MICmGAN
YOUR FINANCES
- 'I'm retired, wha should I do?'
I .
The IRA allows you to �
beneficiaries so as to' avoid
d I-�pate in mv probate. It's a good service, use
.--- J it! I
Job's yroll ded ctlo IRA
plan? V. Bo ,Mil aukee,
Wlsco In.
ve los in 0 e com
pany I'm redred t do
you rece me d? M. Tate,
Chicago, IlliD • s,
A. At your age losses are the
one thing you cannot afford I
suggest a CD-Annuity with a
one year tax-deferred rate of
8.6%. This will enable your
money to be safe and secure and
accumulate tax-deferred until
You need it.
Q.S
A By all means, you will be
surprised hOWl painlessly you
can save to ard your retire-
ent, Unlike some company
spdnsored programs, you know
how much is being credited to
your account and if and when
you leave the money leaves with·
you.
Same as a bank CD except it's
from an insurance company.
The CD-Annuity has a one year
maturity and a fixed interest
rate.
I
. Q. What backs may mutual .
d t? V. Brisco, Mil-
I ukee, WI.
A The (SIPC) Security In-
vestors Protection Corporation
backs accounts up to
$100,000.00. SIPes assets are
derived from all the mutual fund
companies ases ed contribu
tions. This enables SIPC to step
in the event a mutual fund goes
bankr�pt and repay the
shareholders. .
losepli D. Phoenix, I,., is a
registered representative with the
investment finn of McCatthy &:
Associates, Inc; of OIicago, IL
Please send all questions to P.O.
Box 496-442, Chicago, Illinois
606490'caJI312-73�110.
t Form your own wealth bui\lding club
ByJ R. . a
A Black wealth building club
. we helped formed nearly two
yers ago in Hartford, Connec
ticut no owns restaurant in
the downtown business district
of the city. They also own a full
service travel agency. But most
impres ively, group leader,
donia Lemon (yes, �e spells
her first name with a dollar
sign), is getting ready to get into
the truly big money by franclUs
ing her restaurant nation . de.
The above example of just
verag moderate income arid
eventuallywealth· one that can
be followed by Blacks
throughout the nation.
111 . this column
we will provide you with some
advice on how to join the Black
wealth building revolution by
forming your own wealth build
ing dub.
1 - Start with a small core
group. Wealth building clubs
can have as many members as
you desire but it is bet to start
with a core group of no more
than 3 to 5 success-oriented
peop . You will grow because
su� ttracts ttention. But
start with core of hardworking
believers. This also helps avoids
early personality conflicts which
can doom a young group. In this
regard, please be sure your ini
tial group is composed dnly of
I positive, lets-get-it-done-type
people.
2 - Set and collect member
ship dues. One of the first ways
to determine who is serious
. about the process is to see who
puts their money dawn. A mem
ber hip fee of $50 to $200 per
person should be set, collected
and placed in a ank account
which require the signatures of
at least t ° clu members
before any funds can be
withdrawn.
3 - Select one, and maybe
two, fund raising projects.
Fund-raising projects are any
Q. I a U ·on PeDSiOD
Fund. yo CD-Allnuity pays
ore tIae CD's I'm buyi
Can yo CD-Ana·ty be used
in a union pensi fund? T.
Baraes, C· 0, Illinois.
A. By all means, a CD-An
nuity paying 8.6% with no sales
charges or redemption fees is
available for your union pension
fund It operates essentially the
event-you can sponsor to building guidebook at Law-Tay,
generate money. Such projects Inc., P.O. Box 54041,
can range from selling soul food Washington, DC 20032. Include
dinners on weekends to spon- $1 or four stamps to cover
soring' a financial seminar· postage.
featuring a weU-known speaker. --' ----
Further, such money raising ..... __ ...... _ ...... .... _
events may include beauty
pageants, fashion shows, par-
. s rting competitions, bid Sears-Roebuck
. toumements, etc.
Anyeventyoucansponsoru Founda ion
which people must pay a fee to
participate in or a fee to watch supports
isa potential money-maker. ich •. gan's
4 - Establish a minimum set
of rules and regulations. It private
ould be a mistake to try to
cover every eventuality too early CO. leges
in the process. However, a min-
imum number of rules is an ab- I
solute necessity. Every member Unrestricted grants totaling
should clearly understand his or more than $29,000 will be dis
her responsibilities and the tributed to eighteen privately
voting. process by which supported colleges and univer
decisions are made. sities in Michigan this week by
If you form your club as a The Sear -Roebuck Founda
partnership, these rules should lion, a spokesperson said today.
be included in your partnership In the Detroit area, The
agreement. We suggestthat you University Of Detroit;
start out as a partnership. You Marygrove College and Mercy
can later advance to a "S" cor- College will receive grants total
poration or a reguJar corpora- ing $7300. I
tion. The Michigan colleges and
5 - . f.:eam from your early universities are among 735
fund �mg efforts, repeat �e I private accredited four year in
successes and correct the 1DlS- stitutions across the country
takes. . which are sharing in $1,200,000
We know?f one group �t I in Sear-Roebuck Foundation
star�ed out sunply sponsormg funds for the 1988-89 academic
parties. O�er 2,000 people at-I year. runds may be used as the
tended their most recent party colleges and universities deem
paying $15 each to attend. In i necessary.
other wor ds.. the group In addition to its unrestricted
g�nerated over $30,000 in one grant program, The Sears
night . . Roe uck Foundation each year
It can be done. It IS be!-Dg conducts a variety of other
done .. The n:t0ney-generatmg I programs in elementary, secon
potent I. o� Just �ee people dary and higher education. Al
spo�s�nng .th� r ight, well- 1 ether, tbe.F undation had
publicized event IS tru�y tremen- expenditures of more than
douse If y�u w�uld like .to get I $3 400 000 in �988 for its educa
more detailed mformatJ�n .on ti�n a ' ivities.
how to form a wealth building
club and 'sponsor successful
events, send for our free wealth- ---- ...... ------- ..... -
TIONAL BLA
UTYPAGEA
BLACK USA BEAun' &
NCIN THE LAAGES BLACK BEAUTY PAG
OUR SUCCESS ST R� WAS r=r TURED ECENTl Y I
MAGAZlNE. , I
WE wmT YOU TO B CO E PART OF OUR S�q;ESS TEAM. AND
YOU OON'THAVET BEABEAUTYQUEEN TO JOIN. YES, WEARE
CURRENTLY SEEKJ CONTESTmTS FOR 0 R OCTOBER 1989
PAGEANT. BUT WE E LOOKI G FOR LOC PAGEANT SPO -
SORS, IPERSONS .IN ERESTED MAKING HN)IDSO E CO MIS-
SIO S BY SELUNG S I OUR SOLNENIR BOOKlET AND BUSI-
NESSES DESIRING no Ai. EXPOSURE FOR THBR PRODUCT .
I
WRITE TODAY F R FREE INFOR ATlO : ISS N�-
110 :\L BlACK SA, 803 FLORIDA AVENUE, NW,
SUite 2, W hin on, D.C. 20001.