Black MBA - Spring 2008 - (Page 41)

Ron Fry and his nieces Madison and McKinzie. ing lines before starting his own line. Bryan says another friend owns a successful lawn mowing business. “They make me want to be on point,” he says matter-of-factly. “It truly sucks to be the one sitting around playing video games when your friends are actually getting involved in entrepreneurial deals and preparing for their future.” Dana credits maturity for Bryan’s hefty goals, which also include obtaining a job to save for college and investing in real estate. She believes her son’s desire to delve into real estate is prompted by the couple’s strong investment property portfolio, which currently includes more than 10 properties and will help them comfortably retire – strategic planning of which the kids are fully aware. But Dana says her daughters struggle with the concept of saving for Bryan’s trip abroad and saving in general. “The girls believe money grows on trees,” she says. “Most of their goals are short-term goals such as getting the latest cell phone. I’m trying to help them understand you have to plan for things you want or are trying to achieve.” Teaching the kids about financial sacrifices will no doubt prove beneficial down the road, Powell says. He added, “Being a family is a team effort. Hopefully, at some point in life, [the Davis girls] will need the support of their older brother and family… and they’ll need the family to champion them in their goals.” Dana says a vital part of her and her husband’s financial literacy includes promoting the need to “follow through.” “A lot of people cash in their 401(k) plan or saving accounts,” Dana says. “It’s important to keep those accounts for short- and long-term goals.” Powell agrees and says that the crux of teaching good investing and money management skills is open and honest dialogue. He also notes that Dana and Adrian’s real estate investments and Wal-Mart stock for Bryan are good reinforcements to boost Bryan’s financial literacy. “We’re visual learners,” Powell says. “You have to show the child how it’s done. If you don’t, someone else may show them something different… and negative.” CASE THREE: RON FRY Aunts, uncles and grandparents often think it’s their job to spoil extended family members with gifts and luxuries. Not necessarily, believes Ron Fry of Dallas, Tex. A bachelor without children, Ron takes an active role in the financial futures of his nieces, Madison (6) and McKinzie (8). He and his aunt, Marvella Holmes, set up mutual funds for the girls and contribute at least $100 to each account for birthday and Christmas gifts. His aunt contributes an additional $100 to each account monthly. Madison and McKinzie’s parents also have savings accounts and a 529 plan set up for their college savings. Although the girls don’t quite understand the full scope of investing given their young ages, Ron admits, “They’ll eventually understand how money works and how investing for long-term goals can BlackMBA • Spring 2008 41 Photo: Frank Lottt

Table of Contents Feed for the Digital Edition of Black MBA - Spring 2008

Black MBA - Spring 2008 Passion, Purpose and Power Contents Web Browsing From the President & CEO Up Front Advertising for Change CEO to CEO: Straight Talk with Barbara L. Thomas and Renetta McCann The New Executive Search Wealth Building: A Head Start on Investing and Saving Young Continuing Education: Lifelong Learning is Easier than You Think Making Good: Catching up with some of NBMBAA’s 2007 Scholarship Winners On Campus: Universities Win Grants to Fight Poverty Public Service: Does Your MBA Fit in the Government Sector? Bridge Building: Make a Career of Giving Back Steady Speed: Kim Harris Jones Shares what Drives a Successful Auto Industry Career Financial Planning: A New Way to Work Your MBA Global Focus: Keeping up with the Competition Clock On the Move: Member News, Promotions and More Industry Focus: Biotechnology, Energy, Food & Beverage, Global Media and Entertainment Employer Profiles: Campbell Soup, FINRA Financial Finesse: Denise Hales Harrod and CompuCredit Advocate for the Financially Underserved Creating Lasting Change: GE Impacts Quality of Life in Africa William W. Wells Jr.: Finding Strength in Diversity Leaders of Tomorrow® Community Service Program: NBMBAA® and Wal-Mart Partner to Reward Students Who Give Back Reaching Out: NBMBAA® Chapters Give Back to Their Local Communities How To… Buy a Franchise: Understanding the Basics of Acquiring a Franchise After the Gridiron: Keith Sims – Dunkin’ Donuts Franchise Confidential: Paul Hubbard – Papa John’s pizza Strength Through Adversity: Bob and Hortense Bobbitt – McDonald’s On the Ground Floor: Valerie Daniels-Carter – Pizza Hut, Burger King, Auntie Anne’s Use Your Superstar Status: Black Entrepreneurs Break into Japanese Economy Marketing Maven: Odyssey Media Entrepreneur Linda Spradley Dunn Staying the Course: Black Marathoners Share Lessons from the Race Relationship Forum: Soul-Mate Strategies for the Career-Minded Vacations that Matter: Travel to Make a Difference Advertisers Index

Black MBA - Spring 2008

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