Tri-State Defender


BUSINESS March 1 - 6, 2012


ON OUR WAY TO WEALTHY Women’s History Month: Free from bondage


high. She was born out of wedlock to an enslaved black mother and a free white settler. In 1636, Key’s father transferred owner- ship of her to another white settler for the term of nine years. At the end of the nine-year term, Key was to obtain her freedom from bondage. However, instead of obtaining her freedom as originally contracted, Key’s ownership was later trans- ferred to a justice of the peace. Upon this owner’s death in


Month as the backdrop, join us throughout March as we highlight the challenges and successes of women, many of them female entrepreneurs. Elizabeth Key set the bar


or convinced otherwise, Key, again through her attorney, pe- titioned the General Assem- bly, which appointed a com-


1655, Key, through her attor- ney, petitioned the court for her freedom. Having served 19 years instead of the origi- nally contracted nine, she was granted her release. But as with the judicial system today, an appeal was inevitable. A higher court overturned the decision, deeming Key a slave. Not to be deterred, swayed


With Women’s History


mittee to review the i s s u e . Eventual- ly, Key gained her freedom. K e y ’ s


McCullough Carlee


t ena c i ty, determina- tion and will


to


business. Here are some of the many elevating lessons that can be learned from Key’s so- journ:


her freedom. She knew she deserved it and she fully un- derstood what the original agreement dictated. While we are free – in the sense that we are not “owned” by a master, many of us still have self-im-


Free from bondage Key was determined to win


MONEYMATTERS


Leaving your home out of the retirement equation


Plummeting prices and in-


creased borrowing cut U.S. home equity by more than 60 percent during the Great Re- cession. Although the reces- sion officially ended in June 2009, home prices have not re- covered. In this type of market, it’s


not surprising that many homeowners who borrowed against their home equity have found themselves owing more than their homes are worth. Homeowners with a second mortgage are more than twice as likely to be “underwater” than are homeowners with on- ly a first mortgage. The good news is that hous-


ing values typically recover from downturns. But no mat- ter which way the market heads, it’s probably not a good idea to count on the value of your home to help fund your retirement.


Potential risks of downsizing


Although moving to a less


expensive home could be ap- propriate for some people, the falling market of the last few years demonstrates that you may not always be able to sell your current home at the price


Charles Sims Jr.


you ex-


p e c t . Tr a n s a c - tion fees and mov- ing


ex-


view downsizing or moving to a different area as a personal choice rather than a way to pay for retirement. If you place too much emphasis on your home equity in your re- tirement strategy, it could lead you to underestimate how much you may need to save for a comfortable retirement.


It might be more realistic to


low homeowners age 62 and older to borrow against the value of their homes. They don’t have to pay back the loans during their lifetimes for as long as they continue living in them. This strategy may be appropriate for some retirees,


Shifting into reverse A reverse mortgage may al-


p e n s e s could also leave you with sub- stant ial ly less cash than you were antic- ipating.


but it also involves substantial fees – and the amount you can borrow is typically much less than the actual value of the home. Because a reversemort- gage loan must be paid back after you stop living in the home for one year ormore, it’s likely that either you or your heirsmay eventually be forced to sell it, risking exposure to the uncertainties of the hous- ing market. Your home might have sub-


stantial value, but it also pro- vides shelter and may have sentimental value.You may be in a stronger position to make decisions about your home if you leave it out of the retire- ment equation.


(Charles Sims Jr., CFP®,


CERTIFIED FINANCIAL PLANNER™, is President/ CEO of The Sims Financial Group. Contact him at 901- 682-2410


or visit


www.SimsFinancialGroup.co m. The information in this ar- ticle is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal


tax


penalties. You are encouraged to seek tax or legal advice from an independent profes- sional advisor.)


Electrolux: On-track with local commitment


more than $72 million of the $80 million construction con- tract associated with the new cooking products manufactur- ing facility to be built inMem- phis. With less than 10 percent of


Electrolux has awarded


the remaining dollars yet to-be awarded, Electrolux says it is well on-track to meet commit- ments to the local and minori- ty and women-owned business communities. “These results continue to


pleased with Electrolux’s progress given that the bulk of local spending is going to Shelby County compa- nies and with $24 million already awarded to minori- ty- or women-owned busi- nesses. “As the project continues to


underscore the Electrolux and Yates commitment to Mem- phis and Shelby County,” said Project Director Jacob Bur- roughs of Electrolux Major Appliances, North America. “We are working with Mayors (AC)Wharton (Jr.) and (Mark H.) Luttrell (Jr.)to ensure our investment in Memphis is re- sponsive to the needs of the community. We look forward to working with the city, coun- ty and state in the years to come.” Wharton said he was


continues on-schedule with full manufacturing operations expected in 2014.


Current economic impact


thus far, 89 percent (nearly $64 million) was awarded to local companies, the vast ma- jority to companies in Shelby County. Also, 33 percent of the $72


$80 million construction con- tract has been awarded. Of the $72 million awarded


more than 50 percent of the $80 million construction con- tract locally, with Shelby County expected to receive the vast majority of contract dol- lars. To-date, $72 million of the


Electrolux intends to spend


Strengthening the business economy in Shelby County continues to be our top priori- ty,” said Shelby County May- or Luttrell. Construction of the plant


locally-owned small business- es will be part of the Elec- trolux


operations plan.


move forward, I’m confident we’ll hear more good news for local companies, local resi- dents, and the local economy,” saidWharton. “We’re encouraged many


owned companies awarded contracts are (contracts award- ed since January 17, 2012 are in bold): • CDA, Inc. (located in


Construction Joint Venture (located in Shelby County) • SMS Contractors (located


in Shelby County) • SouthMemphis Fence (lo-


cated in Shelby County) • Interior Focus Inc. (located


(located in Shelby County) • Three Point Graphics (lo-


ed in Shelby County) • Gipson Mechanical (locat-


ed in Shelby County) • Shelby Electric with A1


(located in Shelby County) • Medford Roofing (located


Electric/Allied Electric (locat- ed in Shelby County) • Brighter Days and Nites


in Shelby County) • Dannix Painting (located in Memphis MSA)


cated in Shelby County) • Metal Products Co. (locat-


in Shelby County) •Waterproofing System Inc.


vices (located in Memphis MSA) • MJ Construction/Sidle


Shelby County) • MIG Construction Ser-


million awarded, or $24 mil- lion, was awarded to local mi- nority and women-owned businesses. Minority and women-


how long the fight has been going on. The assistance she received from the attorney that took on this case to right a definite wrong is a shining ex- ample that at some point in time, we all need to join in on a justified fight for what is right. For Key, freedom was her


fight in the 1 6 0 0 s speak to


posed shackles. Bondage is not necessarily physical to- day; it is mental.


to be deterred. As business owners, we cannot be afraid of criticism or rejection. Ulti- mately, we will hear more of “no” than of “yes.” We must not be dissuaded, choosing in- stead to keep our eyes on the prize. Our goal is to build wealth, and we must keep moving.


Be deliberate in our fight


smart and prepared for her fight. Too frequently, howev- er, some with the determina- tion to fight choose to battle everyone over everything. This leads to distraction from what is important. We must plan our paths so that we can walk our walk.


Be a visionary To achieve your goal, you


Unquestionably, Key was


Be courageous When told no, Key was not


aries that are creative thinkers and doers. A woman of mixed race in the 1600s seeking and obtaining her freedom can on- ly be called a visionary.


Pace, pace, pace Success is a marathon. As


business owners, frequently we have to serve as the sales- person, accountant, promoter and janitor. It is imperative that we pace ourselves for the journey. Having a plan is the first step in winning the marathon. Create a detailed plan on how to achieve the


achieved. (Contact Carlee McCul-


goal and check off the accom- plishments as


they are


lough, Esq., at 5308 Cotton- wood Road, Suite 1A, Mem- phis, TN 38118, or email her at jstce4all@aol.com.)


Page 7


have to visualize it, and it does not matter if the goal does not appear to be practicable. Truly successful people are vision-


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