Newspapers / The Charlotte Post (Charlotte, … / Sept. 12, 1996, edition 1 / Page 7
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7A STRICTLY BUSINESS/The Charlotte Post September 12, 1996 401 (k) requires some thought Continued from page 7A to invest your money in stocks when the mar ket goes up and pull out when it goes down. It won't work. Even professionals have trouble timing markets-successfully. With a 401(k), market timing can even be more difficult if your plan permits switches only occasionally and if the changes you want take time to take effect. Understanding your 401(k) Many 401(k) plans offer the same mutual funds sold to the general public. There are a number of sources offering annual fund rank ings which you should examine. Ask your ben efits director for each fund’s objective, style of management and largest holdings. Get the fund manager’s name and length of service. Also check the fund's one, five and ten year records. Avoid funds which provide only minimal information. Look for superior, long-term records and for funds that beat the market consistently. A good gauge of the stock mar ket’s performance is the S&P 500 index. Remember not to buy too much of your own company’s stock. It may make your livelihood too dependent on the company, which may become unglued as some corporate giants recently have. Exit with caution Since you have sole responsibility in manag ing your 401(k) plan, your money can really grow. If you are 25 years old, earn $25,000 a year and expect salary increases of 4 percent, and if you earn a minimum of 8 percent on your 401(k) investments, then you will have almost $800,000 at age 62. But be cautious if you leave the company. If you take the money from your 401 (k), you’ll owe taxes on your contributions. If you’re under 55, you’ll be hit with a 10 percent penal ty on the amount you withdraw. If you plan to keep your 401(k) after leaving the company, you can have it transferred directly to your new company’s 401 (k) or to an IRA without incurring any taxes or penalties. Charles Ross is host of the nationally syndi cated radio program, 'your Personal Finance," and author of Your CommonSense Guide to Personal Financial Planning. ” Air Doctor makes breathing easier Continued from page 6A tain a constant level of indoor air quality...close to germ nega tive,” Hooper said. “It’s going to be law. That’s the result of Legionnaires syndrome, strep throat...other air borne contami nants...thousands of things are caused by airborne contami nants.” ‘They have found that the best way to maintain worker produc- tivity is clean the air.” Hooper said, “it is a pres'ontative mea sure for (spreading colds and flu) throughout the office. We vacuum and clean, then disin fect and sanitize. The vacuum ing should be done once a year, but the disinfecting should be done twice a year.” Hooper said the Air Doctor service goes beyond many air duct cleaning firms by adding purifying and disinfecting. “Because of the amount of equipment, it’s a very costly line of work,” Hooper said. “It is like computers, it changes quickly. And, people expect miracles.” Hooper said he’s doesn’t know of any other AfHcan Americans doing the same kind of work. “I think I’m going to be the only one in the association. This is not a field a lot of African Aniuiicaii nw in. N'o diic Liking lime to delve into it." One of his partners is white, his fiance Georgia Abernathy, who handles the office manage ment part and financial affairs. The other is a silent investor, Willie Coleman, owner of a Charlotte construction firm. “He believed in me when even the banks didn’t,” Hooper said. Protect your earning power Premium guarantees Continued from page 6A period - so that you are moti vated to return to work, most insurers limit the benefit amount to 60 to 70 percent of your income. The benefit period represents the amount of time over which the insurance company is oblig ated to make monthly disability payments. Common benefit periods are five years, to age 65, and lifetime. The longer the benefit period you choose, the higher the premium cost. Elimination or waiting This is the amount of time that must elapse from the start of the disability to the date ben efits begin. While 90 days has become standard, you can cut costs by stretching out the period to six months or a year. Look for a policy with a guar anteed annual premium that cannot be increased. Since dis ability premiums are based on your age when you apply, pur chasing disability insurance at a younger age will provide you with a lower premium. You'll also want to be sure your policy is noncancelabie. 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 /lAT r A nnm the Black Community. t KAN tAKKLK Advertising & Marketing Director & General Sales Call: (704) ,376-04.96 nr Fax: (704) 342-2160 Business is best preparation Continued from page 6A “Demand for a liberal arts education may have declined, but this does not belie its importance,” he said. “Liberal arts graduates frequently possess valuable written and verbal communications skills that are highly useful in business.” Ultimately, an education - regardless of disci pline - can only take a prospect to a specific point, said L3mn Dreyer, Accountemps’ area manager for North Carolina. The rest is up to the individual. “A student’s college major can influence his or her marketability upon graduation, but it’s only part of the picture,” she said. “A formal education can open doors, but ultimately, the individual’s work ethic, initiative and on-the-job performance will determine his or her long-term success.” iLAST CHANCE TO ORDER A T THESE PRICES!!!! The firm is a three-way split, he said. Hooper said he’d worked for duct cleaning firms about six years, after leaving the cellular phone industry. He and Abernathy, who worked at the time for a heating and air condi tioning firm, began planning the business more than six months ago and were looking at buying a franchise. Rut the franchise firms want- (‘(i a.s iiuich as $'20,000 }nT month just to use their names. Hooper said. Finally, they decided to go it on their own and Coleman joined in to provide the capital. “Within the next five to seven years this is going to explode,” Hooper said. “I believe in being willing to take risks.” SUCCESS 1996 Wednesday, September 25,1996 CHARLOTTE COLISEUM CHARLOTTE, NC 8:00am - 5:30pm THEY’RE COMING TO CHARLOTTE! Best Selling Author & U1 Motivational Speaker ZIG ZIGLAR Prominent Author & TV Personality LES BROWN This is a ouce in a lifetime oppoitunity! Attend SUCCESS 1996 and be part of a day long extravaganza. Learn from and be motivated by this line-up of community and world leaders.. Other inspiring thoughts will he shared from: ■ Barbara Bush, Former First Lady & Best Selling Author | H George Bush, Former United States President ■ Peter Lowe, #1 Success Authority ■I Willard Scott, Television Broadcasting Legend H Joe Gibbs, Super Bowl Champion Coach H George Shinn, Charlotte Hornets Owner TICKETS ARE SELLING QUICKLY... ^ . STARTING AT ONLY SUCCESS HOTLINE 1 -800-770-4993 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 PAT Healthy Body/Healthy Mind Specialist Prune Spots Still Available hi the BLACK GUIDE CALL TODAY!! 376-0496 Account Executive Salisbury, NC POWER LEARNING First Citizens Bank salutes the accomplishments of Historically Black Colleges & Universities. Born during a time when educating African Americans was not acceptable, these institutions stand today as a proud testament to the power of the human will. At First Citizens Bank we understand the importance of that power and appre- EQUAL HOUSING LENDER date the special role that these schools have played in shaping better lives. That's why, from education loans and home mortgages, to savings and investment plans, we’re doing everything we can to make the power of finance available to be used by the power of your will. W Citizens You’re Always First. B^R ce ^ pF ^ IAti
The Charlotte Post (Charlotte, N.C.)
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Sept. 12, 1996, edition 1
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