facebook-icotwitter-icogoogle-icorss-ico
connectsubscribearchives
Log in

Business

Retirement plan distributions

moneymatters 600When it comes to receiving the fruits of your labor – the money accumulated in your employer-sponsored retirement plan – you are faced with a few broad options. Should you take the payout as systematic payments, a lifetime annuity, or a lump sum?
 
Systematic withdrawals
 
Some retirement plans may allow you to take systematic withdrawals: either a fixed dollar amount on a regular schedule, a specific percentage of the account value on a regular schedule, or the total value of the account in equal distributions over a specified period of time.

A new chapter for retirement

sims1 600John F. Kennedy once said, “Change is the law of life. And those who look only to the past or present are certain to miss the future.” This is certainly true of preparing for retirement. If we continue to expect that the ways of the past will see us through to our futures, we will be left behind. The methods that helped prepare us for retirement are quickly disappearing, and we must start using others.
 
Today’s companies are rewriting the retirement rules for working Americans. Traditional pension plans, which gained prominence in the 20th century, are rapidly disappearing because of the high costs involved in funding them. Some corporations are defaulting on their plans, and an increasing number
of companies have underfunded or at-risk plans.

Young chef Robinson ready to serve with D. Arthur’s Catering

Chef1 600Desmond Robinson had his fill working as a senior education coordinator for training and development at Regional One Health, formerly the Regional Medical Center at Memphis. He’d spent his time in the labor pool and decided to follow his dreams. 
 
“I quit so I could become a fulltime caterer,” said Robinson, who’d been catering public and private parties, events, weddings, bridal showers and the like for more than two years before officially launching D. Arthur’s Catering. He has clients in Memphis, Atlanta, Los Angeles, Arkansas, Louisiana and Dallas. 
 
“I enjoy catering much better and always wanted to be a chef,” said Robinson, 28. 
On June 1st, the young chef provided an ample sampling of his palatable treats during a “Brunch Showcase” at the newly-built Beale Street Landing on the Riverfront. 
  • Written by Wiley Henry

The business of fashion from a ‘P.K.’ perspective

Being labeled a P.K. (preacher’s kid) isn’t all that bad when you’re Chris Whitfield, who has defied stereotypical mindsets that often conform to the whims of society. Though Whitfield is passionate about the wealthy2 600people in his circle, he is just as passionate about his work in the fashion industry.
Whitfield’s apparel and custom designed clothing, which is marketed under the banner of Brand Ya Lyfe, makes a statement that suggests originality of style. In fact, the young designer is most comfortable with being himself and creates custom designed clothing for the individualist.
 
Carlee McCullough: Thank you for taking the time to share with our readers your experience and knowledge. Tell us about Chris Whitfield?
Chris Whitfield: I am a young 29-year-old African-American male. I have my bachelor’s degree from Bethel University in Business with a concentration in Organizational Leadership and Development. I am the proud son of Bishop Michael and Lula Robinson. Yes, that’s right I am a P.K. (Preacher’s Kid). I enjoy inspiring and motivating my peers. I am very passionate about my friendships, relationships and my brand. I mostly enjoy being creative with my fashion brand as well.

Silence is not an option

disparties 600“We are sending a clear signal that we can no longer afford to do business as usual in this community,” said Darrell Cobbins, president and chief executive officer, Universal Commercial.
 
Cobbins was among a group of notable minority business owners and leaders who gathered at the National Civil Rights Museum to address economic and business disparities in minority business contracts in Memphis and Shelby County on Tuesday. The first of those business leaders to address the crowd of media, business owners, and concerned citizens was Ron Redwing.
 
“Our goal is to spotlight these disparities in a way that brings about swift and significant change,” said Redwing, president of 100 Black Men of Memphis. “If Memphis is to rise and become a ‘world-class’ community, all of its citizens must be active participants in its economy.” 

High Scores for 529 College Savings Program

Looking for a tax-advantaged college savings plan that has no age restrictions and no income phase out limits – and one you can use to pay for more than just tuition?
 
sims 600Consider the 529 college savings plan, an increasingly popular way to save for higher-education expenses, which have more than tripled over the past two decades — with annual costs (for tuition and fees, and room and board) of more than $40,000 per year for the average private four-year college. Named after the section of the tax code that authorized them, 529 plans (also known as qualified tuition plans) are now offered in almost every state.
 
Most people have heard about the original form of 529, the state-operated prepaid tuition plan, which allows you to purchase units of future tuition at today’s rates, with the plan assuming the responsibility of investing the funds to keep pace with inflation. Many state governments guarantee that the cost of an equal number of units of education in the sponsoring state will be covered, regardless of investment performance or the rate of tuition increase. Of course, each state plan has a different mix of rules and restrictions. Prepaid tuition programs typically will pay future college tuition at any of the sponsoring state's eligible colleges and universities (and some will pay an equal amount to private and out-of-state institutions).

The Business of fashion – Part II

wealthy2 600A successful designer must be innovative and task risks. James Davis of L.R. CLOTHIER embodies those characteristics and more.  He is pushing the envelope by building a fashion business in Memphis, which is truly risky business. Here is the conclusion or our conversation with Davis, who has persevered and proven that fashion can thrive in Memphis.
 
Carlee McCullough: How would you describe your artistic and creative style?
James Davis: At L.R. CLOTHIER our house style is contemporary classics. Your wardrobe is an investment and that is how we approach our clients. Trends are great, but they come and go so quickly. For example, it’s much more fitting (no pun intended) to have a 3-button suit model, as compared to a 4-button front. That jacket model will be here forever, yet you can adjust the lapel opening or stance, giving it more of your own personality. There can be different options on the color pic stitching. This gives you that designer’s flare. Italian influences have always been the foundation. The best tailoring and fabrics are woven in Italy and that is reflected in many of our designs.

The Business of fashion – Part I

tie-fashion 600When many people think of Memphis they think of our soulful music, smoky barbecue or muddy Mississippi River. One of the last things that come to mind is Memphis as a fashion forward city.

There is, however, a growing class of creative individuals committed to bringing fashion into the forefront of a place that seems to reference the past more frequently than the future. In part one of a two-part series, we meet pioneer James Davis, who not only offers tailor-made clothing, but has his own fragrance as well.

Carlee McCullough: Thank you for taking the time to share with our readers your experience and knowledge. Tell us about James Davis?
James Davis: Let me first thank you for taking time to have me for the interview. I am the president and owner of L.R. CLOTHIER. I strive to be more successful every day and understand that success is not simply defined by how much money is made, but how many people you have a positive influence upon as well. I truly believe that if you think it – then you can achieve it. Everyday is something new, something different and life is what you make of it. I love what I do.