BUSINESS & ECONOMICS August 11 - 17, 2011
New program doubles value of food stamps at farmers markets
a new new program to give shoppers using Supplemen- tal Nutrition Assistance Pro- gram (SNAP) benefits, for- merly known as Food Stamps, more purchasing power at twoMemphis farm- ers markets. The new pro- gram,
graduating from the United
Law firm’s first Hooks Scholarship goes to Memphian
made Wednesday afternoon at the law firm’s Memphis office at 1715 Aaron Brenner Drive. Strong, a graduate ofWhite StationHigh
recently returned home after a tour of du- ty in Afghanistan, is the first recipient of theWyatt, Tarrant & Combs-Benjamin L. Hooks Law Scholarship. The scholarship announcement was
Corey Strong, a native Memphian who
School and theUnited StatesNavalAcade- my, received the first scholarship created in honor of the late Benjamin L. Hooks, who
in law and public service and, as an attor- ney at Wyatt, he counseled some of the largest corporations in America,’’ said Glen Reid, Partner-in-Charge of the law firm’s Memphis office. “We were hon-
was the head ofWyatt, Tarrant & Combs’ diversity practice group until his death in 2010. Dr. Hooks, a civil rights movement icon, also served as a judge, aminister, for- mer executive director of the NAACP, and a former commissioner on the Federal Communications Commission. “Dr. Hooks had an extraordinary career
ored to have him in our ranks for eight years and we’re pleased to honor him with this scholarship.’’ TheWyatt firm offered the scholarship
Corey Strong is headed to law school at the University of Memphis after
returning from duty in
States Naval Academy and
Green$, will provide a dol- lar-for-dollar match up to $10 when shoppers spend their SNAP benefits at par- ticipating farmers markets. Earlier this year, the Coop-
called Double GrowMemphis is starting
GrowMemphis and our other local farmers markets as a team to bring something to Memphis that has the poten- tial to really help our low-in- come residents, our farmers, our neighborhoods, and our rural communities, all in one swoop.” How does it work? Shop-
in conjunction with the Cecil C. Humphreys School of Law at the Univer- sity of Memphis. It will fund the law school tuition and course-related expens- es of Strong, an incoming law student. The scholarship will be offered every three years to a full-time law student at the University of Memphis, with prefer- ence being given to a Memphian. “We are grateful to Wyatt, Tarrant &
er-Young Community Farm- ers Market, South Memphis Farmers Market, and Urban Farms Market became the first farmersmarkets inMem- phis, and among the first in Tennessee, to accept SNAP benefits market-wide. Now, the Double Green$ program will go even further toward increasing access to fresh, healthy, and affordable foods, especially in the food desert areas surrounding or nearby these markets, by making lo- cally grown fruits and vegeta- bles more affordable. Both the Cooper-Young
pers can go to the market booth and swipe their EBT card, receiving tokens that can be spent with vendors. Double Green$ will match, dollar-for-dollar and up to $10, the amount that they put on their EBT card with to- kens that can be used to buy fresh fruits and vegetables. “Double Green$ gets more
people to the markets, in- creases revenue for farmers, and increases access to healthy foods for low-in- come
Josephine Alexander of GrowMemphis, “We know that food stamps make Ten- nessee stronger. Now, food stamps can make farmers markets stronger, too.” GrowMemphis partnered
Combs for its generosity in establishing the Dr. Benjamin L. Hooks Scholarship in support of the University and the School of Law’s diversity efforts,” said Dr. Kevin H. Smith, law school dean and Thomas B. Preston Professor of Law. “It is important to our goal of achieving greater diversity in our classes.” Wyatt, Tarrant & Combs, LLP is a full-
service regional law firm with more than 200 lawyers with offices inMemphis and Nashville; Louisville and Lexington, Ky.; NewAlbany, Ind.; Jackson,Miss., and Ft. Collins, Colo.
ON OUR WAY TO WEALTHY
Rochelle Stevens puts gold-star focus on health and wellness
groomed professional appearance
more than just the ex- terior. It also encom- passes
Maintaining a well- entails
preserving McCullough Carlee
in health andwellness,with a track record that includes having helped thousands of clients lose weight and get healthy.
wellness consultation, nutritional plan- ning, full body wraps for weight loss, detoxification programs for internal cleansing, steam treatments, facials, pep- permint treatments and massage therapy.
health and wellness business? RS: By being a health and wellness fa- natic.Af
ter retiring from sports, I thought
CM: Why did you get involved in the
services does Rochelle Stevens Health andWellness Spa offer? Rochelle Stevens:We offer health and
Carlee McCullough: What type of
gold-star business- woman specializing
with the Rochelle Stevens who won a gold medal in the 4x400 meter relay during the 1996 Olympics. Over the years, she has served as a spokesperson for Johnson Products, Maybelline, Blue Cross & Blue Shield, Sara Lee, Nike and Bank of America. Today, Stevens is a
good health and weight. For that rea- son, we wanted to have a conversation with a leading expert on the topic. Many are familiar
it would be an excellent idea to help oth- ers with their weight loss and fitness goals. It is exciting for me to help others reach their goal weight or maintain their health.
that we offer are very helpful for execu- tives. In addition, we offer health and wellness consultations for corporations where we go in and talk to employees about health, nutrition, wellness and stress-busting tips.
salads, baked foods and fish lowers the cholesterol level. There are lots of foods with disease-fighting properties.
first million dollars. The health and well- ness industry is a billion dollar industry and I just want a piece. So for now, my greatest triumph is to be able to see others happy.When they are happy, I am happi- er.
am about helping people. In the end it all adds up. When you compare my rates to others, they will find that not only am I competitive but my prices probably will be better. I tell people that you cannot put a price on good health. To be healthy is priceless and it just so happens that I am affordable. Good health is priceless be- cause when you add up the price of monthly medicines for illnesses it can range in the hundreds of dollars.
CM: When you were starting out in
think they cannot afford your services. Are your services affordable? RS:My prices are affordable because I
CM: Being a gold medalist, some may
greatest triumph? RS:Well, I am still striving to earn my
CM: In business, what has been your
recommend? RS: Fruits, vegetables, water, soups,
CM: What dietary habits would you
busy business professionalwould bemost interested in using? RS: The nutrition and stress buster tips
CM: What services do you think the
have friends that helped me brainstorm on how to best use my skills. The idea came to me when I was in the training camp in Paris, France in 1992 before we went to Barcelona. We would go to this spa that was connected to the training center. They had the saunas, weight rooms and juicers. I was like wow, what a business. We were getting ready for the biggest event in the entire world. We were eating right, getting the proper amount of rest and getting massages. Having that experience for two weeks in France inspired me to bring those ser- vices home.
entrepreneur? RS: The ability to set goals for yourself
and not be influenced by where others be- lieve you should be. Stay abreast of trends and new things in your industry. Seminars and classes motivate you and push you to strive even harder. By attend- ing conferences and being around like- minded individuals, it helps you in your business.
give to someone just starting out, what would it be? RS: Keep your eyes on your own per- sonal goals and not on others.
member that, “I can do all things through Christ who strengthens me.” I thank God for the talent and the ability to help others get or maintain their health.My
motto re- mains look and feel good as GOLD.
Rochelle Stevens Health and Wellness, call 901-365-0505.) (Please send your questions to Carlee
(For additional information about
McCullough, Esq., at 777 SouthMain St., Suite 202, Memphis, Tenn., or e-mail: firstname.lastname@example.org
CM: Any closing remarks? RS: When it gets difficult I just re-
CM: If you had one piece of advice to CM: What contributes to a successful
business did you have a mentor? RS: I didn’t have a mentor. But I did
ing up this program with our SNAP customers for the past few weeks, and the response has been overwhelmingly positive from vendors and shoppers alike,” said Sue Easley, organizer of the Cooper-Young Community Farmers Market. “It’s been a great experi- working
and South Memphis farmers markets are participating in Double Green$. The Urban Farmsmarket is waiting for a determination of their eligi- bility. All three markets cur- rently accept food stamps. “We’ve been slowly ramp-
with Wholesome Wave, a Connecticut-based non-prof- it working with partners in 26 states to implement dou- ble value coupon programs such as Double Green$. The programis expected to
run through the end of Octo- ber.
Foundation of Greater Mem- phis, and Seedco.
contact Josephine Alexander, email@example.com rg or 901-725-4990.)
MONEYMATTERS Setting up your own pension
$75,000 or more in house- hold income expected higher taxes within the year.
more options for sheltering income from current taxes than ordinary wage earners. One option is setting up a so- lo defined-benefit plan. This plan offers self-employed in- dividuals and some business owners a tax-advantaged op- portunity to target an annual retirement benefit that is comparable with their pre-re- tirement incomes.
Business owners may have
April 2010 found that 63 percent of Americans expect- ed their taxes to go up within a year’s time. Perhaps un- surprisingly, the expectation of higher taxes tended to in- crease with income: 74 per- cent of
by Charles Sims Jr. CFP A Gallup poll taken in
Charles Sims Jr.
are some rules and d r a w - backs, as well. Al- t h o u g h there is some lee- way for a pa r t i c i - pant
rary waiver of his or her con- tribution for a plan year if paying the full amount would cause a “substantial business hardship,” failing to meet the funding require- ments typically results in an excise tax. Also, the tax code general-
(DB) plan is not unlike the pension plans offered by large corporations. The par- ticipant chooses a retirement income target and then an ac- tuary calculates the annual contributions that would be required to meet the target. In 2010, the target benefit amount may not exceed the lesser of $195,000 or 100 percent of the participant’s average annual income for the past three years. Once the plan is in place,
$100,000 a year in a solo DB
wouldn’t be unusual for a business owner
the participant is required to make the annual contribu- tions until the plan is fully funded. Contributions are generally tax-deductible, and any earnings accumulate on a tax-deferred basis.
It to put
Like the big guys A solo defined-benefit
ly requires a company offer- ing a DB plan to make con- tributions for all employees. There are exceptions for em- ployees younger than 21 and those who have not worked at least 1,000 hours during any 12-month period. Before you take any specific action, be sure to consult with your tax professional. As with most other retire-
secure a t emp o -
plan. Th e r e
(For more information, the Community
Green$ have been provided by the Wholesome Wave Foundation, Whole Foods Market,
Funds for Double residents” said
ment plans, there are fees as- sociated with setting up and maintaining a solo defined- benefit plan. There is an ini- tial plan setup fee and an an- nual fee for actuarial ser- vices, which are required to ensure that the investments are on track to reach the funding requirements.
President/ CEO of The Sims Financial Group. The infor- mation in this article is not intended as tax or legal ad- vice, and it may not be relied on for the purpose of avoid- ing any federal tax penalties. Neither the information pre- sented nor any opinion ex- pressed constitutes a solici- tation for the purchase or sale of any security.)
Ghetto continues, even for affluent blacks, new analysis show
live in poorer communities than the average low-income non-Hispanic white household that makes less than $40,000
Census Bureau revealed that African American and His- panic households that earn more than $75,000 annually live in poorer neighborhoods. These groups were found to
Arecent analysis of the U.S.
per year, USA Today reported. African Americans and His-
panics live in poorer neigh- borhoods than whites with working class incomes, ac- cording to the report: “Sepa- rate and Unequal: The Neigh- borhood Gap for Blacks, His- panics and Asians in Metro- politan America.” “Blacks are segregated and
ally succeeded live in neigh- borhoods where
around them have not suc- ceeded to the same extent.” The study found that in the
even affluent blacks are pretty segregated,” said John Logan, director of US2010 Project at Brown University, which con- ducted the study. “AfricanAmericans who re-
Northeast andMidwest, segre- gation was highest; but there were fewer disparities in parts of the Sun Belt. “White middle-class families
have the option to live in a com- munity that matches their own credentials,” Logan told USA Today. “If you’reAfricanAmer- ican and want to live with peo- ple like you in social class, you
have to live in a community where you are in theminority.” According to a 2010 article
by Logan called, “Census Analysis: Nation’s diversity grows, but integration slows,” African Americans continue to be the most segregated mi- nority, with Hispanics and Asians trailing behind. “Segregation peaked around
1960. Between 1980 and 2000 it declined at a very slow pace, but analysts have been hoping for a breakthrough since then. The new data show that there is very little change,” accord- ing to the report.
the AFRO-American newspa- pers)
(Special to the NNPA from (Charles Sims Jr., CFP, is
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