Newspapers / The Charlotte post. / July 13, 2006, edition 1 / Page 22
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>® Ol tM http://www.thechariottepost.com 6C ®[)e Cliariotte THURSDAY, JULY 13, 2006 business ILLUSTRATION/JIM HUNT Enron’s lessons are lost on some investors By Ellen Simon IHEASSOC/ATED PRESS NEW YORK - If you’ve spent this past week think ing about Kenneth Lay, Enron Corp.’s founder and a convicted felon who died Wednesday at 64, turn your thou^ts to something more constructive; your own port- folio- The lessons of die 'Enron debacle, which wiped out more than $60 billion in market value and almost $2.1 billion in pension plans, were clear, yet investors con tinue to make some of the same mistakes that lost them money and sleep when Em-on imploded. Some of the lessons we should have learned: • Don’t bet the house on any company especially the CGie yuu work for. Remember tlie Enron line man whose $348,000 worth of company stock in his .401(k) dwindled to $1,200? Similar stories from Enron were everywhere after the company’s 2001 bankruptcy filing- Still, when human resources consultant Hewitt Associates Inc. sm'veyed 401(k) plans in 2005, more than one in four workers held half or more of their total 401(k) balance in their employers’ stock. If you work for a company your future is ah'eady tied to its future. Business and life being what they are, your company’s future is by no means a safe bet. LA fast food feud By Betty Pleasant WAVE NEWSPAPERS LOS ANGELES - It’s David and Gohath in the val ley of Elah all over again. This time it’s a lone little black fast-food franchisee doing battle against the cor porate mega-giant McDonald’s in the U.S. Central District Court. Discovery depositions and the exchange of documents are currently under way in a multimilhon-doUar lawsiiit filed by Bob Johnson, a McDonald’s franchisee for more than 25 years, against Delaware-based McDonald’s Corp. charging it with alleged fraud, unfair trade practices and breach of con tract. Johnson (“David” in this scenario) is a rather large fig ure himself He owns 10 fran chises - a hefty portion of the total number in the Afidcan- American community - including two in Los Angeles International Airport termi- nals- Johnson has enlisted the services of attorney Robert Zarco, a recognized slayer of franchise giants. Tips to keep money^safe when you travel By Eileen Alt Powell THE ASSOCIATED PRESS NEW YORK - Nothing can spoil a vacation quicker than losing your money or credit cards - or falling vic tim to a thief A few simple steps before you head out the door can help protect your cash, cards and personal infoimation while you’re traveling. Paul Stephens, a poHcy analyst with the Privacy Rights Clearin^ouse in San Diego, notes that people spend a lot of time plan- nirg their trips, fiom buying guide books to finding just the right beach outfits. But ''their eyes glaze over” when the subject of keeping money safe comes up, he said. 'Why not take a few minutes to do something that could potentially save your vacation?” Stephens asked. In most cases, the precautions are so simple that “they can go on your,to-do list with buy simtan lotion’’ and everything dse,” he added. The top recommendation ^m Stephens is to dean out your wallet. ‘Remove unnecessary credit-cards, your Social Security card and any other unneeded documents that could compromise your identity if lost or stolen while you’re on vacation,” he Then make a photocopy of the cards you’ve decided to take aloi^ and keep it in a secure location with you (not in your wallet) or leave it with a trusted relative or friend back home, Stephens said. “Now you know who you need to contact and how to reach them if your wallet is missing,” he said. Travelers should never leave their wallets or any identifying documents in their hotel rooms when they’re not there, he added. ‘Use a hotel safe, when available,” Stephens said. “Or keep your wallet and documents with you at all times.” Steph^is also recommends people leave their debit cards at home when theyhit the road, either in the United States or abroad. “Say you’re carrying a debit card and it falls out of your pocket at the beach, or you leave it in a store after imaldug a purchase,” he said. “If it ifafe into the wrong hands, they can wipe out your bank accoimt in a mat- ' ^bf hours.” ; It can take several weeks to sort out debit card problems with financial Institutions, potentially mining a vacation in the interim, he said. I ‘You’re much better off with a cred it card,” he added. 'You’re not out the money ... while you’re getting it sort ed out.” Nancy Dimnan, a consumer finance eqjert who is editor of the TiavelSmart newsletter, urges trav elers to adopt what she calls a “divide and conquer” strategy 'Your natural reflex is to put every thing in one place, but it’s better to have your main credit card in one place and your backup card in anoth er,” she said. “That way, if a thief gets one - or you lose something - you have an alternative.” The same applies to cash, Dunnan said. ‘Every time you pay for something, a pickpocket sees where yom cash is held,” she noted. So she recommends travders stash thdr cash in different pockets, in different parts of a purse, socks, in a tote, in the hotel safe. PHOTO/CURTIS WILSON Ella Martin (left) and Kim Roundtree turned their online search for mates into Solace Consulting, a dat ing service that specializes in matching African American clients. The matchmakers Consultants bring black singles together for companionship, love By Erica Singleton FOR THE CHARLOTTE POST Are you single? 'That is the first question Solace Consulting co-owners Kim Roundtree and Eha Martin ask visitors who walk into their office. The brochure for their newly- launched business asks,” are you sir^e, attractive, but selective?” 'There is no mistaking their focus. 'Thou^ the name doesn’t say it. Solace Consffiting is a matchmak ing service, offering to bring two hearts together. “People want confidentiality I picked the name solace, because it doesn’t seem ' date related,” Roundtree said. “I also liked what the word means, calm, ccol, at peace; a place of wholeness.” “We’re trying to unite people,” said Martin. After years of dating finstration and tired of the local club scene, Martin and Roundtree took their dating search to the Internet. Although both met their spouses online, their search identified a need in the black community “African Americans think they only have clubs and churches to go to in order to meet people,” said Roundtree. ‘Teople just go to work and go home and those people need someone to work for them to hdp them find dates.” “I imderstand the process,” said Martin, whose been married for almost five years. ‘You’re tired of dating and you are just lookirg for a soul mate.” Even though online dating proved successful for the two, they do not automatically i*ecommend the process to others. “Online dating is hard. You go through a whole lot of mess to get something worthwhile,” ejqjlained Roimdtree, who met 70 men online before meetiig her hus band of three years. “People lie...they give you the wrong pic ture.” “And you know, when you start dating someone you are meeting that person’s representative, not who they really are,” added Martin, who was contacted by 100 men online before meeting her husband. ‘Tlus it gets hard to keep up with all those people,” said Martin. ‘1 had to keep notes on whose who and make sure not to say the wrong person’s name on a date. You have to keep thirgs strai^t.” For two yeai^ Roundtree want ed to laimch a service, but couldn’t find a partner with the same vision. While working at a youth home she met Martin, discovered they had met their husbands on tile same website, and found a partner. “My husband asked me, Svhy would someone want to pay for this, when we met each other for fiiee,”’ Roundtree said. Despite her husband’s resereva- tions, Roimdtree, who has a degree in social work and a mas ter’s in marriage and family ther apy saw potential in Cffiarlotte. “I looked at other matchmakers and didn’t find any geared toward blacks,” she said. “One place guar antees 14 dates a year; I asked them, can you guarantee me 14 dates with black men? 'They could not. 'That was aU I needed to know.” Solace Consulting launched on Jime 24 at Gold Pepper Grill, and already the partners are setting up dates for clients. “We are try ing to cater to black women, because they are the ones really having problems finding dates,” said Martin. Solace does all the work. In addition to a question naire, personality profile, and pho tographs, Martin and Roimdtree do background checks on criminal history and marital status. “What makes us better than an online service is that we give our clients personal interaction,” said Roundtree. “We offer one on one service, and we do the legwork for them.” Even awkward first-date ques tions, like, do you have children, pohtical affiliations, or if someone wears weave are included. The- consultants determine dating goals, preference, and interests. If a client wants a dark skinned woman with long hair, no weave, non-smoker who likes sports, they will find that person. The only requirement is honesty “We have to ask a lot of ques tions to get the truth out,” said Martin. “It’s very specific, we ask more than their personaLLty pref erences, we also ask about what physical features they want.” Martin and Roundtree even attend the first date to make the introductions. “It makes them more comfort able,” said Martin. “We break the ice for them, and that makes it FINANCIAL LITERACY What you don’t know may hurt Most of us “get” the basics of financial management. While it may not be our favorite pastime, we gener ally know the gist of balanc ing our checldbook, paying credit card bills and identi fying retirement funds. But, for many that’s the extent of our financial com prehension. In fact, most Americans fail to make the grade when their financial knowledge is tested beyond the ABC’s of financial Hteracy According to a 2006 study commissioned by Northwestern Mutual, Americans have fittie grasp of important - and relevant - financial mat ters that can affect their financial futures. In response to the study’s questions, which test financial knowledge, the vast majority of the more than 1,000 study participants failed to get 60 percent correct - that’s an F in school terms. 'The study found that Americans score well when they’re presented with a list of answers to questions that ask them to identify terms like asset allocation, diver sified portfoho and IRA. However, when asked questions that delve a little deeper, Americans don’t make the grade with issues such as: • Bonds vs. stocks. Most Americans erroneously say bonds provide better long term protection against inflation and other adverse market conditions as opposed to stocks. • Group insurance. Six in 10 wrongly believe they wfil be able to take their group fife or disability pohdes with them should they leave their job. • Nursing home costs. Most imderesti- mate such expenses; while the averse yearly cost is approximately $75,000, most estimate the cost to be less than $60,000. In addition, few protect themselves against these costs.' • College savings programs. Less than half know 529 plans are savings vdiicles for funding education. Yet these resifits raise another impor tant concern that must be addressed: our children’s knowledge of financial matters. Most parents know the importance of teaching their children how to manage money In fact, two-thii'ds of teenagers Icwk to their parents, not teachers or peers, to learn how to make money and manage it. Kids and money 'The Jump$tai't Coalition for Personal Financial Literacy has conducted national research underscoiihg that the avei’age hi^ school graduate also lacks basic per sonal finance skills and, therefore, sting- gle with everyday earning, spending, sav-' ing and investii^. 'The coalition’s most recent biennial sur vey released in April 2006, shows that nationally 12th grade students are in trouble. 'Though they also understood fun damentals like asset allocation, at large, they correctly answered only 52.4 percent of the questions4 - or the equivalent of an F- a sure sign that students’ lack of finan cial literacy remains an issue that affects all Americans. 'The answer lies in education - both at home as well as at school. For Americans who want to take a proactive approach to building financial knowle^ and change the cycle, utifize the wide array of financial resources available to get you on trade. GIRADIE MERCER is a network representa tive with Northwestern Mutual Financial Network in Charlotte.
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