WHERE RE THE
fundraisers, clothing and
medicine drives, tate and na­
tional lobbying efforts and
delegations to Haiti that the
African-American community
can do for, and within, its own?
Haiti is the place where the
identity of BI c people in the
New World was formed.
In 1791, Toussaint L'­
Ouverture helped launch the
revolution in Haiti, then named
Saint-Dominique, that made it
the first republic in the Western
Hemisphere and the firs t to
bolish slavery.
The repercussions from
Haiti' Black uprisings had
broad reverber tions
. throughout the Americas.
When the country's Frenchmen
fled with their slaves to
America for refuge, the pos­
sible to the Black "West In­
dians- bringing an attitude of
revolution with them so ter­
rified American slaveholders
that, in spite of the economic
impact, they forbade the admis-
ion of Haitian slaves.
The liberation attitude of
Haiti, and its people, inspired
Blacks such as Gabriel Prosser
to plot his Virginia slave revolt
in 1800 and DenmarkVersey to
.... lead an insurrection in Charles­
ton, South Carolina in 1822.
:: Even when their uprisings
failed, Haiti remained a beacon
t' of freedom for Blacks and a
nightmare for whites in this
hemisphere.
TODAY, HAITI is one of
the poorest lands in the world.
Its infant mortality rate of 115
per 1,<XX> live births far exceeds
that of Black South Africans.
The average life expectancy in
Haiti is 53 years and malnutri­
tion accounts for mort than­
one-balf the country's death's.
Haiti spends less on education
and publicbealth for its six mil­
lion people than any other
country in the Western Hemi­
sphere. The country has had
seven different governments in
control since 1986.
They may not talk about it
from their lofty platforms, but
every Black activist knows
about the bloody coup six
months ago that threw Haiti
into literal chaos. As a result,
over 10,000 Haitiam took to
boats coming to America look­
ing for freedom and sanctuary,
only to be told by U.S. whites to
"go back home."
The world's wealthiest
Blacks must now do more that
just talk about what is happen­
ing in Haiti. We must move to
be the ODeS to meet the unmet
needs of that country's people
and its legal government. Will
e step forward and show
Black authority in the situation,
or continue to. hide behind
bite people's shirts waiting
for their lead?
" .
BUSINESS FINANCE
m r eting of
n
By Kipling r'a P raon I
Fin nee gazin Finane
Meet Greg Gonzalez, upersaver.
Greg diligently quirreled away $10
to $20 week, and when hi bank
account topped $1,000, he withdrew
mo t of th money and began diver-
ifying into a mutual fund and
stocks.
He reinvests all his dividends and
continue his wee ly aving
regimen. Whenever he accumulates
enough money, he withdraws it to
buy more stock.
Greg Gonzalez is 11 years old.
While other kids his age are frittering
away their allowances on Big Macs,
Mickey Mouse T-shirts and basket­
ball game ,Greg is buying shares in
McDonald's and the Walt Disney
Co. He even owns a unit in the Bo -
ton Celtics' master limited partner­
Ship.
Does he have any words of wis­
dom to offer parents who would like
to get their own children hooked on
saving? .
44I'D TELL THEM to make
their kids excited about all the things
they can do with the money when
they grow up," Greg says.
Despi te their yuppie-puppy
reputation, today's kids aren't all un­
regenerate spendthrifts. In a school
saving program sponsored by Dollar
Dry Dock Bank in New York _ the
one that gave Greg his start more.
than 8,000 kids from kindergarten
through eighth grade have saved al­
most a combined $1 million since the
program started four years ago.
What motivates kids to deposit
their dollars, dimes and sometimes
pennies week after week? The same
thing that motivates adults: "a sense
of control," says Roberta Edwards,
coordinator of the Dollar Dry Dock
program. "If you have your own
money, you can do taings wi th it. ' ,
Kids -actually save about 30 per­
cent of their income, according to
James McNeal, a marketing profes­
sor at Texas A&M University who
studies children and their finances.
McNeal estimates that about half
of kids' savings winds up in drawers
, and the other haIf in commercial ac­
counts.
By the age of 11 or 12, about 10
percent of children are investing in
things like stocks and mutual funds.
"KIDS ARE GETrING plenty
of money to spend; what they need is
o
a re on to ve," say McNeal. He
figure that in the p t few years they
have found one: big-ticket item,
such designer clothes and video
ystems, that parents are reluctant to
buy.
If you don't think your kid have
caught on yet - well, it doesn't hurt
to try using a Ii ttle bribery.
As John Templeton, the mutual
fund pioneer and advocate of long­
term saving, observes: "Learning to
save is so important that parents
should reward their kids for doing
it.. ".
At Dollar Dry Dock, for example,
kids can start their accounts with as
little as $1-which the bank will
supply. Children who open new ac­
counts get painters' hats, and with
every deposit they receive rewards
such as pencils, lollipop or stickers,
which they have taken to pasting on
the front of the registers in which
their deposits are recorded.
YOUR OWN AIT1TUDE i
critical. Some kids don't participate
in the school banking program �
cause, although they're enthusiastic,
their parents aren't, says Sherrie
Avery, marketing director at First
National Bank of South Miami.
The bank sponsors Twiglet, a
school bank that's run by students at
David Fairchild Elementary, in
South Miami. "Either the kids don't
get an allowance or the parents don't
give them money to save," Avery
says.
Instead of buying your kids a
computer or video game on their
next birthday, present them with a
share in a company like Broderbund
Software (Nasdaq; recently around
$25 a share), which makes the Car­
men Sandiego game series, or
Electronic Arts (Nasdaq; recently
around $47), which produces games
for Sega Genesis. Other kid-pleasing
companies: the Topps. Co. of
baseball-card fame (Nasdaq; around
$18), PepsiCo (NYSE; $31) and
Nike Inc. (NYSE; $74).
BANK POLICY ON accounts
for children varies among states,
banks and even branches, depending
on state law and banks' "appetite for'
dealing with minors," says Sue
Armbrus ter of First National Bank in
Chicago.
As long as kids can sign their
names, First National allows them to
open their own savings accounts and
make deposits and withdrawals.
SOME PEOPLE
INQUIRE ABOUT
HANDS ON
E®�A�c:rw
EXPERIENCE -IN COMMUNICATIONS
WITH
PROJECTBAIT
WE CALL IT
In many case , however, you'll
probabl y b" required to open an ac­
count along with your children and
your signature may be required for
any withdrawals.
Make ure your child's Social
Securi ty number is used the tax
identification number on the ac­
count. That way, interest earned will
be treated as your child's income for
tax purposes.
Children can make up to $600 in
investment income in 1992 without
having to pay any taxes. Income be­
tween $600 and $1,200 will be taxed
at the child's rate, presumably 15
percent
But if your child is under 14, in­
come above $1,200 will be taxed to
you at your rate, even if your child is
the principal owner of the account.
That's the so-called kiddie tax, and
it's intended to keep parents from
. ducking taxes by shifting income to
their children.
After your children reach 14,
however, their income is taxable at
their rate.
A few fund group offer special
deals for small accounts. At the no­
load Sit funds (800-332-5580), for
example, the required initial invest­
ment of $2,000 is lowered to $500
for a UGMA or UTMA account if
it's accompanied by. an automatic­
investment plan.
Other fund families, including
Twentieth Century and Fidelity,
have programs geared to college
savings. .
Fir t Ind pend nee
appoint 0 ne ban
commen ould
John . Buc 1y, Jr., Secret ry,
R olution Trust Corpo tion, 801
17th Str et, hin ton, D.C.
204 1.
Upon i pubH lion, copy of
th int rim final rule ill be vail­
ble for inspection in the TC'
Public Reading Room.
The RTC w bli bed by Con-
DETROIT - First Independence
ational Bank of Detroit President
Richard Shealey announces the
addition of two bankers to the
bank' staff. Wendy Kaiser has
been appointed Manager of Loan
Administration and Loan Review,
and Felecia Studstill has been
named Commercial Loan Officer.
Manager of Loan Review,
Wendy Kaiser analyzes and rates
the risk of the bank's portfolio,
including its commercial,
mortgage, and installment loans.
She is also responsible for up­
da ungjoan review procedures, and
crea ting resource files and
databases.
Prior to joining First Inde­
pendence, Kai er served as Of­
ficer-in-Charge, Field
Audit/Second Vice President at
Michigan National Bank, where
be spent 20 years employed in
various banking capacities.
Kaiser attended the University
of Detroit and Macomb Com­
muni ty College, and underwent
training at the American Institute
of Banking. She resides in West
Bloomfield.
Felecia Studstill - Commer­
cial Loan Officer
As Commercial Loan Officer,
Felecia Studstill is responsible for
developing and managing loans to
entrepreneurial corporate entities
in the Detroit metropolitan area.
She also handles some national'
"Fortune 500" loan activities and
administers the purchases of leas-
r
. Felecla Stud III
Commercial LoanOfficer
ing contracts. Prior to joining First
Independence, Studstill served as
credit analyst and account officer
for Manufacturers National Bank.
Studstill hold a bachelor of
science degree in accounting from
Florida A&M University in Tal­
lahassee, Florida. She serves as
treasurer of the Florida A&M
University Alumni Association­
Detroit Chapter; chairperson of the
program committee for the Urban
Bankers Forum; and on the board
of directors of Family and Neigh­
borhood Services.
A native of Inkster, Michigan,
Studstill currently resides -in
Detroit.
Or both!
Intr ducing the Comerica Clas ic MasterCard and VIS.N credit
cards with a 12.9% *APR. That' the lowe t interest rate of
any no-annual-fee card in town. To apply for yours stop at any
Corneri a Branch or call 1- 0-292-1300 for details.
o>menCA
W'ben? tbe batom line isyou.
"me t rat rna ry quart rI r dn car a�
HEADS
ON EXPERIENCE
�
IF THIS IS YO I CONTACT US AT
(313) 931-3427
.....:-
,-
qual Opportunl Lmder.