9A
STRICTLY BUSINESS/ The Charlotte Post
Thursday, August 7, 1997
Black chamber: Better do for self
THE ASSOCIATED PRESS
DENVER - Equal opportunity
for blacks in the 1990s means
joining the ongoing economic rev
olution and not waiting for gov
ernment help that never arrives,
speakers said this week at the
National Black Chamber of
Commerce convention.
Black entrepreneurs must
scramble to be successful and
won’t get any free rides to for
tune, former Atlanta Mayor
Andrew Young said.
“'Nobody will wipe out poverty
for us but us,” Young said.
About 500 black business lead
ers from 43 states attended the
three-day convention, which
ended Satiu-day. The National
Black Chamber of Commerce has
162 affiliates and represents
60,000 businesses.
Young criticized the North
American Free Trade Agreement,
which opened up markets in
Mexico and Canada, saying that
black Americans have more dis
posable income than those two
countries combined.
““But we didn’t have a free trade
agreement with the black com
munity in Atlanta and you don’t
have one in Denver,” he said.
That echoes the message by
Harry Alford, president and chief
executive officer of the National
Black Chamber of Commerce,
who told black leaders to stop
waiting for government hand
outs - because they won’t come.
“There is an economic revolu
tion and we have got to join it, do
the heavy lifting,” Alford said.
““Start getting involved ourselves
and stop sitting back waiting for
the Messiah to come.”
Alford and his wife Kay estab-
hshed the Hoosier Minority
Chamber of Commerce in
IndianapoUs in 1991. He said a
lot of the problem is that black
business owners don’t under
stand how to fit into the cut
throat world of American busi-
“We were not advocating and
understanding this game as it
was being played,” Alford said.
“TVhat helps is people who help
themselves. Organizing and
imderstanding how capitalization
works and the power of commu
nity interaction with one another
makes the community at large
better.”
Get your business into the streets
Call ^osit with story ideas or
information on promotions in your
company
376-0496
About 5(X) black business lead- xxx. ^^v^xxxxxx^xw..
Social Security is still a hot-button topic
Althoueh no laws have been 14 vears. or nearly 23 oercent. to enjoy a longer retiren
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Mention the words Social
Security, and you’re likely to
spark a debate. Younger people
say they're tired of paying into a
system that won't benefit them;
older people say they've spent
many years paying into Social
Security, too, and they couldn't
live without it.
Individuals aren’t the only ones
arguing about Social Security.
This popular entitlement pro
gram continues to make news as
legislators debate its future
health.
Although no laws have been
passed, one of the most agreed-
upon solutions is to raise the
retirement age. Tbday's laws are
the same as they were in 1935
when Social Security was signed
into law: retirees are eligible for
fid! retirement benefits at age 65
or reduced benefits as early as age
62. Interestingly, though, in 1935,
Americans had a fife expectancy
of only 61.9 years.
In other words, a system was
put into place that had the expec
tation of paying out little or no
benefits to half of all workers who
paid into the system.
During the past 62 years,
improvements in medicine,
lifestyle, nutrition, transporta
tion, communication, working
conditions and other technologies
have driven the average life
expectancy from 61.9 years to 76
years - an increase of more than
14 years, or nearly 23 percent.
VWth the average retiree receiv
ing benefits of more than $7,900
in 1996, and expected to live 11
years past retirement age, the 33
million retired Americans today
are scheduled to draw much more
from Social Security than the sys
tem was designed for. And if you
consider that 83 percent of
retirees start drawing benefits
before age 65, the cumulative
costs are even higher.
Proponents of raising the retire
ment age to 70, with reduced ben
efits available as early as age 65,
say that doing so is logical given
our longer fife expectancies. They
add that phasing in these higher
age limits over the next 10 years
would be fair to workers within
two to three years of retirement
and provide adequate transition
time to save and plan. And it still
would allow the average worker
to enjoy a longer retirement than
was originally planned when
Social Security was signed into
law.
It’s important to understand
that the Social Security Trust
Fund is healthy today. Incoming
tax revenues will continue to
exceed outgoing payments until
2012. After 2012, however. Social
Security trustees will be forced to
supplement payments with inter
est and principal that have been
accumulating in the Trust Fund.
'Ibday's projections indicate that,
with no change in the laws, the
Social Securify Trust Frmd will be
bankrupt by 2030.
Experts say that raising the
retirement age would postpone
this bankrupty far beyond 2030
and provide hope that the chil
dren and grandchildren of today's
retirees will be able to receive
benefits.
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Continued from page 8A
couraging you from buying a
house? You can find a no-cost
lender, and more lenders are
offering no point, no-fee loans,
but you will pay a higher inter
est rate.
When you make a down pay
ment for less than 20 percent,
you usually must buy mortgage
insurance and pay the entire
first year's premium at closing,
nearly $1,000 on a $100,000
home with 5 percent down.
Several mortgage insurers now
let you pay your first year’s pre
miums in monthly install
ments. Insurance with this fea
ture costs a bit more over the
long term, but if a lower up
front payment helps you afford
the loan it may be worth the
price.
Home lost value
You can still refinance your
home even if it has lost value.
Though most banks will not
lend you more than 80 percent
of your home’s current value,
you can find a bank with flexi
ble guidelines. Not all lenders
follow the 80 percent rule and
they will let you refinance the
full market value of your home
at a higher interest rate.
If your credit rating isn’t very
good, come clean with the
lender up front and offer a good
explanation for your circum
stance, and how they have
changed for the better. Lenders
are more open to understand
situations such as loss of a job
or huge medical bills. Convince
the lender that you are actually
a good risk.
Threats to retirement
A major threat to retirement
is the danger that you will not
save enough for retirement. A
recent survey revealed that
employees who save through a
401 (k) plan put in 5 percent of
their salaries each year. But
this may not be enough. If you
save 5 percent a year for 40
years that will only be enough
to yield an amount that will
earn 35 percent of your income
for retirement. Most people
need to save closer to 10 per
cent or more in order to replace
90 percent of your salary.
In the 1970s Americans saved
closer to 10 percent a year.
Currently, the U. S. savings
rate stood at around 4 percent.
The Japanese save over 12 per
cent and the Germans 8 per
cent.
CHARLES ROSS is host of
the nationally syndicated radio
program, “Your Personal
Finance,” and author of “Your
CominonSense Guide to
Personal Financial Planning.”
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We believe commuxiity
banking starts with
investing in the
spirit of a comxnnnity.
Trained entrepreneurs will succeed
Continued from page 8A
nological proficiency. The entrepreneur must pos
sess some knowledge about technology and take tile
initiative to hire individuals who can implement
technology plans and programs.
6) Global-thinking. More and more businesses
today are going international Operating in a global
environment merms that entrepreneurs must
understand the trends and economic and legal
issues that have an impact on international markets
and products’ as weU as local customs.
7) Flexible-minded. The successfid entrepreneur
is sensitive to the changing marketplace, competitor
strategies, and customer preferences and adapts
products or services accordingly.
8) Bottom-hne oriented. Making money — and prof
its - requires managing money successfully. Being
financially astute, carefully managing vendors and
suppliers and hiring the right team of financial advi
sors can help a business prosper.
9) Socially responsible. Being socially responsible
can also contribute to a company's success. In today’s
business and social climate entrepreneurs that are
looking to provide a social benefit by making a com
mitment to serve the economically disadvantaged,
protecting tile environment, or adopting some other
social cause, are more likely to be favorably per
ceived by end-users of their products and services.
10) Future-oriented. Successful entrepreneurs
don't get overwhelmed or consumed by day-to-day
problems. They have a vision for the future of their
company and make an effort to understand the
trends and forces that will impact their ability to
achieve that vision.
BUSINESS BRIEFS
Baldwin
Tbm Baldwin
has been
named director
of BB&Ts new
call center,
BB&T Direct.
The call cen
ter, scheduled
to open in
September in
WhiteviUe, will
handle cus
tomer inquiries 24 hours a day
through a toU-fi'ee number. The
center will have 50 employees
when operations begin, with an
eyentui staff of 200. When
United Carolina Bank merges
with BB&T in September, the
center will take on UCB cus
tomers.
Baldwin, a Winston-Salem
native, joined UCB in 1988 and
was senior vice president in
charge of branch administration.
Feimster
He earned a
bachelor’s
degree from
Johnson C.
Smith
University in
Charlotte and
graduated
from the
Stonier
Graduate
School of
Banking at the University of
Delaware in
Newark.
• US
Mortgage
Group Inc. has
hired Michelle
Feimster and
T e r e d s a
Hammett as
mortgage origi
nators.
Feimster was
Hammett
previously an
account repre
sentative for a
long-distance
carrier service,
while
Hammett has
three years
expereience in
the mortgage
industry in
processing suid
originating.
US Mortgage
home financing.
• Charlene Davis has joined
PNC Mortgage as a loan officer.
Davis, who has 10 years’ experi
ence in mortgage banking, will be
responsible for developing new
business in Charlotte. She previ
ously was employed with
Wachovia Mortgage as a loan offi
cer after serving as branch man
ager and marketing officer with
Wachovia Bank.
Davis
specializes
At Fiist Citizens Bank, we
know that communities aren’t
just made up of bricks and
mortar. A thriving community is
founded on people who believe
in themselves and each other.
That kind of belief isn’t
something we’re bom with. We
learn it from loving people who
care about who we are and what
we will become. The kind of
people you find in your local
house of worship.
We’re a leader when it
comes to making loans to these
important institutions. And we
make ourselves available to
assist with their building
expansion needs.
We believe that investing in
the spirit of our communities is
good business.
For more information about
our business banking services,
call or visit your local First
Citizens. Or call toll-free 1-888-
FCDIRECT (1-888-3234732).
_ Rrst
Citizens
BANK
http://\www.firstcitizens.com/
financial resource. Just around the corner.