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Show Mguntainwest a bllnority Financial 1978, when the U.S. Supreme Court _. first refused to hear his appeal. The high court has denied Andrews certiorari four times. Since Andrews’ appeal to the Utah Supreme Court in 1977, he has filed petitions and appeals 12 times in state and federal courts, raising the same issues again and again, Mr. Wallace contends. _ February 4, 1991 3 Blacks hold fewer jobs; earn less | ed in favor of prosecution, that he ' presumed’’ Andrews was guilty. . State attorneys argue that Andrews’ conviction became final in direct & Sentinel, Sanders, ‘‘for too many, the emface the same financial issues as those - phasis is on income alone as opposaffecting the general population. Ac- _ ed to net worth.’”’Like everyone else, cording to Stephen Sanders, a finan- Minorities must learn how to build their wealth. cial planning consultant specializing Black families continue to be less -' was slightly below the per eilien : This financial insecurity inevitably in personal financial planning for results in an unwillingness to take likely to have an employed member African-Americans and Citibank adlevel. While about 70 percent of vocate, minorities frequently face five| financial risks, the fourth obstacle. than either white or Hispanic these families still had one or more particular obstacles on the road to ‘Minorities often fail to take advantage families, according to the U.S. Labor employed members, this varied conof sound financial opportunities and Department’s Bureau of Labor personal financial success. siderably by family type. For examThe first obstacle to overcome is as a result they fall financially behind Statistics. Median earnings for black ple, among married-couple families a lack of discipline, or as Sanders © those who do take risks. Financial ad- families continue to be lower than for with unemployed members, 83 per-. visors say minorities’ inexperience white families. calls it, “‘spenders’ disease.’’ A cent still had at least one working In the second quarter of. 1990, with financial assets contributes to number of economists, researchers, member. In contrast, among the those poor choices. Many of today’s about 50 million of the nation’s 65.4 and financial advisors strongly families with unemployment who are middle-class minorities are the first million families had at least one believe that a small segment of the maintained by women, only 48 perminorities hurt themselves by splurg- ‘generation to have enough discre- member employed full time, 780,000 cent had any member with a job. tionary money to even consider more than a year earlier. ing on expensive cars, clothes, and * There were nearly 11 million The median wage and salary earn- - families with no member in the labor investing. other consumer goods while neglecMinorities are also plagued by a ings for all families rose by 5 percent ting savings. Many put far too much force, but many of them were comfalse sense of financial inferiority. to reach $653 a week over the same. posed of persons of retirement age. emphasis on immediate material This fifth obstacle is most unique to period. The rise in family earnings gratification and not enough on their In three-fifths of these families, there future. this segment of the population. Ac- was slightly higher than the 4.6 inwas no one under 60 years of age. cording to Sanders, *“There is a sense crease in the Consumer Price Index The second roadblock minorities * Median weekly earnings of face is a lack of financial goals. ‘‘In among minorities of always playing for all urban consumers. Other married-couple families with wage to the majority. This is bas- second-quarter highlights were: general, minorities don’t have a clear catch-up and salary workers rose 4.2 percent * The number of families with at over the year to $727; nearly twoed in large part in the belief shared by financial road map. They don’t know where they are financially, where -minorities that they are not significant least one member employed, either thirds of these families had two or players in the country’s financial full or part time, increased by they are going, or how to get there,”’ more earners, and their median famisays Sanders. well-being. Many feel they are not 180,000 to 353.2 million. Such ly earnings were $871 a week. MeThe third stumbling block to over- players in the game. They are not just families comprised about four-fifths dian earnings of families maintained sitting on the bench. They are remov- of all U.S. families. come is a lack of financial by women (361) remained about half * There was a substantial rise in the those of married-couple families. ed from the field and outside the knowledge. Many analysts trace the number of married-couple families in This was largely because only one financial insecurity of minorities in walls of the ballpark.’’ Sanders offers some simple advice which both the husband and wife (but third of families maintained by part to their basic investing and spending habits. Census figures show' on ways minorities can beat these no other family member) worked. At women had more than one earner. 20.9 million in the second quarter, sharp differences between the investthe number of such families was * Median earnings of white ment choices of minorities and whites 625,000 greater than a year earlier. families ($680) continued to exceed and a lack of diversification in At the same time, there was a large those for Hispanic families ($495) holdings. Middle-income minority drop in the number of families where and black families ($472). These difgroups invest 80 percent of their Phoenix (AP) — The National ferences are explained both by the assets in their houses and investment League of Cities will consider mov- the husband was the only worker. * About 7 percent of all families higher earnings of white workers and in real estate, far more than the 65 ing its 1991 convention from Phoenix. had an unemployed member. At 4.8 the relatively fewer multi-earner percent level of whites. Minorities because the state does not have a paid are also 2’ times less likely to in- holiday honoring Martin Luther million, the number of these families families among blacks and Hispanics. With a few exceptions, minorities | Continued from page 5 ~ first issues 5 facing minorities pepoRer In August, U.S. District Judge David Sam rejected an appeal by Andrews, ruling the condemned killer waited too long to raise certain constitutional issues. The ruling sent the case to the Denver appeals court, which had granted a stay three days before Andrews’ scheduled execution one year earlier. _ Cities League may move ‘91 convention vest in financial assets such as stocks, mutual funds, and Individual Retire- ment Accounts. Unlike whites, when minorities seek interest.income;-they eon LEARY be stick almost exclusively:to bank ac. counts and forgo the higher returns _paid by money-market funds and bonds. Whatever the reason, minorities’ lack of investment diversification stifles wealth building. According to A reunion? What’s this? Clarence obstacles and achieve financial success. He advises they acquire a Williams II, who played Linc Hayes on ABC’s The Mod Squad from broader financial knowledge, main1968-73, guest starred on ABC’s tain discipline in their spending __ Twin Peaks Dec. 8 episode. He habits, and develop a sound financial played Roger Hardy. game plan that will build wealth. By following these guidelines, Sanders _ Peggy Lipton, who plays Norma maintains that minorities can start on on Peaks, also starred with Williams on Squad, playing Julie Barnes. Not the path to personal financial success. to gag on all of this, but Squad ~ groupies will also note that on the Reunion on ‘Peaks’ King, Jr., league officials said. The league’s board will decide whether to move its convention dur“ing a~meetingDecember 1 in Housten,-. -Said.-Don Borut, the ‘league’s executive director. On November 6, Arizona voters rejected two propositions that would have created a statewide paid King Day. As a result, the National Football League has threatened to pull the 1993 Super Bowl out of the state. The National League of Cities’ board voted in 1987 to hold the 1991 convention in Phoenix, but with the condition that the decision would be reconsidered if Arizona did not create a paid King holiday. ‘I was advised that we have a very long and uphill road to climb’’ to keep the convention, said Phoenix mayor Paul Johnson. -. Larry .Hilliard,.vice president of “the Phoenix and the Valley of the Sun Convention and Visitors Bureau, said, ‘‘It has not been canceled and Handbook. — fell on his knife and died. This, after he went nuts as a kid and his hair turned white — just like what happened to Leland Palmer on Peaks. _ Peaks freaks already have learned eeack Se SSP eS tiers and niece Madeleine. - Idaho firm wins ~ Texas prison bid Boise — Morrison Knudsen Corp. announced it has been selected to receive a contract worth approximately $60 million to build a 2,250-bed prison near Beeville, Our Homebuyer’s Handbook was designed to help you feel more comfortable financing a home. It illustrates the step-by-step loan process in a thorough, easy-tounderstand way. It provides worksheets to help you determine how much house you can afford and what your monthly payments will be. It also contains a glossary of mortgage terms and helpful hints on what you will need to qualify for a loan. So, if you’re thinking of buying a home, the first thing you should do is call one of our offices or drop by to get your free copy of the Homebuyer’s Handbook. Texas. The contract will be awarded to the ‘ Idaho-based company by the Texas Department of Criminal Justice. A maximum-security million in revenues, Hilliard said. Homebuyer’ S © that Leland killed his daughter Laura “The'convention is expected to draw 10,000 visitors and to generate $6.9 Ce finale of ABC’s /t, Michael Cole — _ who played Pete Cochrane on Squad we're still maintaining a dialogue with the National League of Cities. ’’ facility, the “Beeville prison will be erected mainly is with precast-concrete segments and “includes 23 structures, the company ’) - Said. The contract will be the second recently awarded to the company by the Texas Department of Criminal Justice. Earlier, the company was awarded the contract to build a -1,000-bed medium security prison near Dilly. - Morrison Knudsen Corp. is also engaged in prison construction projects in five other states. ~ a WESTERN MORTGAGE A N LO CORP. Orem Office 1875 South State Street Suite 1050 225-3821 Salt Lake Office 376 East 400 South 530-1700 ~ UNITED BANK Salt Lake Office 376 East 400 South 530-1800 West Jordan Office 7991 South Redwood Road 530-1835 Cottonwood Office 1845 E. 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