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mm http://www.thepost.mindspring.com Cljarlotte THURSDAY, APRIL 17, 1997 7A STRICTLY BUSINESS Personal finance software CHARLES ROSS Your Personal Finance Many people are discovering the money-managing potential of their computers. Money-man agement software can track and balance your checking account, savings account, investments and expenses. It can streamline regular transactions like mort gage payments, and graphics displays provide a quick snap shot of yom- financial situation. Money-management software can complete your tax return, establish a household budget and remind you when bills are due. Many programs provide access to on-line services that let you pay bills electronically and access stock quotes and other investment information. For business owners, some programs can generate invoices and billing statements, and handle payroll. Pros and cons of software While money-management software does provide a wide range of features, keep in mind that it won't solve all of your problems. It is important to determine where you are finan cially and to set some goals for where you'd like to be. It won't make you more money or totally clear up your finances, but it can help you do those things. Be prepared to invest some time with the software, especial ly if this is your first time to work with it. To get a decent picture of your current finances, you should plug in about a year' s worth of data. Getting a clear picture of your current situation is the only way to plan your financial future. Computer pro grams are great for this, with clear multi-colored graphics like bar graphs and pie charts that show you exactly where your money is going. How to choose Renting to own Renters often do not have an extensive credit history, or the means to make a down pay ment. This makes it hard for many renters to buy a house. Freddie Mac has launched a program that allows lessees to save for a down payment while living in the home. The program works like an auto lease. You make monthly payments while you lease the house. Part of the amount you pay covers the principal, inter est and tax of the mortgage, and See SOFTWARE on page 9A Texaco cases have some merit: study Money Management THE ASSOCIATED PRESS WHITE PLAINS, N.Y. - Nearing the end of an internal probe into complaints of racial discrimination, Texaco Inc. has found that one-third of the charges “had merit,” according to a report Sunday by Gannett Suburban Newspapers. The oil giant said it took “severe action” in at least one bias case, although it would not discuss that or any other case and would not say how it had punished wrongdoers, Gannett said. Punishment options in the investigation of nearly 30 report ed discrimination cases nation wide ranged from reprimands to terminations, Gannett said. Some of the cases dated back a decade. Minority employees outlined the complaints in a discrimina tion lawsuit against the compa ny tiiat ended in a $176 million settlement last November. The lawsuit covered about 1,300 cur rent and former employees^. Texaco began its internal probe in December. Although Texaco spokesman Peter Maneri said a third of the cases were found to “have merit,” some African Americans paiticipating in the probe told Gannett they were stiU dissatis fied with the company’s steps to punish offenders. Johnny Berry, a senior finan cial analyst in Houston, said company investigators “recog nized that some things were done wrong with me, and they gave me a promotion.” But he added:, “From other African American employees throughout the company, I hear the process is going too slow. Some have said it’s gone from better to worse. I guess it’s going to take some time before there is any major change." Seventeen employees from the company's legal and human resources departments are par- Extend tax filing extension See MERGER on page 9A By Amanda S. Danchi SPECIAL TO THE POST Most popvilar money-manage ment software titles have been upgraded so that they offer sim ilar features. The top selling programs are Quicken, Managing Your Money and Microsoft Money. They retail from $20 up to $60. Most of these titles will provide help in keeping track of you checks, paying your bills, budgeting, managing your savings and investments, on-line banking and help in completing your taxes. Bubbling partnerships PHOTO/COCA-COU CO. The Murrell Design Group in Atlanta is one of more than 3,000 suppliers in the Coca-Cola Co.’s Minority and Women Supplier Development Program. Coca-Cola exceeded $1 billion in spending with such businesses. Coca-Cola Company surpasses purchase goals By Herbert L. White THE CHARLOTTE POST The Coca-Cola Co. has sur passed its target of purchases from minority and women suppliers. The Atlanta-based company announced it has purchased more than $1 biUion over the last five years through the Coca-Cola Minority and Women Supplier Development program. Richard Burns, Coke’s director of Global Procurement and Trading, North America Group, report ed the results of the initiative at the Black Entrepreneurship in America Conference in Baltimore. From 1992-96, the Coca-Cola system, the world’s largest beverage company and leading producer of soft drinks, spent nearly $1.1 bilhon with minor ity and women-owned busi nesses. More than 3,000 sup pliers participated in the pro gram. “Once again, through the strength of the Coca-Cola busi ness system, a commitment made is a commitment kept,” said floberto C. Goizeuta, chairman and chief executive offireer of the Coca-Cola Co. “Diversity and entrepre- neuiism in our supplier base reflect partnerships that cre ate another competitive advantage in the marketplace. We intend to build on that advantage,” Groups within the Coca-Cola system participating in the program include the Coca- Cola Co. and its Corporate and Coca-Cola USA divisions; The Minute Maid Co.; Coca-Cola Ltd. in Canada and indepen dent bottlers. The program, officials say, strengthened long-standing partnerships with minority and women sup pliers and developed new busi ness ties with others. The Minority and Women Supplier Development pro gram is designed to provide entrepreneurs the opportunity to become a Coca-Cola system supplier and to assist with the development of companies that match Coke’s business needs. If the April 15 income tax fil ing deadline comes up a bit too fast for you, the North Carolina Association of CPAs has some good new and some bad news. The good news is that it's easy to get an automatic four-month extension. The bad news is that you’ll be assessed interest and possible penalties for any taxes that are due. Automatic extension When you file Form 4868, Application for Automatic Extension of time to File U.S. Individual Income Tax Return, the Internal Revenue Service (IRS) gives you until Aug. 15 to file your 1996 tax return. Anyone can get a four-month extension. There’s no need to give a reason for your delay. But don't wait too long - you must file Form 4868 by the normal due date of your return, or the extension will not be granted. Not payment extensions The automatic extension applies only to filing your return. It doesn’t mean that you get an extra four months to pay the taxes you owe. When you file Form 4868, the IRS requires you to make a reasonable esti mate of the balance due on your 1996 tax bill. If the total tax you’ve paid by April 15, includ ing withholding, estimated tax payments, and the check you send in with Form 4868, doesn’t total at least 90 percent of the total tax due on your return, a late payment penalty will gener ally be imposed. (The remaining 10 percent must be paid upon filing your tax return.) Of course, interest on the bal ance due also will be charged. So, while the IRS doesn't expect you to figure out your final tax bill to the penny, it’s to your advantage to calulate the tax due as closely as possible. Further extension If you filed for an automatic four-month extension and dis- See EXTENSION on page 8A Check out investment options These programs can also assist you in plarming for retire ment, college or any other finan cial goal. But the key is to find the best software for your pur poses. If you don't have a lot of investments, for example, you don't need a program that focus es heavily on that. But keep your future growth needs in mind, too. The only way these programs can help you is if you commit the time and energy it takes. So think of it as an important investment. OMAR DILLARD FINANCIAL FOCUS Is your investment represen tative interested in you and your financial goals or seUing a commissioned product that may or may not fit into your plans? Numerous services are offered to investors free of charge, many consider the remaining transac tions to be too costly and com mission-driven. In addition, many investors view brokers as stock pickers who are uninter ested in the customer's total financial picture. This is unfortunate and unnecessary. You can help avoid a disappointing experi ence by selecting your invest ment representative as carefully as you would a physician or attorney. Making the right choice can mean the begirming of a long and profitable relation ship. Today, most professionals spe cialize. The same is true of investment professionals. There are himdreds of areas of invest ments, and most are complex. This means it is almost impossi ble for a broker to master more than a few. For example, a com plete financial planner may not have either the time or the expertise to be a top stock pick er. Conversely, a broker with a reputation for trading stock may not be as well-versed in long-term financial-planning strategies. How do you decide who is best for you? Ask for a personal interview. It's a must. If this hasn't been suggested by your representative, chances are you are already dealing with the wrong person. A personal interview allows you and your representative to get acquainted. It's a time when you can learn about the prod ucts and services offered and the investment firm the broker represents. Ask questions — lots of them. Will the firm hold yoiu securities? Are they insured? What kind of reporting can you expect? Above all, determine if you feel comfortable with the representative. If you’re not happy with the rapport, chances are you won't be happy with the service. The concerned representative should use this time to learn as much as possible about you and your long-term objectives. Both parties should agree on invest ment risk and be honest about expectations. The more informa tion you share, the more person al your service will be. For exsmple, an inventory of your current investments, retirement plans and savings will help the broker know where you are now and what it will take to meet your future objectives. Omitting information could result in an incomplete financial plan that doesn’t serve your needs. A good match between investor and investment repre sentative occurs when the cus tomer’s immediate goals and financial interests fit the bro ker s style of investing. The best way to determine whether such a match exists is through the personal interview. So take the time to meet with prospective investment representatives before that first transaction, and get the service you deserve. OMAR DILLARD is an invest ment representative at Edward Jones in Charlotte. Kutricia Spann presents a certificate to GA Catering owner James Brazzelle for services at the Belmont Center. mm
The Charlotte Post (Charlotte, N.C.)
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April 17, 1997, edition 1
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