Your Personal Finances,” and author of “Your CommonSense Guide to Personal Financial Planning.” • Beverly Earle and Blanche Penn of Charlotte have been appointed to the North Carolina Council on Developmental Disabilities. Earle represents the 60th District in the N.C. House of Representatives and is a col lections representative for BellSouth. She serves on the N.C. Convention and Visitors Bureau board, Mecklenburg County Women’s Committee and Johnson C. Smith University board of visitors. Penn is a recreation leader for Mecklenburg County Parks and Recreation. She serves on the state presiden tial advisory board for the Spina Bifida Association and is a circle leader for Winners on Wheels, a 4-H club. • Jim Richardson has been appointed to the N.C. State Board of Examiners in Optometry. Richardson, a Mecklenburg County Commissioner, is a former member of the N.C. House and Senate. He is a member of Omega Psi Phi fra- On the move ternity and the NAACP. •Don Williams has been named human resources workforce diversity manager at Lowe’s Companies. Williams, who started work in May, previously was regulatory agencies coordinator for Holly Farms, Poultry Industries from 1979-89. He was director of human resources at Carolina Mirror Company from 1989 to his appointment at Lowe’s. Williams • Jenine W oodward has been appointed vice presi dent of health ser vices at Atlantic Health Plans Roberts Valley office. Woodward Send your business notes to The Charlotte Post via fax at 376-0496. Include a daytime phone number. 401 (k) can be maximized Continued from page 7A company's own stock. Before you decide how to invest your 401(k) fimds, you should get all the information available on the various investment options. Ask to see the annual report of your 401(k) plan; it lists the assets and investments in the plan, some of the expenses and the performance figures for each fund. Carefully read the funds’ prospectuses to determine the types of stocks and bonds in which the funds invest. You should also measure a fund’s performance in relation to simi lar funds in the same category. Momingstar Mutual Funds or Value Line are good i*espurces for this informatioh. Don’t play.it too safe Most people make the mistake of investing retirement funds too conservatively. If you invest primarily in low-risk invest ments, like money market funds and Government Insured Contracts, you’re likely to lose ground to inflation. The most successful 401(k)s are built on a foundation of stocks. While stock funds are likely to expelience periodic ups and downs, over the long term, stocks generally outperform all other investments. And since your 401(k) is a long-telm investment, you can be reason ably sure that marketplace swings will be more than offset by higher returns. To maximize your retirement nest egg, consider keeping at least half and preferably more, of your 401(k) portfolio in stock mutual fimds. Look at the big picture Rather than viewing your 401(k) as a separate and dis tinct entity, consider it as an integral part of your investment portfolio. This gives you a much more accurate picture of where you stand, particularly in terms of the allocation of your invest ments. Looking at your total portfolio also may provide you with a better sense of flexibility. For example, even if the stock fund in your 401(k) has histori cally performed well above aver age, you ordinarily might be reluctant to put all of your funds into it. However, if you knew you had an equivalent amount of conservative investments out side of your 401(k), you might be more comfortable making such a decision. Review and rebalance CPAs point out that doing your homework and making smart investment choices is not a one-time effort. Funds evolve, the investment climate shifts and your personal circum stances change. What was once the light investment mix may not be over time. That's why it's important to reevaluate your portfolio on a regular basis and make any necessary adjust ments. Put your business in the streets. The Charlotte Post’s Strictly Business section highlights entrepreneurship and finance in a way no other media can. Call today to subscribe! 376-0496 Parks Sausage sold Continued from page 7A For Harris, who won four Super Bowl rings during his Steelers career, buying Parks is an exciting accomplishment. “There are some highlights in your life, and luckily I’ve been able to have quite a few,” he said. “The birth of my son, win ning the Super Bowl, and being elected to the Hall of Fame. And now, with my new business career, the most prestigious day so far is what happened today.” 'The sale is expected to be com pleted by the middle of August, said Mark Friedman, Haysbert’s attorney. As part of the deal, several major creditors, including the city of Baltimore, Charlotte- based NationsBank Corp. and the Baltimore Development Corp. agreed to forgive half of Parks’ debt. The United Food and Commercial Workers Local 27 overwhelmingly ratified the agreement, which gives the union’s 100 members the first jobs at the Baltimore plant. Parks employed about 180 peo ple when it shut down in May. The Associated Press con tributed to this report. Union, Kmart reach accord in Charlotte. Woodward, a registered nurse and certified midwife, worked previously for a Medicaid HMO in New York. Her appointment was one of four at Atlantic. Steve Daly is director of provider partner ships; Joe Armstrong is key account manager and Laur Marechal is a provider part nership specialist. •Thomas Charles Roberts II has been elected banking offi cer of Wachovia Bank of North Carolina NA Greensboro. Roberts, a native of Greensboro, is branch manager of the Spring By Herbert L. White THE CHARLOTTE POST Members of a Greensboro union have won major conces sions from one of the nation’s largest retailers. Union of Needletrades, Industrial and Textile Employees members working at the Greensboro Kmart dis tribution center ratified a col lective bargaining agreement. The deal, made last week, ends a battle that spanned almost three years and touched off civil disobedience demonstrations and a boycott of Kmart stores in the south east. “This is an excellent new contract,” said Bruce Raynor, executive vice president and southern regional director of UNITE. “It was a long, tough battle, but the Kmart work ers, with the tremendous sup port from the Greensboro com munity, were able to force the company to agree to a contract that offers them the highest wage increases that any hard line distribution center has ever received.” The three-year pact calls for pay increases ranging from 22 to 52 percent over the next two years; a $2.50 increase in the top wage; two new paid holidays; increases in paid See the world every week! Subscribe to The Post Call 376-0496 for details sick leave; non-discrimination language and new job bidding, grievance procedure and work standards language. The deal went into effect July 28. UNITE and Kmart had been locked in a bitter struggle over wages, which members of the mostly-black union claimed were lower than at other Kmart distribution centers. Workers at the Greensboro facility voted for union repre sentation in 1993. The next year, 64 workers were arrest ed after participating in a sit- in demonstration at the Greater Greensboro Open golf tournament, which Kmart sponsors. Last year, members of the Pulpit Forum, an African American ministerial alliance in Greensboro, endorsed a boycott against Kmart to support the workers. More than 150 people were arrested over the next several months. Visit The Charlotte Post in cyberspace. Our address is: http;//www.thepost.mindspring.com G -LMACKINS BONDING CO.' “Serving Charlotte For Over 44 years” Welcomes The NAACP Convention To rharfott.. FAST 24 HOUR SERVICE LOCAL, STATE & EEDERAL 2 Minutes From Jail CALL LARRY & GWEN 334-9600 334-7298 Gwen & Larry Mackins - Owners - .1-800-352-9601 205 N. Myers St. 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. FRANFARRER , Advertising & Marketing Director & General Sales CalhJ704) 376-0496 or Fax: (704) 342-2160 JERI Assistant Sales Manager & Automotive Specialist Submit Your Charlotte Post "BEST" Now For Consideration of Publication in our "BEST OF THE POST ’97" BEST • DRESSED • HAIR STYLIST Healthy Body/Healthy Mind Specialist General Manager & Account Executive Prime Spots Still Axunlable in the BLACK GUIDE CALL TODAY!! 376-0496 Account Executive Salisbury, NC
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