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.