Newspapers / The Charlotte Post (Charlotte, … / Nov. 7, 1996, edition 1 / Page 7
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I mtai tKIje Cljarlotte THURSDAY, November 7, 1996 -i 7A STRICTLY BUSINESS Beware iredit 5 scams CHARLES ROSS Your personal \Finance •Credit is hard to obtain for a l^t of people, so they resort to desperate means to find. But, liost loan-by-mail plans are frauds. They work one of two v{[ays. Either a firm offers to l^nd you money or a loan broker v^ll refer you to someone who vjhll make the loan. In any case, api advance fee is required, from ®0 to $500 for loans of $500 to ^0,000. *For any loem, an advanced fee s^iould send up a “red flag,” s|nce the lender wQl make his oney on the interest, ompanies that participate in :ch schemes are guilty of mail aud and should be reported to tjie Postal Services criminal investigations unit in your area. {Remember, the best source for Ibans is still a local bank, finance company or other lender. Just be prepared to icplain your special circum- 4^ces. i^aby boomers saving little JiBaby boomers, particularly mose born between 1946 and 1956, are saving only at just Sne-third the rate needed to pro- wide them with a secure retire ment at age 65. Americans, on average, save only 5 percent of meir income. As a result, many laby boomers may suffer a drop their standard of living after Ijiey retire. B In general, workers aged 35 to |5 should save 9 percent to 19 Bercent of their after-tax fccome, even if they are covered liy private pension plans. Those }ot covered should save 13 per cent to 25 percent of after-tax j^ay. In most cases, a person will j|eed 70 percent to 80 percent of kre-retirement income to main tain the standard of living knjoyed before retirement. ^ Some wrongly assume that ^cial Security will cover most ^f that need. At best. Social ecurity is designed to replace p5 peircent to 50 jjercent of pre- etirement income. |*rotect your SS number ! Social Security numbers were irst issued in the 1930s to ecord Social Security payments Jind benefits. Today, given the ![idvent of computers, these plumbers have become personal identification numbers for other ^rsonal privacy, you’re wise to i^e CREDIT on page 8A i L McColl honored by adding diversity By Herbert L. White THE CHAELOITE POST America’s third-largest bank isn’t too big to create opportuni ties for minorities. NationsBank CEO Hugh McColl has been named Charlotte’s first “Diversity Champion” and wiU be honored Nov. 21 during the Charlotte Chamber’s board of directors meeting. Ceremonies will be held at the Charlotte Convention Center. The Diversity Champion concept was established to raise the visi bility of companies showing leadership in that area. McCoU’s efforts at NationsBank sets a precedent not only in Charlotte, but across the country. “This sets the tone for what corporate America could do if it were sincere about helping minorities get equality in the work arena,” said Gerald Johnson, publisher of The Charlotte Post, one of the com panies sponsoring the Chamber salute. To be named Diversity Champion, an executive must be an active CEO; dembnstrate diversity accomphshments and be willing to help the Chamber promote executive awareness of initiatives. NationsBank is National Minority Supplier Development Coimdl’s corpora tion of the year and has exceed ed a $10 billion lending goal in low-income neighborhoods. The Charlotte-based bank has sur passed the $13 bilHon mark in less than five years. To succeed in today’s business climate, suc cessful companies will tap into the potential of other communi ties. “I think Hugh McColl believes diversity is the way business can compete in the 21st centu ry,” said Madine Fails, presi dent of the Charlotte- Mecklenburg Urban League and one of three people on the committee that selected McColl. James Woodward, chancellor of UNC Charlotte and Rolfe NeiU, publisher of The Charlotte Observer, McColl were the other members. “For diversi ty to work in any company, it has to start from the top down,” Fails said. “People have to be dear its artic- See McCOLL on page 8A Preparing for the future Money Management Make most of investments at tax time By Amanda Danchi SPECIAL TO THE POST A little bit of tax knowledge can help you make the most of your investments. As the end of the year draws near, the N.C. Association of CPAs rec ommends that you carefully consider how the capital gains tax may affect your 1996 tax bill. What is capital gains tax? PHOTO/PAUL WILLIAMS III Mario Evans (left), and daughter Kellee Evans discuss attendance opportunities with Dave Wissell, project engineer for bridge division for Rea Construction and Kristy Blackman, human resources manager at Rea, during Youth Apprenticeship Orientation Program, sponsored by Charlotte Mecklenburg Schools at Hoechst Celanese last week. Businessman brings message to young people By Clarence Thomas Jr. FOR THE CHARLOTTE POST jiLses. Because of the possibility 5)f fi'audulent use or invasion of Save The Seed and its sup porters were handed an emo tional and thought provoking challenge by renowned author and lecturer Dennis Kimbro. Kimbro was in Charlotte as part of Save The Seed’s fifth annual youth banquet. Tammy Thompson, executive program director of the organization, said that STS Chairman James Mitchell Jr. could not have secured a more appropriate per son to deliver the message. “He seems to be about the business of upliftment,” she said. “Hopefully the young men will be inspired after hearing him to be the best they can be.” Using the theme “What Makes The Great, Great,” Kimbro sheired with the 200 or so guests the keys to success of some of the world’s most recog- A capital gain is the profit you realize when you sell stock or other capital assets that have appreciated in value. If you purchase an investment for $1,000 and later sell it for $3,000, the $2,000 difference represents capital gain income. If you held that asset for a year or less before selling it, any prof it you realize is a short-term capital gain. Such gain is taxed at your highest ordinary income tax rate, the same as salary, interest and dividends. On the other hand, long-term capital gains - the income you earn from capital assets you have held for more than a year - are taxed at a meiximum rate of 28 percent. For taxpayers in the 15 per cent and 28 percent tax brack ets, a long-term capital gain is taxed at the same rate as ordi nary income. But, if you're in the 31 percent or higher bracket, you get a break because you pay a lower rate on capital gLiins than you pay on ordinary income. Report gains and losses PHOIO PAUL WILLIAMS III Michael Roseborough, Maurice Roseborough and Dennis Kimbro discuss Kimbro’s book “Think And Grow Rich” during Save The Seed’s annual banquet. as director Spike Lee, Black nized Afiican American figures. He explained what hundreds of interviews with such notables Entertainment Television CEO An increase in the value of an investment is not taxed imtil the investment is sold or exchanged and the capital gain reahzed. Even if the mar ket price of a stock you bought See KIMBRO on page 8A See TAXES on page 8A BUSINESS TO BUSINESS At last! A Certified MBE Company That Can Handle Your Office Needs! • 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 Black, Pres. Visit The Charlotte Post in cyberspace. Our address is: http://www.thepost.mindspring.com ^ TV & VCR REPAIR “IN HOME/IN BUSINESS” KEEP THE FAITH MATTHEW 7:7 Night Owl TV & VCR Services Specializing In Home Theater, Surround Sound, Picture-N-Picture Consulting And Set-Up SERVING ALL OF METRO CHARLOTTE (704)523-0642 ■ Pager582-7708 *BIACK-OWNED ENTERPRISE* SUPPORT OUR ADVERTISERS
The Charlotte Post (Charlotte, N.C.)
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Nov. 7, 1996, edition 1
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