Fri04182014

Business

Senior housing may be the business for you

CarleeMcCullough-160ON OUR WAY TO WEALTHY: Whether you reference aging as growing older, more mature, wiser or seasoned, the common denominator is that we must all age. It is a fact of life.

Today, there are approximately 40 million people age 65 or older in America, which represents about 13 percent of the population. However, by 2030 there will be over 72 million or almost 19 percent of the population in this bracket.

A staple of our basic needs in life is housing and as we grow older our housing needs will change. While we hope to maintain our lifestyle, health, mobility and financial strength along the way, things may not always develop as desired.

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Black woman’s cooking invention hits mainstream

marinatingstick-400The day Mary Hunter, 73, of Gary, Ind., came up with the idea for a way to marinate the inside of the big roasts she would make for her fellow congregation members at Yes Lord Church, she knew she had invented a revolutionary cooking tool. But, according to a profile on Hunter in the New York Times, she didn't know it would take 19 years before her invention hit the market.

Hunter leaned on the resources provided by her church to take Mary's Marinating Sticks from dreams to reality. A fellow church member, David Smith, helped her design the stick. Dwayne Hunter, Mary's son and the pastor at Yes Lord Church, got her a spot at the International Home and Housewares Show in Chicago, which led to her appearing on the Food Network show Invention Hunters.

All the while, Hunter was selling Mary's Marinating Sticks direct to market, according to the Times.

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FedEx exec touts value of emerging-leaders program

Michael-Dones-300(This is the first in a series of periodic stories that The New Tri-State Defender is featuring about people and organizations that have "Something To Offer" as Memphis journeys toward general recognition as a "Great American City!"

Michael J. Dones, corporate marketing manager with FedEx Sponsorship & Social Media Advertising, is a Memphis man with many rites of passage dotting the history of his life and career.

After high school graduation, the Bay Area native headed to Atlanta, earning an undergraduate degree at Morehouse College and an MBA at Clark Atlanta University. Soon after, he and his new wife accepted jobs with FedEx and made the move to Memphis, where they settled in, had children, and thrived.

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Master selling in the ‘Luxury Market’

Winston-400tSales guru Greg Winston's sales journey has taught him one thing – salespeople teach buyers how to buy from them and when salespeople don't respect themselves, the buyer won't either. So the bottom line is, buyers don't buy from those they don't respect.

In his new book, "Opting for Opulence: 14 Proven Strategies to Master Selling in the Luxury Market," Winston showcases 14 essential elements for selling success in the ever-changing economy and new luxury market.

What's the "Luxury Market"? The luxury market is someone who makes over $125,000 per year and they are typically approached by some of the best sales people in the world.

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Stepping into ObamaCare; The path for small business

obamacare-600Despite a federal government shut down, enrollment for ObamaCare – officially known as the Patient Protection and the Affordable Care Act (ACA) – went live on Oct. 1 and will continue through March 31, 2014. The legislation is groundbreaking for Americans, but the jury is still out on the execution of the program.

The intent is to give more Americans access to affordable, quality health insurance and to reduce the growth in health-care spending. No, it isn't designed to replace private insurance, Medicare or Medicaid.

The new law issues a mandate that most Americans obtain health coverage by the year 2014, obtain an exemption or pay a fee on their taxes for every month they do not have coverage. Most states established specific health insurance marketplaces (also known as exchanges), allowing citizens to shop for health insurance using cost assistance. Since Gov. Bill Haslam chose not to set up a marketplace, the Tennessee exchange was put in place by the federal government.

 

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How much do I need to save?

CharlesSimsJr-160Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.

One rule of thumb is that retirees will need approximately 80 percent of their pre-retirement salaries to maintain their lifestyles in retirement. However, depending on your own situation and the type of retirement you hope to have, that number may be higher or lower.

Here are some factors to consider when determining a retirement savings goal.

 

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Frontier Airlines returns to Memphis

frontier-400The Memphis-Shelby County Airport Authority and Frontier Airlines on Wednesday announced that the Denver-based airlines will once again provide air service to the Memphis International Airport beginning March 2014.

"Today's exciting announcement from Frontier Airlines is the beginning of a new era of affordable airfare choices for our passengers," said Jack Sammons, chairman of the Memphis-Shelby County Airport Authority Board of Commissioners. "I am confident Frontier's direct service to Denver will be warmly embraced by passengers in our region."

Frontier's service in Memphis will feature four weekly nonstop flights to Denver, and opens up connections to 12 different western cities, including San Francisco, Seattle/Tacoma, Phoenix, San Diego, Las Vegas, Los Angeles, and Portland.

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Living legends have a wealth of knowledge

turner-200ON OUR WAY TO WEALTHY: I recently had an opportunity to see "Lee Daniels' The Butler" and it was moving. One of the things that impacted me was observing how various moments in history could be seen and experienced from so many different perspectives.

I also realized that I did not have to go see Daniel's fine work to hear actual stories about the civil rights experience.

Influencers of the civil rights movement abound in Memphis. Among them is Tri-State Bank President Jesse H. Turner Jr., whose experience frequently gets overlooked by documenters of Memphis history. He was the first to integrate a high school in the city of Memphis, breaking the barrier at Christian Brothers High School (CBHS) in 1963.

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BiblioTech – the first bookless library – offers only e-books

techylibrary-600NEW YORK – BiblioTech is a new library in Texas, but you'd be forgiven for thinking otherwise. The library houses no physical books.

Staffers at San Antonio's BiblioTech say it's the first "bookless library." And in addition to its catalog of 10,000 e-books, this techy library also provides a digital lifeline to a low-income neighborhood that sorely needs it.

BiblioTech opened its doors Sept. 14 on the south side of San Antonio, a mostly Hispanic neighborhood where 40 percent of households don't have a computer and half lack broadband Internet service.

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National online furniture retailer ushers in flagship showroom

decadentavenue-350Decadent Avenue, an e-commerce retailer of fine furniture, will open its first North American retail showroom in East Memphis on Nov 1, with the Greater Memphis Chamber holding a ribbon cutting ceremony at 10 a.m.

"We are excited to make Memphis the home base for what will be many more showrooms throughout North America," said Neil Phillips, co-founder of Decadent Avenue.

To celebrate the move into the Memphis area (888 South White Station Rd.), a portion of the opening-weekend proceeds will be donated to Le Bonheur Children's Hospital to assist the hospital in its mission to provide Memphis-area children with a healthier, safer childhood.

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Me, my church and a wealth replacement trust

CharlesSimsJr-160MONEY MATTERS: Charitable giving can be a rewarding experience by allowing you to both give and receive. To enjoy the benefits of charitable giving, you can use a variety of strategies.

Charitable remainder trusts – the basics

To establish a charitable remainder trust, you transfer appreciated property to an irrevocable trust and designate the charity of your choice as the beneficiary of the trust. The property within the trust is then sold and reinvested to provide income. You retain a lifetime interest in the income generated by the trust, and when the trust expires at your death, the property within the trust is transferred to the charitable organization.

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Twitter mix-up causes Tweeter Home Share explosion

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By Chuck Mikolajczak

NEW YORK (Reuters) - Excitement for Twitter's coming IPO is running pretty high - so much so that some investors on Friday mistook the nearly worthless stock of long-dead electronics retailer Tweeter for the tweeting site, sending shares up more than 1,000 percent.

Tweeter Home Entertainment Group <TWTRQ.PK>, a specialty consumer electronics company that went bankrupt in 2007, saw its most active day of trading in more than six years even though it has nothing to do with the social media site.

The stock, which trades over the counter, closed Thursday at a price of less than a penny a share, and hit a high of 15 cents a share on Friday. More than 14.3 million shares had traded by midday.

The volume marked an all-time high for the stock, surpassing the 13.05 million shares traded on May 10, 2007, when the company reported quarterly results and said it may choose to file for Chapter 11 bankruptcy.

Shares were halted by the Financial Industry Regulatory Authority (FINRA) at 12:47 p.m. (1647 GMT), with the stock up 684 percent at 5.1 cents, under the terms of Rule 6440, which the agency uses in "circumstances in which it is necessary to protect investors and the public interest."

To say the stock is normally lightly traded is an understatement. Sometimes several days go by without even 1,000 shares traded over the course of a full session.

However, Tweeter's share price and volume ticked higher following Twitter's announcement on September 12 that it had confidentially filed for an initial public offering.

The moves since then through Thursday were not nearly as extreme, with the stock reaching a high of 3.5 cents and volume between 200,000 and 1.1 million shares.

Tweeter filed for bankruptcy in June of 2007 and its assets were acquired by Schultze Asset Management on July 13, 2007, according to a filing with the U.S. Securities and Exchange Commission. A representative for Schultze was not immediately available for comment.

Twitter Inc publicly filed its IPO documents on Thursday, setting the stage for one of the most-anticipated debuts in over a year.

(Reporting by Chuck Mikolajczak; Editing by David Gaffen, Nick Zieminski and Phil Berlowitz)

Teach your children well

CharlesSimsJr-160In a recent survey of Generation Z (ages 13 to 22), 39 percent of teens and young adults said they expect to receive an inheritance and therefore don't need to worry about saving for retirement! However, only 16 percent of Gen Z parents expect to provide an inheritance – and there's no guarantee that an inheritance would be sufficient to replace retirement savings.

This disconnect between expectation and reality highlights the need for financial literacy among young people. Teaching children about finances not only may help them handle their own financial matters but could encourage academic engagement and pursuit of higher education.

Here are some steps to help develop your children's financial knowledge.

 

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