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Business

Moving on and rolling over

CharlesSimsJr-160Despite the uncertainties of the job market, today's workers stay in a job for an average of only 4.4 years. Job-hopping is even more prevalent among younger workers: about nine out of 10 millennials (born between 1977 and 1997) expect to stay in a job for less than three years.

The impact of moving from job to job on a worker's career depends on individual circumstances. However, any time you leave a job – whether you've been there for three years or 30 years – you could be faced with a decision about what to do with the savings in your employer-sponsored retirement plan. There are typically four options.

Signs that you may not be ready to retire

CharlesSimsJr-160There's plenty of guidance available to help you feel confident that it's time to retire. But it could be just as important to recognize signs that you may not be ready. You might think of these as yellow caution lights, warning you to slow down and give further thought to your situation.

You've reached the eligibility age for Social Security. For some people, Social Security eligibility is synonymous with retirement. In fact, about 50 percent of those who are eligible for benefits file at the earliest age of 62, despite the fact that their monthly payments will be permanently reduced.

Better safe than sorry Prenuptial agreements

CarleeMcCullough-160What is the common denominator between Jessica Biel and Justin Timberlake, Khloe and Lamar, Tom Cruise and Katie Holmes, and Beyonce and Jay Z? They all have prenuptial agreements in place. A prenuptial agreement, premarital agreement, or commonly referred to as "prenup", is a contract entered into prior to marriage by the people intending to marry. While the content of a prenuptial agreement can vary greatly, common provisions are usually for division of property and spousal support in the event of divorce or breakup of the marriage. Additionally, "payments" in the event of adultery can even be addressed.

Although celebrities are most likely to have a "prenup" in place, these legally binding arrangements are not just limited to the rich and famous. In fact more and more ordinary working class men and women are entering into these agreements. Why? Because as economic times become more and more challenging, individuals want to protect the separate property they already have prior to the marriage. A prenup becomes even more important if this is a second or third marriage and children from previous relationships exist.

Watchtower role keeps Compliance Office hopping

mary bright-400(Part III of a TSD series exploring the behind-the-scenes work of building the city's minority- and women-owned business enterprise sector.)

The City of Memphis Office of Contract Compliance stands like a watchtower over the process designed to improve the city's spending effort with minority- and women-owned business enterprises (MWBEs).

Compliance Officer Mary Bright served as guide as The New Tri-State Defender pursued a broader understanding of the office's intricacy and the workload.

  • Written by Tony Jones

For MBWEs, gaining City biz not simple

(The New Tri State Defender is exploring the behind-the-scenes work in building more minority- and women-owned businesses. This is installment two.)

The revolution would be televised if the City of Memphis lost much-needed funds because its Division of Finance used vendors that were not up to snuff – minority- and women-owned businesses or not.

Avoiding potential mistakes in the process of finding qualified MWBEs is part of the job assigned to the city's Office of Contract Compliance. That work is being carried out amid periodic expressions of sheer dissatisfaction, such as voiced at the Minority Business Development Oversight Committee (MDOC) last week (April 17). In that instance the rub was unhappiness about the level of MWBEs the Division of Finance uses to assist in managing the city's $2 billion pension fund.

  • Written by Tony Jones

Bank On Memphis event at Court Square April 26

Bank On Memphis' celebration of National Financial Literacy Month culminates Friday (April 26) with a series of financial literacy workshops at Court Square downtown.

Several Bank On Memphis partner financial institutions and credit counseling services will discuss savings and checking account options, as well as tips for credit repair.

The National Foundation for Credit Counseling recently released the results of its annual Consumer Financial Literacy Survey noting that only 40 percent of adults have a budget and track spending. Research from credit data management firm TransUnion Interactive Inc. shows that the Memphis metro area had the lowest consumer credit score among major metropolitan areas.

Ron Busby – U.S. Black Chamber president – to keynote 2013 Benny Awards

ron-busby-375Ron Busby, president of the U.S. Black Chamber, Inc., will be the keynote speaker at the 2013 Annual Benny Awards Lucheon sponsored by the Black Business Association of Memphis (BBA).

BENNY is an acronym for Black Entrepreneurship and Networking Need You. The BENNY Awards recognize "superior achievement in business by minority- and women-owned businesses and by supportive corporations."

The luncheon event will be held on June 21st at the Memphis Marriott, 2625 Thousand Oaks Blvd., from 11:30 a.m. to 1 p.m.

Ekundayo Bandele & the Business of the Arts – Part 1

22bandele E-400As the owner of the Hattiloo Theatre, Ekundayo Bandele is bringing the arts to a community that just may need a reminder of its great history. The productions coming from his stage rival those in other metropolitan cities, including Chicago and New York and maybe even London, England.

Carlee McCullough: What brought you to Memphis?

Ekundayo Bandele: I first moved to Memphis in 1994 with my youngest daughter, Hattie, and then in 1995 Lou was born. I moved here to care for my father who was then ill. My father died in 1996. I left Memphis and returned to New York. I traveled through Europe. I was in Spain, France and England before I returned to New York as an art broker. I moved to Memphis in 2004 permanently to be closer to my girls.