TSD Memphis



Women and retirement investing

CharlesSimsJr-160Career opportunities for women have expanded greatly over the last couple of decades. Yet during their lifetimes, women still earn less money than men, primarily because they take time off from their jobs to care for children or aging parents.

Women also have longer life spans than men, so they may need to fund additional years in retirement with fewer financial resources. One study found that the average retirement savings for a woman aged 65 to 69 was about 22 percent less than that of a man of the same age.

Given the challenges, it's understandable that women are 42 percent more likely than men to express concern about having enough money for retirement (according to a 2012 survey). Focusing on saving for the future and managing retirement plan investments wisely could help many women improve their retirement prospects.


Where is the money? Don’t overlook the MAAG

CarleeMcCullough-160Business start-ups challenged by the need for funding should not overlook the Memphis Area Association of Governments – MAAG.

According to its website, MAAG was created to facilitate and support activities that stimulate economic and community development in the community.

Revolving Loan Fund

MAAG – in addition to serving in a supporting role for governments and non-profits – also provides loans through its Revolving Loan Fund (RLF). A tool specifically targeting small and medium-sized businesses, the RLF is used to "promote expansion and job retention" by offering gap financing.


Rainbow Push Honors Legends and Emerging Leaders


Rainbow_PUSH_Honors_Legends_amp__Emerging_Leaders_2-_Performance_by_Chan.jpgDETROIT, MI – The Rainbow PUSH Automotive Project, an initiative of the Citizenship Education Fund
(CEF), will convene its 14thAnnual Rainbow PUSH Global Automotive Summit, October 2-3, 2013, at the
MGM Grand Detroit Meeting & Events Center, 1777 Third Street, Detroit, MI 48226. This year’s theme,
“Economic Parity: Driving The Plan For Success,” addresses the release of the Rainbow PUSH Diversity
Automotive Scorecard.

The Rainbow PUSH/CEF Global Automotive Summit provides viable solutions in an industry that is still
recovering from significant economic downturns. The Summit’s ultimate goal is to bring inclusive
strategies to the forefront of the global business landscape as an endeavor to identify, sustain and
grow ethnic suppliers, dealers, media outlets, advertising agencies and firms that provide professional

Summit conversations will include community and industry leaders discussing The Assault on Diversity at
the Leadership Town Hall Breakfast. As the automotive industry bounces back and reaches
unprecedented growth rates and profitability, African American automotive suppliers and dealers have
dwindled to an alarming rate. Automotive leaders will also Speak on Diversity: The Business Case during
the Business & Education Awards Luncheon. The Summit will conclude by recognizing living legends and
emerging leaders in the automotive industry.

“We will continue to celebrate diversity within the automotive industry by recognizing companies whose
business model embodies inclusion. However, we will also highlight those companies that resist
diversity,” said Rev. Jesse Jackson, Sr., president and founder of Rainbow PUSH Coalition. “Minority
consumers support automotive companies with more than 22 percent of new vehicle purchases, yet
some companies’ diversity plans continue to lag woefully. This is unacceptable.”

Growth in black buying power continues

report thumb-200WASHINGTON – (BUSINESS WIRE) – African-American buying power continues to increase and is expected to rise from its current $1 trillion level to $1.3 trillion by 2017, according to Resilient, Receptive and Relevant: The African-American Consumer 2013 Report.

The report was released on Friday (Sept. 20) by Nielsen, a leading global provider of information and insights into what consumers watch and buy, in collaboration with the NNPA during the Congressional Black Caucus Foundation's 43rd Annual Legislative Conference.

Highlights from the report include:


More Americans feel graduates unprepared after college

students-600NEW YORK – College students settling in for the year may not graduate feeling as ready for the workforce as they expected.

Although a majority of Americans believe a college degree is the most important factor in career success, they're increasingly skeptical schools are doing a good enough job to prepare students, a new study conducted for Northeastern University found.

According to the study, 62 percent of the people surveyed rated colleges' efforts to prepare graduates for the economy as "poor" or "fair." Half said the quality of preparation had declined over the last 10 to 15 years, and nearly as many said colleges aren't in tune with today's job market.


Where is the money? Try ‘factoring’ this

CarleeMcCullough-160No matter the size of the firm, many businesses regularly face cash shortages. When small or new businesses face such a squeeze the options are more limited. But if the business has accounts receivables, which is an asset that can be sold, "factoring" may be an option.

Factoring entails the business selling its accounts receivables at a discount to a third party known as a factoring company. The discount is the incentive for the factoring company to take a risk by advancing money on the receivables.

In a normal factoring deal, there are three participating parties: the business selling the accounts receivable, the one buying the accounts receivable (the factoring company), and one who owes the accounts receivable (customer of the seller or the debtor). The accounts receivable usually have to be owed by a dependable verifiable source that has a credit rating worthy of the factoring company its money


How a pension could affect Social Security benefits

CharlesSimsJr-160If you expect retirement income from a pension and Social Security, congratulations! These two income streams, along with your retirement savings, could put you on a comfortable financial footing. However, you might not be aware that your pension could affect your Social Security benefits.

Eliminating windfalls

Private-sector workers who earn a pension typically pay Social Security payroll taxes, in which case the pension should not affect their Social Security benefits. However, an issue arises when someone receives a pension based on earnings in which Social Security taxes were not paid — typically from a federal, state, or local government, a nonprofit organization, or an employer in a foreign country — and the individual is also eligible for Social Security benefits based on employment from other jobs. In these situations the Social Security benefit may be reduced by the Windfall Elimination Provision (WEP).


Yes, the rich are getting richer

pileofmoney-225WASHINGTON– A new report confirms the old saw: The rich are getting richer.

According to a report titled, "Striking it Richer: The Evolution of Top Incomes in the United States" by researchers at the University of California at Berkeley, "From 2009 to 2012, average real income per family grew modestly by 6.0 percent but the gains were very uneven. Top 1 percent incomes grew by 31.4 percent while bottom 99 percent incomes grew only by 0.4 percent."

The report continued: "Hence, the top 1 percent captured 95 percent of the income gains in the first two years of the recovery."


How iPhone 5S makes your finger into a password

iphone-600The most impressive feature of the new iPhone 5S may be its ability to turn your finger into a password.

Touch ID is Apple's name for a new fingerprint scanner that would act as a security tool for log-ins and for making purchases from iTunes and other Apple stores.

"Your fingerprint is one of the best passwords in the world," said Dan Riccio, a senior vice president for hardware design at Apple, in a promotional video. "It's always with you and no two are exactly alike."


Long-term care: Evaluating the need

CharlesSimsJr-160Even though the possible need for long-term care is not something people enjoy thinking about, an estimated 70 percent of 65-year-olds will need this type of care at some point in their lives.

The average cost of a semi-private room in a nursing home was nearly $75,000 a year in 2012, and it's been projected that the annual cost could reach nearly $165,000 in 20 years due to inflation.

Some wealthy households can afford to pay for long-term care out of pocket. Many others with substantial financial assets might not be sure whether they have saved enough to meet their future needs. Thus, it may be wise to consider whether your financial resources would be adequate for a worst-case situation.


Digital, social outlets attract advertisers

Cheryl Pearson McNeil-160There are multiple options when it comes to how consumers like to watch their favorite programs or other video content. In corner number one we have TV. Believe it or not, TV is still the reigning champ for advertisers who want to reach audiences, with the ability to attract viewers across multiple demographics. The average U.S. consumer watches more than 156 hours of TV a month. As African-Americans, we watch an average of more than 190 hours a month on TV, more than any other group.

In corner number two, we have social media, which continues to pick up steam, proving to be a powerful contender with multi-platform advertising, and I am specifically referencing Facebook. Did you know that Facebook has more than 1 billion members around the globe? That's almost one-seventh of the world's population. And, because we love our social media, African Americans are more likely to visit social networking sites such as Facebook than other demographic groups. Chances are, you're a member of the Facebook family. By the way, how many Facebook friends do you have?


Where is the money?

CarleeMcCullough-160When moving forward in various businesses, often times there is a need for additional capital. Whether it is for the purpose of purchasing equipment, operating capital, or contract financing, most business can always use additional funding.

Unfortunately, many business owners wait until their backs are up against the wall in a desperate situation, which it is usually too late to ask for assistance. Most financing institutions want to know that you are stable and can repay the debt, not at the end of the road on the brink of bankruptcy unless you obtain more capital.

Where can you turn for assistance for loans?


Strategic help on tap for small business owners

sue malone-200Sue Malone, the SBA's number one volume-based loan provider and founder of "Strategies for Small Businesses" in San Francisco, CA, will facilitate a Small Business Loan Workshop at the Renaissance Business Center located at 555 Beale Street on Sept. 9.

Malone will discuss funding availability for startup businesses or expansion options for current businesses.

"Sue really has a niche for doing small business loans, particularly those for $25,000 and under," said Rory Thomas, executive director of the Tennessee Small Business Development Center (TSBDC) at Southwest Tennessee Community College.