Newspaper Page Text
6A
JULY 8, 1999
More blacks investing in their future
Findings of a recent study show
slack Americans are planning to
start investing at higher rates
‘han whites. Members of the Afri
:an American leadership network
>roject 21 are excited at future
yrospects of wealth and prosper
ty this will create for the black
:ommunity.
“We have made great strides in
yur fight for equality, but without
Istrong financial base, blacks will
lever completely reach parity,”
;aid Project 21 member Anthony
Anderson. “The fact that black
\mericans now realize the impor
ance of investing gives them the
itrongest tool to ensure their civil
ights.”
According to the 1999 Black
nvestors Survey commissioned
'y Ariel Mutual Funds and
harles Schawab & Co, 48% of
lack households earing over
50,000 that do not already own
Mclntyre,
Walker meet on
housing issue
Ed Mclntyre, economic devel
ypment consultant for the CSRA
3usiness League, recently met
vith Paragon’s president and
shairman, Lou Walker. The two
liscussed a variety of topics cen
ered around economic develop
nent in the area of housing. One
f the main areas of discussion
~as Paragon’s experience in put
:ing together million dollar mort
gage consortium to provide low
nterest mortgage loans targeted
;0 low to moderate income indi
riduals and families.
Ed Mclntyre strongly feels that
such a program is needed in Au
qusta, and will be working for its
mplementation.
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stock or investments in mutual
funds intend to do so in the next
year, as opposed to 34% of whites.
Blacks are overcoming the disad
vantage of not being aware of sav
ings and investment tools until
later in life. They are now also far
more likely than whites to read
books about investing, attend
seminars and join investment
clubs.
Some other findings include:
e 67% of blacks surveyed
participatein employer sponsored
retirement plans, and 34% have
their own individual retirement
accounts (IRAs).
. 48% of blacks currently
invest in mutual funds, 38% in
individual stocks and 26% in
money market accounts.
o 73% believe the stock
market is a great way to com
pound their savings.
° 86% of black Americans
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BANKRUPTCY and
DEBTOR’S RELIEF
Are you having financial difficulties, be
' ing harassed or garnished by your credi
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PP Are your properties being threatened
e with repossession or foreclosure? If the
i answer to any of the above questions are
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o
et
AUGUSTA FOCUS
Business
want theirinvestment companies
to benefit the local communities.
o Black Americanssaid sav
ing and investing was their top
New Year’sresolution, while white
Americans said their top priority
was finding more time to relax.
This investing behavior puts
black Americans ahead in prepar
ing for the future. Previous stud
ies have shown the baby boom
generation is ill prepared for the
future despite its low confidence
in Social Security. AJanuary 1997
Public Agenda survey found that
46% of all Americans have less
than SIO,OOO saved for retirement.
However, the average amount of
money invested or saved by black
respondents in the BIS survey
$313 a month. With Social
Security’s future at risk, four out
often respondents in the BIS also
believe investing retirement funds
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in the stock market was a good
idea.
Earning power for African
Americans is increasingly
steadily,” said Project 21 member
Sharon Hodge. “By the year 2000
our financial clout is expected to
reach SSOO billion in assets. The
rise in,investment planning is an
indication that black men and
women are not just intelligent
enough to earn the money. Black
people clearly have developed the
financial savvy to put that money
to work for secure retirement
years and their children’s inherit
ance.”
Project 21 has been a leading
voice of the African American com
munity since 1992. For more in
formation, contact David Almasi
at (202) 371-1400x106 or Project
21@nationalcenter.org, or visit
Project 21’s website at http:/
www.project2l.org.
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A 3
Mayors unveil credit
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An innovative initiative designed to bring much needed
community investment capital to cities across the nation and
increase the availability of affordable mortgage financing for
low and moderate income families, was recently announced
by Fannie Mae, the U.S. Conference of Mayors and Access
Capital Strategies LLC at the annual mayors’ convention in
New Orleans. The initiative will utilize the Community Invest
ment Fund developed by Access Capital. Access Capital will
provide the funds that will purchase CRA loans made by
banks at a favorable rate. This will help lenders and inves
tors offer a competitive CRA mortgage product. Fannie Mae
will guarantee the loans on a more flexible basis which will
increase the availability to consumers. Pictured prior to the
announcement are left to right: Ronald A. Homer, chief
executive officer, Access Capital Strategies, Wellington Webb,
Mayor of Denver and the newly elected president of the U.S.
Conference of Mayors, and Franklin D. Raines, chairman and
chief executive officer, Fannie Mae.
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