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NOVEMBER 25-DECEMBER 1, 2009
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www.newpittsburghcourier.com
New twist
For Entrepreneurs
on reverse
Shoes for
Calculate your
mortgages
by Jason Alderman
FASHION
entrepreneurial profile
(NNPA)—Once you’ve started thinking
For New Pittsburgh Courier
about launching a business, you may
Reverse mortgages have begin to calculate your own role in it. Are
become an increasingly you the right type of person to make a
popular way for seniors to
SAVVY
success of the new venture? There’s a
keep pace with rising ex- great amount of detailed work surround-
penses. Typically, people ing the notion of being an entrepreneur.
borrow against their home Are you able and willing to dedicate your-
equity and continue to live self? Do you have the passion necessary
in the home with no for achieving your dreams? There’s noth-
monthly mortgage pay- ing wrong with not being an entrepre-
ment until they move out
South African
neur. It is more important to discover
permanently, sell the prop- your unique career skills finding some-
erty or die. thing of value that you are driven to pur-
Recognizing that many
custom shoe
sue. If your plan involves being an en-
seniors would prefer to trepreneur
downsize homes after re- it requires a Farrah Gray
tirement or relocate to an- disciplined
other area, the government
designer takes
approach
issued new guidelines that and accep-
now allow reverse mort- tance of
On Being An
gages to be used to pur- learning
chase a new home, pro-
on global market
through po-
vided proceeds from the tential fail-
Entrepreneur
sale of the old home (com- ures during
bined with other cash re-
by Shantella Y.
the process.
serves, if necessary) cover Yet, there are some general personality
the sales price, plus closing
Sherman
traits that are important to being an en-
costs.
For New Pittsburgh Courier
trepreneur. If the following traits seem to
The advantage for these fit your personality, you may have what it
folks is that they don’t
(NNPA)—Toy Majola’s takes to succeed as an entrepreneur.
have to tap as much of
love for shoes started I am self-driven with a passionate spirit
their savings or be tied to
with the very first pair focused on goals. I am able to turn fail-
monthly repayments in
she ever owned. A Kwa- ures into learning lessons. I have intu-
order to purchase a new
Zulu Natal (South Africa) ition with a sense of thriving on new ideas
home as with a traditional
native, Majola said that and opportunities.
mortgage or home equity
what separated her pas-
One of MAJOLA’S works of art with custom heel designs.
I tend to use a unique approach, inde-
loan/line of credit.
sion for shoes from others pendently thinking of solutions regardless
Reverse mortgages can be
was her belief that shoes of accepted norms—always on the move,
very complicated and ex-
should be an extension of a wearing shoes that are only Majola’s shoes range in price using my time efficiently.
pensive, so for many they
woman’s personality. comfortable when sitting or from $108-$275, with custom I am upbeat with great communication
aren’t the best borrowing
“No matter how pretty the when worn for a few hours at designs priced slightly higher. skills. I enjoy working with various types
option. In fact, you are re-
shoes my mother bought me, I a time. Majola said that sub- For now, the single mother, of of motivated people.
quired to consult a U.S.
always had her add some style stituting style for comfort an 18-month-old son, Nzulu, I am generally described as an over-
Department of Housing
to it like gluing on a button or should not be an option be- has partnered with the Johan- achiever, inspiring and goal-oriented.
and Urban Development
some glitter. As a schoolgirl, I cause there is no beautiful nesburg Chamber of Com- I’m not afraid of failure, always capital-
(HUD)-approved counselor
was known for my fashion-for- shoe worth the damage that it merce and Industry Exhibition izing on it, creating new opportunities.
before being allowed to
ward shoe styles,” Majola said. can do. to ensure that ToyGal has an Whether you want to buy an existing
apply.
Not surprising, Majola, 31, “Women are developing bone international capacity. Travel- business, purchase franchise, start your
A few common features of
took her politics degree and a and tissue ailments related to ing to D.C., New York and Los own company, or merely offer services to
reverse mortgages:
head for business and started squeezing their feet into nar- Angeles, Majola said that she others from a home office, starting a busi-
•You must be at least age
ToyGal Shoes in 2007, a shoe row shoes. Sometimes, women is certain her logo of a woman ness depends on first calculating the num-
62.
design company that custom will go up a size or two in sitting atop the world, will bers. Ask other entrepreneurs in the same
•The home (current or fu-
designs shoes from scratch. order to get the width they soon come to fruition. or similar business for reliable sources of
ture) must be your princi-
Majola said that being able to need, but this also causes is- “No two women should have information. Your ingenuity to calculate
ple residence.
give women specifically what sues when their feet strike the the same pair of shoes. In the out what it costs is helpful for success.
•You must own the home
they need is crucial to her ground. It pushes their bal- same way that walking into a Generally, most new ventures need about
outright or be able to pay it
company. ance off. ToyGal wants women room and seeing your dress on $5,000 although many home-based oppor-
off with proceeds from the
“A lot of times women buy to be able to wear those great two or three different women tunities cost much less but plan on
loan.
shoes that pinch here, or are looking shoes all day and still is upsetting, so too is seeing achieving revenue benchmarks during the
•The allowable loan
too tight there, but I believe dance into the night with your shoes on another initial three years of the business start-up
amount is based on your
that a woman’s foot needs to them, if they so choose,” Ma- woman’s feet,” Majola said. cycle.
home’s appraised value,
be measured and the shape jola said. “ToyGal is singlehandedly Success in any new venture requires
your age, current interest
and contour of her foot used to Since the launch of ToyGal, a bringing style, class and per- consistent determined efforts with practi-
rates, mortgage insurance
design the perfect shoe for that name derived from Majola’s sonal distinction to each and cal approaches. It is important to use a
and applicable fees. Gener-
woman. Otherwise, you have first name and the added “gal” every pair of shoes we design.” written plan that includes: allocation of fi-
ally, the older you are and
shoes that look great, but do her mother fused to it when (For more information on ToyGal or nancial resources; working with partners
the more valuable your
great damage,” Majola said. calling her, the shoe company to purchase shoes, visit www.toygal- and employees delegating workload (in-
Among the problems Majola has fitted the feet of some of shoes.com.)
SEE TWIST C2
said women contend with are Africa’s fashion savvy queens.
SEE CALCULATE C2
October home sales rise 10.1 percent from September
by Alan Zibel
“It’s insane,” said Wilson, who relocated grams to lower mortgage rates and bring To qualify, buyers must sign a purchase
Associated Press Writer
from Kentucky. “I’ve never seen a market more buyers into the market. The median agreement by April 30.
like this before.” sales price was $173,100, down 7 percent The Realtors’ report on October home
WASHINGTON (AP)—Home sales The National Association of Realtors said from a year earlier and off roughly 2 per- sales reflects offers made before buyers
surged for the second month in a row in home resales rose 10.1 percent to a season- cent from September. knew the tax credit would be extended.
October, climbing to the highest level in 2- ally adjusted annual rate of 6.1 million in Many experts predict prices will hit a “The incentives really did get people to go
1/2 years as first-time buyers rushed to October, from a downwardly revised pace new low next spring, perhaps falling an- out and buy,” said Wells Fargo economist
take advantage of an expiring tax credit. of 5.54 million in September. It was the other 5 to 10 percent, as more foreclosures Adam York. “The question is: What does
Home sales nationwide are now up biggest monthly increase in a decade, and get pushed onto the market. the trend look like when the credit is over
nearly 36 percent from their bottom in far above the 5.65 million pace expected by The government has tried to counter that with?”
January, data Monday showed, though economists, according to Thomson Reuters. trend by offering a tax incentive for first- Home sales are likely to drop over the win-
they are still 16 percent below the peak in Without adjusting for seasonal factors, time buyers and by keeping mortgage ter as buyers hibernate for a few months
autumn 2005. At the current sales pace, sales were up 21 percent from a year ear- rates around 5 percent since the spring. without the looming tax credit deadline.
there is only a seven-month supply of lier and were up in all four regions of the The tax credit of up to $8,000 for first- The new deadline means “we’re going to
homes on the market and in some areas country. The gains were led by a 26 percent time owners was originally set to run out see some good activity coming out of the
there are bidding wars. increase in the Midwest. Sales were up 25 on Nov. 30, but Congress renewed it earlier spring,” said Pat Lashinsky, chief execu-
Joey Wilson, 53, and her husband made percent in the Northeast, 23 percent in the this month and broadened its reach. Peo- tive of online real estate brokerage
unsuccessful offers on 20 Las Vegas homes south and 10 percent in the West. ple who have owned their current homes ZipRealty Inc.
since midsummer before closing on a four- The housing recovery is being driven by for at least five years can now claim a tax
bedroom, $136,000 home this month. lower prices combined with federal pro- credit of up to $6,500 for a home purchase.
SEE OCTOBER C2
Discontentment: An impediment to financial prosperity
The dictionary defines contentment as selves. They ap- had nearly blessed and appreciative they were for
happiness with one’s situation in life. It peared to be happy Damon Carr $200,000 in savings the various things, each other and their
defines discontentment as longing for and at peace. This and investments. children during our meeting.
something better than the present situa- wasn’t a phony let’s Although I was the Lesson learned: Pure happiness comes
tion. Benjamin Franklin, the man whose put on a happy face
The Carr
financial expert in from being appreciative of the good
face graces the $100 bill said, “Content- for the financial ad- the room, I knew I things and people you’ve been fortunate
ment makes poor men rich; Discontent- viser vibe. These could learn some enough to accumulate in your life. Too
ment makes rich men poor. Personal fi- people were sincere.
Report
valuable life often we get so caught up and miserable
nance expert Dave Ramsey said, “Con- As I probed them lessons by observ- about what we don’t have, we undervalue
tentment is the most powerful financial about their most ing their priorities, and neglect to appreciate the good things
principle; for with it getting out of debt, pressing financial the way they spent that we do have.
saving and giving becomes easy. concerns, one of their concerns struck me money, and how they thought about life Lesson No. 2: They were not chasing
Since Thanksgiving is traditionally a as odd. They wanted me to show them in general. bigger and better. They had a nice
time of the year to express thanks and how they could live off 10 percent of their Lesson No. 1: They had a sound spiri- medium-size paid for home worth approxi-
gratitude for the things and people we income and give 90 percent away. While tual base. They didn’t come across as the mately $200,000 that accommodated their
appreciate in our lives, I thought it would the majority of us don’t even come close “holier than thou” type. However, you can family. They had two cars that were about
be fitting to illustrate how being content to giving 10 percent of our income, they sense that they believed in a higher five and seven years old, respectively.
or grateful on a more consistent basis can were giving 25 percent and wanted to power and they tried to do what was These cars were in good condition and
free us of envy and worry, help us to give more. They were in their late 40s, right. If memory serves me correctly, this were reliable and dependable. While the
make good decisions and allow us to ex- had two teenage children, and earned a was the only financial planning session average person moved up to a bigger and
perience happiness in its purest form. respectable $90,000 annual income. They I’ve conducted where the family wanted better house every seven years and moved
A couple of years ago I met with a fam- were completely debt free—no mortgage, to say a prayer before and after our ses-
ily who had a natural glow about them- car loans, credit cards or other debt. They sion. They humbly mentioned how
SEE DISCONTENTMENT C2
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