Business Journal 20140103

BusinessJournal A MONTHLY PUBLICATION OF JOURNAL PUBLISHING AND THE COMMUNITY DEVELOPMENT FOUNDATION

Financial planning for the new year, Inside

January 2014

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BUSINESS JOURNAL

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It’s time to review your portfolio

E

veryone tries to start over in January.

We make NewYear’s resolutions.We join the gym again.We start a diet again.We start over in a lot of ways; it is a natural thing to do.

So as I look at the investment world through the lens of starting over, I think about what has changed over the quarter-century that I have been investing clients’ money and how you may change in 2014 for the betterment of your investment portfolio.

Investing is an ongoing process.

Technology gets better, which lends itself to better research and better understanding of what makes a good investment process.

In 1991, a team of researchers named Brinson, Singer and Beebower reissued a study originally done in the mid-1980s. Their study looked at how participants in large retirement plans actually achieved their investment results. What generated their returns? What they found was extraordinary at the time. They found that, on average, 5 percent of the total return of a portfolio came from security selection, 2 percent of the return came from market timing and 93 percent came from how investments were allocated between asset classes.

What was so significant about their findings was that in 1991, very few investors outside of the institutional market had a clue as to how their money was allocated between asset classes. Most investors spent virtually all of their time looking for the next great investment and looking for a good time to buy it (security selection and market timing).

As our industry has processed this study over the years, it has become fairly common place to see asset-allocation charts and graphs in client presentations. We have educated the investing world on the virtues of asset-allocation modeling, and I think we are better off for the effort. But as we embrace a new idea, we continually learn from it, and there is still

work to be done.

Investors and investment professionals are enamored with the idea of finding the next great investment. In the asset-allocation world, that idea changes to finding The Bull the next great money manager to fill your Session asset classes. Investment advisors spend SCOTT a lot of time and effort making sure that REED they can come up with the best-of-class investment managers to fill those slots.

With this shift in focus there has been a shift in focus by people who research our industry as well. Now that we have 20 years of research since the Brinson, Singer and Beebower study we have found some very interesting things.

you spend so much time trying to find a great manager when, in fact, you will probably fail. Active managers also open your portfolio to risks other than market risk. You now are accepting manager risk which can be significant. What happens to your portfolio if your manager is wrong for a long time instead of right? What happens to your portfolio if your manager retires, quits, or is fired and he/she is replaced by a 26-year-old -kid who has been in the business less than three years (this is based on a true story)?

So why not put the odds in your favor that you will have an aboveaverage return by buying a lowcost, passive investment and be the market less your expenses? Your expenses will be much less than the active managers, so if you have the same gross returns, you win.

One reason is that most investment professionals are still paid a commission for selling investment products to their clients and passive investments generally do not WORTH THE EFFORT? pay commissions to anyone. So The most significant finding was there is no incentive to use those that it might not be worth so much ef- products if you do not get paid to fort trying to find the next great manuse them. ager. In view of the fact that if you get it I think it is becoming a bigger right it will only account for around 7 hurdle for investors to jump. More percent of your total return, it may just investment professionals are using not be worth the effort. But when you what we call an “open architecture” look at research done by a number of platform which means that they sources, including Eugene Fama, will be paid a fee from the client for who won the Nobel Prize this year their services and they can then go for his work in this area, you find that out and find the most appropriate it is enormously difficult to find exinvestments for the client without ceptional managers. regard for who pays a commission.

As a matter of fact, Fama will tell So, as the new year commences, it you that most managers underper- may be time to sit down and look at form their comparable indexes and your portfolio. Find out what your most of those that beat their index true expenses are for that portfolio. If even over a long time frame are just you have no passive investments, lucky. His studies indicate that only find out why. If you don’t like the anabout 2 percent of active managers swer, you may want to do something truly have the skill to consistently about it. beat the index they are compared with. That is not a misprint. It is a SCOTT REED is CEO of investment miserably low number. advisory firm Hardy Reed in Tupelo.

If you believe his research is accu- Contact him at (662) 823-4722 or rate, then you have to wonder why sreed@hardyreed.com.

New mortgage rules focus on ability to pay BUSINESS JOURNAL

New home buyers as well as homeowners looking to refinance may be in for a new-year surprise.

New mortgage rules that go into effect Jan. 10 are aimed to avoid a repeat of the housing and credit crisis that spurred the Great Recession. But it may mean many borrowers will have more difficulty getting a loan.

The rules were a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

The biggest change is the new debt-to-ratio calculation.

The ratio compares the amount of money that is earned to the amount of money that is owed to creditors.

In other words, overall household borrowing can’t be more than 43 percent of its debt.

Financial institutions that originate mortgages and resell them on the secondary market to Fannie Mae and Freddie Mac are now prohibited from approving mortgages for anyone whose debt-to-income ratio is higher than 43 percent.

Prior to the so-called Ability-to-Repay rule, the ratio was 45 percent.

In addition, financial institutions’ mortgage

originating fees cannot be more than 3 percent of the total loan amount.

Previously, there was no cap.

Many analysts say the new rule will discourage many banks from pursuing loans for lowerpriced homes.

“Loans between $100,000 and $160,000 will be caught in the middle,” said Don Frommeyer, president of the National Association of Mortgage Brokers. “Until this is sorted out, we won’t know how the 3 percent rule will actually work.”

According to a U.S. News & World Report story, industry watchers say the groups most likely to find borrowing more difficult include: • First-time homebuyers, especially those having large student-debt loans that count toward the ratio; • People who lost jobs or have had career disruptions during the past five years.

• People who live in high-priced housing markets or in places hit hard by the housing market crash; • Small businesses or independent contractors with fluctuation income.

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Resolve to take time, plan ahead

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nvestors enjoyed a recordsetting year in 2013, with the S&P up more than 29 percent, the Dow up 26.5 percent and the Nasdaq up 38.3 percent.

But financial advisors say it’s never a good idea to count on repeat performances.

Timing the market is something nobody can do well, said John Hardy, president of Hardy Reed Capital Advisors in Tupelo.

Building wealth takes time and patience, and the temptation to chase after the “hot” stock could end up burning an investor.

“You have to always think of investing as a long-term proposition,” Hardy said.

A good new-year exercise for investors is to review their financial goals and objectives “They need to make sure they’re in line with what they

have in place,” said Chris Cole of Hilliard Lyons in Tupelo.

People also need to remind themselves why they’re investing and what DENNIS their long-term objectives are.

SEID “It might be educating kids, retirement, starting a business, whatever,” Cole said. “With that in mind, its important for people to understand all the tools they have available to them.”

For example, if you’re an employee working with a company that provides matching money to a retirement plan like a 401(k), don’t pass up the opportunity.

“That’s free money,” Cole said.

‘Investing in foreign markets reduces portfoliorisk while increasing returns. Because international markets are not perfectly correlated with our domestic markets. ... they often zig when ours zags.’

Alexander Green

Chief investment strategist for The Oxford Club Employees should also take advantage of health savings accounts and flexible spending accounts if their companies offer them.

As for how to invest your money, diversification is critical.

Reviewing your portfolio is critical – see Scott Reed’s column on page 2 for additional advice.

Be willing to invest outside the U.S., said Alexander Green, chief investment strategist for The Oxford Club.

“Diversify globally to boost risk-adjusted performance,” he said. “Investing in foreign markets reduces portfolio-risk while increasing returns. Because international markets are not perfectly correlated with our domestic markets. ... they often zig when ours zags.”

If you’re self-employed, you have your own unique set of challenges, but it’s important look out for your future, too.

Said Cole, “So many business

owners say their retirement plan is their business, and their plan is to build it and sell it. But you don’t know what you’re going to be able to sell it for. So it’s nice to have a fall-back plan in which you have assets earmarked for that.”

The self-employed have retirement tools like Simplified Employee Pension (SEP) plans and solo- or individual-401(k) plans.

Finally, no matter how your portfolio is structured, Hardy said investors shouldn’t just forget about it.

“I think every portfolio needs to be reviewed regularly,” he said, echoing the thoughts of his business partner, Scott Reed.

Time, after all, is money. But to make money, you have to spend some time on how you plan to make more of it. dennis.seid@journalinc.com

Most US workers unprepared for retirement

BY STUART PFEIFER MCCLATCHY-TRIBUNE

More than half of U.S. workers aren’t saving enough money to be able to cover essential living expenses in retirement, according to a recent survey

by Fidelity Investments.

The savings survey found that 55 percent of people will have trouble covering housing, health care and food expenses, Fidelity said.

The online survey of 2,200 households, performed from June through October, measured whether workers were on track to cover their estimated post-retirement expenses.

Of those who responded to the survey, 33 percent were on pace to cover 95 percent or more of their estimated expenses, including discretionary expenditures such as travel and entertainment; 12 percent would be able to cover living but not discretionary expenses; 14 percent were not on pace to cover living expenses and would have to make modest adjustments to their retirement plans; and 41 percent were

so underfunded for retirement they’d have to make significant lifestyle changes when they quit working.

“When you factor in the expectations many have of an early retirement, along with increasing longevity and sometimes overly conservative asset mixes for investments, you can see why many people are not as prepared as they need to be to cover their expected expenses in retirement,” said John Sweeney, Fidelity’s executive vice president of retirement and investment strategies.

Fidelity said workers can take several steps to improve their preparation for retirement, including: increasing the amount they’re saving, better allocating how their money is invested, and deferring retirement.

“Although it requires discipline and some tradeoffs, there are important steps people can take to accelerate their retirement savings and get closer to where they need to be in the long run, no matter what their age or income level,” Sweeney said.

The survey found that

baby boomers (born between 1946 and 1964) were best prepared for retirement, on pace to save 81 percent of what they’ll need in retirement and those from Generation Y (born between 1978 and 1988) were least prepared.

On average, the younger workers were on pace to have just over 60 percent of the money they’ll need to cover retirement expenses.

“This number is a concern, since the survey indicated many anticipate retiring early, despite the fact they probably won’t have the benefit of a pension, as their parents did,” Fidelity said in a news release. “The good news for this generation: Time is on their side, which means they can improve their situation by increasing their savings rate and investing for growth.”

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BUSINESS JOURNAL

JANUARY 2014

BUSINESS JOURNAL

JANUARY 2014

Q&A: How women can build a nest egg also face greater obstacles than men in attaining retirement security. They live longer, earn less, Mary Hunt was writing “The spend more time out of the SmartWoman’s Guide to Planning workforce and reap lower Social for Retirement” when she realized Security benefits, according to she wasn’t walking the walk. an AARP report.

As she was crafting the book’s Hunt recently discussed her strategies, which included own- recently published book and her ing your home outright, Hunt advice for women to improve and her husband happened to their financial health and prebe refinancing their Garden pare for their retirement.

Grove, Calif., home of 27 years.

“We didn’t take a lot of cash out, Q: IS YOUR BOOK more for single but we certainly had a mortgage or married women? that we could’ve never paid off,” A: I ADDRESS IT TO WOMEN of all Hunt, 65, admitted. “So while ages and all situations because I writing this book, we put our think there are fundamental house up for sale.” things every woman needs to Only 8 percent of women of achieve. For instance, know how all ages feel sufficiently eduto manage money. There are a cated about preparing for their lot of women who don’t have a retirement, according to a 2011 clue because their husbands survey by Transamerica. Women have done it. You can’t believe

BY MARNI USHEROFF MCCLATCHY-TRIBUNE

how many women wake up a widow suddenly and don’t know how to write a check or where the money is.

A money management system includes a budget. And if your expenses and income are so far apart, you have to know where you can cut back. I also think everyone needs an online savings account that’s tethered to her checking account because it’s so important to automate your finances as much as possible – like, 10 percent out of every one of my paychecks is going to go straight into savings.

Q: WHAT’S ONE OF THE MOST IMPORTANT STEPS a woman should take when planning her retirement?

A: EVERY WOMAN NEEDS TO KNOW how to build and maintain an

emergency fund for the unexpected – the refrigerator goes out, a child goes to the emergency room. The reason is so that you can start funding your own emergencies, rather than using credit cards. And when you fund something out of there, you’ve got to pay it back. It needs to be enough savings that you and your family could pay all of your bills for six months without any income. It trumps everything, including getting out of debt.

Q: CAN YOU EXPLAIN YOUR METHOD for getting out of debt?

A: ANYBODY CAN PAY BACK their debt using their minimum required payments as the foundation. Whatever is the total of your minimum payments right now – say it’s $298 – you make a commitment that, until I’m out

of debt, I will pay $298 every month (even as you pay off, say, individual credit cards). Also, your minimum payment goes down as your balance goes down, but you don’t lower the payment you’re making. You keep it fixed. As the first one pays off, you take its payment and add it to the next.

Q: HOW DID YOU COME UP with all these steps?

A: I’VE WRITTEN about these things all along, but never in the context of specifically for women in retirement. I looked at my own self. And what I want people to know is: You may have to do some drastic things. You may have to sell the house; you may have to move to a lower cost-of-living area, to another state. But you have to plan.

Asian-Americans spend more than US average

BY ANH DO

MCCLATCHY-TRIBUNE

Asian-Americans have emerged as the most prolific and impulsive buyers in the nation, according to a recent Nielsen survey.

They prefer Costco over Wal-Mart, brand names over generics and lead the nation as a demographic in online buying. As a group, their spending power outpaces the coveted millennials – those in their 20s and early 30s, according to Nielsen’s “Significant, Sophisticated and Savvy: the Asian-American Consumer 2013.”

Asian-American households, on average, boast in-

comes of $100,000 or more – earning more than general U.S. households and representing the highest among multicultural groups, according to the findings.

Asian-Americans are the fastest-growing multicultural segment in the nation, with a population of nearly 19 million, and with an increase expanding beyond the traditional hubs of the West Coast and New York City. Asian-Americans continue to swarm to urban areas, with all states except Hawaii experiencing 33 percent or more growth in the last year.

The survey also concluded that:

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SPENDING POWER

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ASIAN-AMERICANS ARE THE FASTEST-GROWING MULTICULTURAL SEGMENT in the nation, with a population of nearly 19 million, and with an increase expanding beyond the traditional hubs of the West Coast and New York City.

• Asian-American households spent 19 percent more than overall households in 2012, with much of the spending focused on food, transportation, housing, clothing and insurance.

• Asian-Americans tend to live with multiple generations under one roof, making shopping decisions based on culture, value, efficiency and convenience.

This population, compared with the general population, recorded more trips to warehouse clubs, mass merchandisers and drugstores.

• Asian-Americans lead in online buying, with 77 percent making an Internet purchase in the past year, compared with 61 percent of the general population.

Moreover, they are digital pioneers, adopting technology faster than any other segment and showing higher rates of smart-

phone use, online video consumption and Internet connectivity.

By 2017, Asian-Americans are expected to surpass $1 trillion in consumer buying power, “showing their influence and reach and the need for marketers to continue to offer culturally relevant materials,” said Betty Lo, vice president of public affairs for Nielsen, which conducted the survey.

Its first report on the consumer habits of the population emerged in 2012, and since then, “people have been telling us they’re hungry for a serious, thorough compilation,” leading to the current survey.

In-language and culturally sensitive programming and services are more crucial, she said, with nearly 70 percent of Asian-Americans speaking a language other than English. Chinese ranks as the secondmost popular foreign language in the U.S., after Spanish.

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Parents juggle challenges with retirement planning

BY RONALD D. WHITE MCCLATCHY-TRIBUNE

Financial planners like to see smooth waters for clients in their 50s: saving lots in the best earning years of one’s career, avoiding new debt, paying off the mortgage by retirement or soon thereafter.

Instead, Christopher and Robyn Reagan of South Pasadena, Calif., have weathered a storm of big events.

“We had just gotten to a point where we could afford to live in this house,” said Christopher Reagan about the couple’s 73year-old, three-bedroom, twobathroom home in South Pasadena, purchased in 1998.

“Then my daughter got pregnant, my son got into college and my wife lost her job,” he said.

To financial planner Delia Fernandez, founder of Fernandez Financial Advisory in Los Alamitos, Calif., the Reagans are an example of the increasingly common problem of older parents juggling college costs and retirement planning.

Twenty-three percent of Americans aged 50 to 70 say that their retirement savings have gone off track because they are supporting one or more of their grown children or grandchildren. Additionally, six in 10 parents support their adult children financially, and about 32 percent of adults 18 to 34 live with their folks.

The Reagans, both 52, also show how quickly a family can go from “white-knuckling, middleclass status,” as Robyn Reagan put it, to something less.

“They are the classic example of a family that has tried to do as much as they can for their children and now find themselves up against it,” Fernandez said.

Just a few years ago, the Reagans were headed in a different direction.

Robyn Reagan was the primary wage earner, bringing in about $72,500 working for a nonprofit.

For the first nine years as a parent, Christopher Reagan was a stay-at-home dad. He then became a teacher, he said, because “it was the best way to have a schedule that meshed perfectly with my children’s.” Now he teaches at the same middle school in Pasadena he attended in his youth.

The financial complications hit suddenly and multiplied rapidly.

The Reagans’ daughter, in her 20s, gave birth to a son in March 2012. Because neither the daughter nor her partner had jobs, the Reagans opened their home and supported a family of five for about a year.

The Reagans’ son began attending Boston University. He got $26,800 in scholarship money to help defray the cost of tuition, room and board, which totaled slightly more than $58,000.

The Reagans had refinanced an existing home equity loan with the ultimate goal of remodeling their home enough to raise its value. Had that happened, they would have had the option to sell or refinance their mortgage. Instead, some of that money went to pay for their son’s college costs.

Then Robyn Reagan lost her job in June after the federal funding for her position ran out.

“Within a year and a half,” Christopher Reagan said, “what had been smooth sailing had been tossed asunder.”

The couple are living on Christopher Reagan’s salary of $52,500 a year and finding that it isn’t nearly enough.

“We realize we need to plan for our retirement,” Robyn Reagan said, “but my 403(b) accounts are our only savings.”

Aside from $214,000 in retirement accounts, the Reagans have $260,000 in assets. Most of that is

Twenty-three percent of Americans aged 50 to 70 say that their retirement savings have gone off track because they are supporting one or more of their grown children or grandchildren.

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TIPS FOR SUPPORT

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TIPS FOR PARENTS to encourage independence if supporting adult children • Understand where your child is coming from. This will allow you to make a more informed decision about whether or not you want/or can help them through a rough spot.

• Examine your own financial situation. If helping your child means you won't be saving as much as you had hoped for your later years, you should reconsider.

Perhaps you can help in other ways. For example, you could draw on your professional connections to help him or her secure a higher-paying job. You also could offer to have your child live with you for a short period of time if he or she can contribute to household expenses.

• Pay attention to the request. Before you offer any money, find out why your child is asking, and consider the likelihood that he or she may seek your help again.

• Establish a plan. When you have agreed upon a plan, draw up a written contract.

The more seriously you take the situation, the more likely your child will, too.

• If you are loaning money outright, consider charging a small interest rate. Charging a small interest rate on money loaned will encourage your child to pay the money back in a timely manner and avoid borrowing in the future.

• Require adult children who live at home to help with household responsibilities, financial and otherwise. Parents should charge a small amount of rent to help pay for household expenses. This will encourage young adults to save and remind them that the situation is temporary.

Source. National Endowment for Financial Education

in the $235,000 value of their home. Their liabilities are steep, at $277,246. The $135,000 they owe on their home equity line of credit is more than what they owe on their mortgage ($85,500).

There is more than $31,000 outstanding in loans for their son’s education. In addition, the Reagans have $21,300 in credit card debt, and $9,300 is owed in more than what they owed on lease payments on their Prius V, their mortgage every month, at the rate of $423.35 a month. usually a good thing. But now, Fernandez said, the couple need CUTTING EXPENSES to stop doing that as they tighten ESSENTIAL their belt and concentrate on Fernandez said the couple debt with higher interest rates. need to make immediate The 13.48 percent interest rate changes. First, they need to on the couple’s credit card, Fersharply reduce spending to ad- nandez said, “is costing them big just to the current reality of a every month.” household earning $52,500.

Fernandez wants them to ne“I’m asking for them to budget gotiate a lower payment and intheir spending before they spend terest rate. it,” Fernandez said, “and to have a Christopher Reagan’s father plan. And they need to work on has generously offered to help that plan together every single with the grandson’s college debt. month.”

Fernandez said the couple Ever the thoughtful father, should accept.

Christopher Reagan had leased a Another option: Use the faPrius V, thinking it would be ther’s help to get out of that exneeded to help transport his tem- pensive Prius lease. Christopher porarily larger household. The Reagan “needs to go back to the lease is far too expensive, particu- dealership and see what it would larly “when you have lost more take to get out of this lease,” Ferthan half your income,” Fernan- nandez said. dez said.

But Fernandez said the most The Reagans had been paying important adjustment the couple

can make will involve Christopher Reagan’s making a decision he doesn’t want: staying in his job as a teacher, if possible, until he is 67.

“It is oftentimes the person who goes into teaching or works for the government, maybe in a lower-paying job than the other spouse, who winds up stabilizing the couple’s retirement. That could be the situation here,” she said.

If Christopher Reagan works another 14 years, giving him 23 years of total time as a teacher, he would have a pension of $27,000 a year. That might not sound like much, Fernandez said, but he would have to amass retirement savings of $650,000 to $700,000 over the same time span to achieve the same level of financial security.

“His pension is a huge deal,” Fernandez said. “They will definitely be in better shape if he stays there.”

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BUSINESS JOURNAL

JANUARY 2014

BUSINESS JOURNAL

Financial bullying can hurt marriages

BY CLAUDIA BUCK MCCLATCHY-TRIBUNE

There are bullies on the playground, in the classroom and at the office. Or perhaps right beside you at home.

Financial bullying among couples, whether they’re married or not, is a less visible but insidious type of intimidation and control. It can take many forms, from withholding money from a spouse’s bank account to demanding to see receipts for every shopping trip.

And it may be more common than we think. One in 10 respondents say their spouse or partner is a financial bully, according to a recent survey by CreditKarma.com, a personal finance website based in San Francisco.

“It’s eye-opening. A lot of people don’t realize the things that could be construed as bullying,” said Greg Lull, CreditKarma’s vice president of analytics.

With money often cited as one of the top causes of divorce, it can be extremely important to sort out the financial conflicts that trouble a marriage or long-term relationship.

“It comes down to using money as a weapon of power,” said Peter Cole, a Sacramento, Calif., chartered financial consultant, who also is a marriage therapist. “Financial abuse is used in almost identical ways to verbal, sexual or physical abuse – to control somebody and express anger and unresolved emotions.”

He’s seen couples where the wife was berated or overly scrutinized for al-

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buying frenzy – can be especially trying.

In a recent survey of couACCORDING TO A RECENT SURVEY of committed couples, those ples’ holiday spending, who feel financially bullied say their partner uses these tactics to more than a third of marcontrol or intimidate them: ried couples say they disagree on, lie about or hide their holiday spending.

Specifically, more than 50 Makes me feel guilty about my shopping habits. percent said they’ve paid with cash to conceal a large purchase and more than 10 percent took out a credit Limits my Makes me show receipts card in their own name to monthly spending. for all purchases. hide their spending, according to the survey by McGraw-Hill Federal Credit Union, a New Jersey-based Gives me an allowance/limits Keeps me from having network of East Coast my spending. credit cards. credit unions.

BULLYING TACTICS

37 PERCENT

34 PERCENT

20 PERCENT

18 PERCENT

17 PERCENT

11 PERCENT

8 PERCENT

Doesn’t let me go shopping alone.

Forces me to use coupons.

SOURCE: CreditKarma.com most any purchase beyond groceries. In another case, one spouse had access to the other’s 401(k) retirement account and secretly used it to invest in highly speculative stocks that drained the $500,000 account down to almost nothing.

“What happens with financial bullying is that communication has been really stymied,” said Cole, an assistant clinical professor of psychiatry at the University of California-Davis medical school. Although he keeps his marriage counseling separate from his financial advising practice, Cole says all too often financial and emotional issues overlap.

Battling over money can run the gamut, from financial bullying at one extreme to mere grumbling and irri-

tation over mismatched expectations.

In some instances, couples may be unaware of their fundamental differences toward money, even when living together. If they have separate credit card accounts and pay bills separately, they may not realize that one is teetering on the brink of insolvency while the other is diligently saving dollars toward bigger goals.

When there’s a clash of money management styles, it can breed resentment, arguments and worse. One partner thinks nothing of maxing out credit cards and never worries about paying bills on time. The other partner is horrified by overspending, late fees and other uncertainties.

And the holidays – when it’s easy to get swept up in a gotta-spend-money, gift-

COMMUNICATION IS KEY

A lot of it is simply how we were raised. Someone who grew up in a very frugal, tight-fisted household can’t understand why their partner spends so freely, which feels wasteful and financially risky. On the other hand, the person who grew up with plenty of money “cannot understand why their partner is being such a control freak,” Cole said. “A lot of times they just stop talking about (money) . but they’re disgruntled with each other.”

Miscommunications and misunderstanding may not rise to the level of financial abuse, but they can create tension and bad feelings.

The cure, experts say, is to talk: Talk about your past and how it affected your attitude toward money. Discuss a budget and establish shared priorities on spending. Listen to one another in order to reach compromises. And, experts say, these conversations should take place in a calm setting, not while you’re still steamed up over the latest Visa bill.

For instance, one spouse may resent what the other spends on clothes for work. But if a professional wardrobe is important to that person, then a couple need to find a compromise: an amount of spending that each can live with. Or a stay-at-home parent may feel bullied about everyday purchases by a working spouse who’s stressed as the sole wage-earner. In that case, Cole said, they TURN TO BULLYING, 15

JANUARY 2014

Moonlighting is the new money maxim

BY GREGORY KARP MCCLATCHY-TRIBUNE

New money wisdom doesn’t come along very often – most advice about earning, spending and saving has been the same from the Bible to Benjamin Franklin. But a new financial imperative has slowly emerged in recent years: moonlighting.

Having a freelance side gig to your full-time job, or a supplement to retirement income, is not only a good idea, but it’s also becoming a pers o n a l finance fundamental.

“I think there’s no other way to live, which may sound extreme. But no one, even a federal worker, can guarantee their job now,” said Kimberly Palmer, a personal finance writer for U.S. News & World Report and author of the upcoming book “The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life.” “I think everyone has to have something on the side.”

Apparently, many workers agree. About one-third of freelancers at the online freelance marketplace Elance have full-time jobs too, according to surveys by the company.

The advice to generate a side income might not rank up there with such money wisdom as “spend less than you earn,” “save 10 percent of your income” and “don’t carry credit card debt,” but it is decidedly good advice.

And the time is right.

The maturation of the Internet has made it easy, opening new sources of income and facilitating others. For example, a popular

blog can generate money with plug-in ads. And several websites post freelancing opportunities, making side jobs easier to get.

The time is also right because of shifts in the labor market. Not only has job security all but disappeared, but the attitude of employers toward moonlighting has turned from negative to, in many cases, positive. Your employer might even encourage it.

Developing a side hustle isn’t a new idea, but now might be the right time to recommend it to most everyone with a fulltime job. Here are a few questions and answers to get you thinking about your new side gig.

WHY WOULD I WANT A SIDE JOB? Making extra money is really only the starting point, but an important one.

Extra cash gives you financial breathing room and can help pay for all those other financial imperatives, such as building an emergency fund, saving for kids’ college and getting out of debt.

And many side gigs could be ramped up if you ever lost your full-time job, cushioning the blow of an unexpected layoff while you conduct your full-time job search, for example.

Just as important, you build entrepreneurial skills with a side business that you might not develop in your full-time job.

WHAT SIDE GIG CAN I DEVELOP? Many side-giggers use their existing career skills, although others want to pursue hobbies and passions unrelated to their full-time jobs – perhaps an accountant playing guitar in a rock band at night.

Not only has job security all but disappeared, but the attitude of employers toward moonlighting has turned from negative to, in many cases, positive. Your employer might even encourage it.

TURN TO MOONLIGHTING, 15

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ChamberConnection 2013 By The Numbers A publication of Journal Publishing and the CDF Chamber Division – January 2014

CDF A Year in Review

Welcome to 2014. Before we leave 2013 behind, take a moment to glance back with us as we review some notable numbers and spactacular achievements of the past year.

1872

700

150

The number of hours CDF Ambassadors volunteered this year at events.

Their work is invaluable!

The estimated number of people who attended Business After Hours at the Mitchell Distributing Warehouse to network and view the visiting Budwiser Clydesdales.

The number of CDF members who participate in ChamberAdvantage.

See the discounts available by visiting www.cdfms.org/chamberadvantage.

95

26

8

7

6

The number of ribbon cuttings held in 2013 The percentage of Lee County’s workforce that is attributed to manufacturing jobs. The to celebrate grand openings, remodels, national average is 9%. anniversaries and other achievements.

Where the C2ER Cost of Living Index ranks Tupelo, Miss., in their list of the least expensive places to live in the United States.

See the others on page 11.

Where the Tupelo Film Festival placed in another Livability ranking of the country’s most amazing film festivals.

Where the Tupelo Automobile Museum placed in Livability’s ranking of the nation’s most fun and unusual museums.

1

As in first place! Tecumseh Products Company’s recent expansion won Mississippi Economic Development Council’s annual Community Economic Development Award.

These are just a few of many recognitions received by our members and the community we live in. We are excited about the prospects of 2014. We have a lot to look forward to!

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A CDF

CHAMBER CONNECTION

Chamber Focus If you are waiting with anticipation for the next Economic Forecast Conference, I have great news. The sponsors of this annual conference have decided to design a new version of the conference that will look at the year ahead from a broader perspective while increasing the appeal to a larger audience.

The new conference will take place in JanGeddie uary 2015. Even though no conference will be held January 2014, know that planning has already begun for 2015.

I would like to offer a special thank you to the conference sponsors for their commitment to this task: • BancorpSouth • BNA Bank • CB&S Bank • CDF • Community Bank • First American National • Hardy Reed, LLC. • Journal Inc. • Regions Bank • Renasant Bank • Trustmark National

New CDF Members The Black Sheep Boutique Ms. Kristi Martin 136 S Industrial Rd. Tupelo, MS 38801 (662) 790-4598 www.theblacksheepboutique.net Retail & Specialty Shops Tupelo BNI Ms. Katie McMillan P.O. Box 7004 Tupelo, MS 38802 (662) 680-6999 www.bnimidsouth.com Organizations Bombay Grill, LLC Mr. Pritpal Singh 365 S Gloster St. Tupelo, MS 38801 (662) 840-1414 Restaurants & Catering D&S Service Center Mr. Mark Covington 5464 Cliff Gookin Blvd.

Tupelo, MS 38801 (662) 840-4408 Automotive

Northeast Mississippi Birthing Project Ms. Toni Hill 1800 W Main St., Ste. 201-D Tupelo, MS 38801 (662) 269-3123 www.nemsbirthingproject.com Health Care Premier Fabrics Ms. Meg Curtis 2845 Southland Dr. Tupelo, MS 38801 (662) 269-3265 www.premierprintsinc.com Fabrics Stash Home Mr. Greg Roy 930 Commonwealth Blvd.

Tupelo, MS 38804 (662) 260-3226 www.stashhome.com Furniture

Community Development Foundation’s 2013-2014 Board of Directors CDF’s goals and objectives are accomplished through the efforts of members appointed to committees operating under one of CDF’s three divisions: Chamber of Commerce, Economic Development, and Planning and Property Management.

2013-2014 Executive Committee Mr. Tillmon Calvert Mr. Scott Cochran Mr. Clay Foster Mr. Bryan Hawkins Ms. Blair Hughes

Mr. Guy Mitchell, III Mr. Barry Smith Ms. Jane Spain Mr. Buddy Stubbs Dr. Dick White

2013-2014 Board of Directors Nettie Davis Mike Eaton Doug Formby Clay Foster Chauncey Godwin, Jr. Julianne Goodwin Bryan Hawkins Lisa Hawkins Reed Hillen Frank Hodges Shane Hooper Blair Hughes Trentice Imbler David Irwin Jamie Kennedy

Speaker: John O’Hara Mississippi Better Business Bureau CEO

Learn what consumers are saying about trust in the marketplace and how your business can earn trust with consumers.

Wednesday, January 15 11:45 - 1:00 PM CDF Boardroom $10 for members. $20 for non members.

A Community Development Foundation event.

Vice President Chamber of Commerce

Mike Armour Bernard Bean Jim Beane Roger Bland David Brevard Mark Burleson Bo Calhoun Tillmon Calvert Gary Carnathan Grace Clark Mike Clayborne V.M. Cleveland Scott Cochran Fred Cook David Copenhaver

“Consumer Trust in Business”

Registration required.

Space is limited.

Karen Geddie

Mr. Chauncey Godwin, Jr., Chairman Mr. Shane Hooper, First Vice Chairman Ms. Lisa Hawkins, Second Vice Chairman Mr. David Rumbarger, President/Secretary Mr. David Copenhaver, Immediate Past Chairman

JANUARY 2014

Bob Kerley Jeff King Gearl Loden Neal McCoy Robin McGraw Larry Michael Guy Mitchell Ted Moll Mabel Murphree Mary Pace Jim Pate Aubrey Patterson Jason Shelton Darrell Rankin Harry Rayburn

Jack Reed, Jr. Scott Reed Eddie Richey Drew Robertson Chris Rogers David Rumbarger Barry Smith Bobby Smith Jane Spain Gary Sparkman Buddy Stubbs Kiyoshi Tsuchiya Jimmy Weeks Dick White Tollie White

2013-2014 Ambassadors Club Don Arthur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mutual of Omaha Jesse Bandre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exceed Technologies Betty Baxter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bishop's BBQ Grill Belinda Brooks . . . . . . . . . . . . . . . . . . . Heartland Payment Systems N MS Stephanie Browning . . . . . . Hampton Inn & Suites Tupelo/Barnes Crossing Cindy Childs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mall at Barnes Crossing Shirley Curry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Crye-Leike, Realtors Sheila Davis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PPI, Inc. Barbara Doles . . . . . . . . . . . . . . . . . . . . . . . . . . . Trustmark National Bank Demetria Donelson . . . . . . . . . . . . . . . . . . . . . . . . . . The Hannahouse ADC Becki Duffie . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kelly Services Romanda Fears . . . . . . . . . . Hampton Inn & Suites Tupelo/Barnes Crossing M. O. Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Water Depot of Tupelo Toby Hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shelter Insurance Jim Jolly . . . . . . . . . . . . . . . . . . . . . . . . . Cracker Barrel Old Country Store Dana Lewis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Crye-Leike, Realtors Bea Luckett . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRI, Inc. Realtors Brad McCully . . . . . . . . . . . . . . . . . . . . . . . Sportsman Lawn & Landscape Katie McMillan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Key Staff Source Holley Meriweather . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Community Bank Leigh Monroe . . . . . . . . . . . . . . . . . . . . . . . . . Main Street Family Dentistry Carolyn Moss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quality Inn Ricky Orr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Renasant Bank Allen Pegues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Premium Productions Mendy Ramey . . . . . . . . . . . . . . . . . . . . . . . . Renasant Mortgage Lending Torrie Robertson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Scruggs Lawn Care Connie Snell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Beginnings Mary Sue Tudor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lamar Advertising Lisa Wadley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sylvan Learning Center Ross Weems. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BancorpSouth Stephanie West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Best Western Plus Grady Wigginton . . . . . . . . . . Legal Shield - Grady Wigginton & Associates June Wigginton . . . . . . . . . . . Legal Shield - Grady Wigginton & Associates

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We caught up with our Chamber members and asked, “What are your New Year’s resolutions for your job or business?”

“Our resolutions for the coming year ing this year, expecting success and are to increase revenue by at least new business relationships for 2014!”

10%, increase awareness of our web Alexis Mullen to print branded storefront technology, Vista Ridge Apartments and expand our geographic reach into northwest Alabama” ••• Gerald Drumwright PPI Inc. “Endocrinology Consultants, PLLC plans to increase its marketing and ••• public relations efforts in 2014 to highlight the state of the art, comprehen“My New Year Resolution is to make a sive, and accessible patient care that sincere effort to strive to help someone we continue to provide the residents of each day.” north Mississippi, southwest TenPat Rasberry nessee, and northwest Alabama.”

Tupelo Convention and Dr. Mark D. Shepherd Visitors Bureau Endocrinology Consultants, PLLC •••

•••

“My goal for 2014 is to find more ways to serve our customers with our evergrowing solutions for business & government entities. I will continue to educate myself on future technologies while seeking to maintain that personal relationship with our customers that has helped us build the C Spire Brand.”

Michael Tim Long C Spire Business Solutions

“Chase Computer Services plans to provide custom software and web development solutions for at least ten new clients in 2014.”

Stephanie Simmons Chase Computer Services

••• “Vista Ridge’s New Year’s resolution is to become more involved in the community by volunteering for more events and hosting more parties. We are end-

PAGE 9

Happy new year from CDF 20/20 VISION CENTER

••• “To provide the safest and healthiest work environment for our employees to create high quality, superior window covering products for our excellent customers.”

Mike Robinson Hunter Douglas

20/20 Vision Center held a ribbon cutting to celebrate its grand opening at 499 Gloster Creek Village, Ste. F3 in Tupelo. Dr. Maurice A. Clark and staff offer comprehensive eye services and a complete line of high quality contact lenses and eyewear in its optical shop. For more information or to make an appointment, call (662) 350-3676 or visit 2020visioncenterms.com.

CHILI’S

2014 SCHEDULE OF EVENTS Friday, March 7 Friday, June 6 Friday, September 5 Friday, December 5 cdfms.org/events

Interested in starting a business? Let the Renasant Center for IDEAs and the MS Small Business Development Center help you get started.

In celebration of its redesigned space, Chili’s held a ribbon cutting. Chili’s serves a variety of dishes from grilled burgers to fajitas in a fresh, spacious atmosphere highlighting its southwestern heritage. Visit chilis.com or call (662) 620-8883 for take-out orders, or dine in at 3196 N Gloster St. in Tupelo.

‘Starting a Business – First Steps’ January 7 1:00pm – 2:30pm

‘How to Develop a Business Plan’ January 14 1:00pm – 2:30pm

‘Starting a Business – First Steps’ January 23 1:00pm – 2:30pm

To register for a workshop or for more information, contact Charles Killebrew at 1-800-725-7232 or umsbdc3@olemiss.edu.

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CHAMBER CONNECTION

JANUARY 2014

CHAMBER CONNECTION

JANUARY 2014

D&S SERVICE CENTER

PIZZA PRO

A ribbon cutting was held to celebrate the new ownership of D&S Service Center.

Located at 5464 Cliff Gookin Blvd. in Tupelo, D&S Service Center and its experienced mechanics offer various automotive repair and maintenance services. Walkins welcome or call (662) 840-4408 to schedule an appointment.

A ribbon cutting was recently held a Pizza Pro. Pizza Pro is located at 3870 Market Center Dr. in Tupelo and offers express, carryout, and delivery options as well as a full buffet of pizza, wings, and dessert pizzas. Contact Pizza Pro at (662) 350-3498 or by liking them on Facebook.

Are you interested in promoting your business with a ribbon cutting?

Contact Emily Addison at (662) 842-4521 or eaddison@cdfms.org.

For All Your Industrial Recycling Needs!

At Tupelo Recycling, we serve a diverse list of clients – ranging from small grocery stores to Fortune 500 Companies.

CONTACT US TODAY To See How We Can Help You with All Your Recycling Needs!

We gladly accept cardboard, plastics, newspaper and magazines from the public.

669 WESTMORELAND DRIVE / TUPELO / 662-407-0708

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Tupelo Micropolitain: Top 10 Least Expensive Places to Live Tupelo ranked as the 7th least expensive place to live in the United States at 85.8%.

Among 306 urban areas participating in the third quarter 2013 C2ER Cost of Living Index, the after-tax cost for a professional/ managerial standard of living ranged from more than twice the national average in Manhattan, N.Y., at 221.3%, to more than 20% below the national average in Norman, Okla., at 82.4%.

The C2ER Cost of Living Index is compiled and published quarterly by C2ER, an association of community and economic development research professionals.

The composite index is based on six components – housing, utilities, grocery items, transportation, health care and miscellaneous goods and services.

The Ten Most and Least Expensive Urban Areas in the ACCRA Cost of Living Index (COLI) Third Quarter 2013 National Average for 306 Urban Areas = 100 Most Expensive

Stamford, CT: 143.3 Boston, MA: 140.1 Manhattan,

Least Expensive

NY: 221.3 San Francisco, CA: 159.9

Youngstown/ Warren, OH: 85.5 Covington, KY: 85.7

Oakland, CA: 159.9

San Jose, CA: 159.9 Norman, OK: 82.4

Pueblo, OK: 82.5

Memphis, TN: 84.9

Honolulu, HI: 167.5

Hilo, HI: 149.1

Close the deal at Park Heights.

A business meeting like no other! Private rooms available 335 East Main Street Fairpark District | Historic Downtown Tupelo Lunch: M-F 11am-2pm | Dinner: M-S 5:30-10pm 662-842-5665

www.parkheightsrestaurant.com

Harlingen, TX: 83.4

Queens, NY: 151.4

Birmingham, AL: 85.9

Tupelo, MS: 85.8

Sherman/ Denison, TX: 86.2

Brooklyn, NY: 221.3

Augusta, GA/ Allen, SC: 85.8

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CHAMBER CONNECTION

JANUARY 2014

CHAMBER CONNECTION

Gain Business Exposure at CDF Roundtable Events

JANUARY 2014

BOMBAY GRILL

WHAT IS a business roundtable?

THE CHAMBER'S FREE BUSINESS ROUNDTABLE offers an important educational, promotional, and networking opportunity to businesses of all sizes. The event agenda features brief, informative reports given by 10 CDF Chamber member businesses to over 50 members at each meeting.

HOW CAN BUSINESS ROUNDTABLE EVENTS help my professional network grow?

BUSINESS ROUNDTABLE MEETINGS offer a variety of discussions encouraging active engagement between CDF Chamber members representing a wide range of occupations from contractors, medical professionals, non-profits, retail, restaurants, and more. By joining these roundtable discussions, CDF members facilitate the growth of our business community and local economy, as well as gain exposure while making effective connections throughout the Chamber network.

Business Roundtable Wednesday, January 22 4:00 p.m.

398 E Main St. CDF Boardroom CDF Center

Bombay Grill recently held a ribbon cutting. Serving authentic Indian food with exotic herbs and spices from its lunch buffet and menu, Bombay Grill opens daily at 11 a.m. for lunch and dinner. Enjoy the ultimate Indian food experience at 365 S Gloster St. in Tupelo. Bombay Grill can be contacted at (662) 840-1414 or on Facebook.

CHARLIE’S CATFISH

For more information or to appear on the agenda, contact Karen Geddie at (662) 842-4521 or kgeddie@cdfms.org.

‘As the advertising director for the Daily Journal, attending CDF’s Business Roundtable is important in order to find out about new or expanding businesses in our area. I also have time to network with area business owners, including existing and prospective clients, before and after the meetings. The meetings are casual and fun. Come join us.’

Richard Crenshaw

CDF Business Roundtable Chairman

THE BLACK SHEEP BOUTIQUE

A ribbon cutting was held at Charlie’s Catfish. Charlie’s Catfish is open Thursday – Saturday for lunch and dinner serving a Southern plate for lunch and an all-youcan-eat, Mississippi farm-raised catfish buffet for dinner. Available for dine-in or carryout, Charlie’s Catfish is located at 2299 Hwy 145 in Saltillo and can be contacted at (662) 869-5998.

Have you checked your online membership listing lately?

The Black Sheep Boutique held a ribbon cutting in celebration of its grand opening.

The Black Sheep Boutique specializes in women's clothing, handbags, unique jewelry, and gifts available for purchase in-store or online. Located at 136 S Industrial Rd. in Tupelo and online at theblacksheepboutique.net, The Black Sheep Boutique can be contacted at (662) 790-4598 or on Facebook.

Please visit our online membership directory at www.tupelochamber.com, and check your membership listing for accuracy.

Contact us at (662) 842-4521 or zhereford@cdfms.org to update your information.

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FAME CREATIVE

Diners enjoy a meal at Neon Pig, a restaurant utilizing fresh and local ingredients on their menu.

Fame Creative held a ribbon cutting to celebrate the grand opening of its new location. Located at 499 S Gloster St., Ste. F1, Fame Creative offers creative design and superior printing services including logo design, branding consulting, advertising design, graphic design, corporate stationery, brochures, and more. Visit famecreative.com or call (662) 213-4710 for more information.

RENASANT MORTGAGE LENDING

In celebration of its new location at 305 S Broadway in Downtown Tupelo, Renasant Mortgage Lending held a ribbon cutting. For over 100 years, Renasant Bank has built long-term relationships with its customers by offering excellent service, innovative products, and competitive pricing. For more information about Renasant Mortgage Lending, call (662) 680-1040 or visit renasantbank.com.

AMBASSADOR OF THE MONTH Shelter Insurance Agent Toby Hedges was named Ambassador of the Month for November. Toby attended 14 events, mentored a CDF member, and volunteered four hours during the Annual Tupelo Christmas Parade.

Congratulations, Toby!

Local Flavor

Eating local is now easier than ever. According to a recent Quick Service Restaurant magazine report, “Consumers say that sourcing their food locally is becoming increasingly important for them; half of adults (51 percent) say that it is important for restaurants and markets in their local area to purchase produce and other ingredients from local farms in their area.”

Chamber members Neon Pig and sister restaurant, Kermit’s Outlaw Kitchen (KOK) in Downtown Tupelo, focus their menu entirely around “eating local,” bringing high quality food to diners while supporting the area’s local food market.

An unassuming butcher shop and café tucked into the Crye-Leike Plaza is not the place you would expect to find a gourmet meal with local ingredients, but that is exactly what’s on the menu at Neon Pig. Open since January 2012, childhood friends and owners, Mitch McCamey and Seth Copeland opened Neon Pig with the intent of encouraging patrons to support the community by dining-in or taking home high-quality food that is fresh, healthy, and local.

“The Neon Pig is one of probably 30 of these oldschool butcher shops in the county. For a restaurant to be able to source all of its meat locally and have its own butcher shop is pretty rare,” Mitch shares.

A selection of meat from Neon Pig’s butcher shop.

Supplying both restaurants with its meat, the butcher shop also sells seafood, chicken, sausage, bacon, other types of charcuterie, and more.

The restaurant’s farmto-fork commitment is evident with its ever-changing menu dependent on seasonal availability of local produce in addition to its hit staples such as po’ boys, pork tacos, and its smash burger made of aged filet, rib eye, NewYork Strip, sirloin, and Benton’s bacon.

“Our beef is local, our chicken comes from Pontotoc, even our pigs from Oxford are fed the leftover hops from brewers in Yalobusha County whose beer we also serve. It’s really awesome to be see things come together full circle, especially after we hand a local farmer a large check and they stay in town and spend their money locally as well,” said Mitch. The Neon Pig and KOK both support the business community by serving food from other

local eateries. “Our bread is from Margarete at Simply Sweet by Margarete, our desserts are from Sugaree’s Bakery,” he added.

For Mitch, the community has proven to be just as committed to the cause as his and Seth’s restaurants.

“The only reason we are able to do this so successfully is because we are in Tupelo. Tupelo is the most special place I have ever lived because it has so much to it. We couldn’t do it without the local farmers and without the community and the great group of supporters that we have. I know that if others are willing to give it a try, they will love it,” said Mitch.

For more information, visit the Neon Pig and KOK on their Facebook pages or visit neonpigcafe.net.

Neon Pig can be contacted at (662) 269-2533 and is located at 1203 N Gloster St., Ste. F KOK is located at 124 W Main St. in Downtown Tupelo, and can be contacted at (662) 620-6622.

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CHAMBER CONNECTION

JANUARY 2014

CHAMBER CONNECTION

GET NOTICED

JANUARY 2014

THE MILL AT McCULLOUGH

Maximize your business exposure through your CDF membership provided benefits.

CHAMBER LOGO AVAILABLE TO MEMBERS

Recent research by The Shapiro Group has shown that by just being a member of a chamber of commerce, consumers are 73% more likely to be aware of a business, 68% more likely to think positively of its local reputation, and are 80% more likely to continue to do business there.

Show your chamber support by displaying your free CDF Chamber Member logo adhesive and membership plaque at your place of business.

A free, digital membership decal is also available to use on your website, social media posts, and marketing materials!

Contact Emily Addison at eaddison@cdfms.org.

CHAMBER CONNECTION 2.0 (CC 2.0) E-NEWSLETTER

With nearly 2,000 subscribers, members are strongly encouraged to submit announcements, advertisements, awards, etc. for CC 2.0.

Promotion through the CC 2.0 is a great, FREE benefit of your CDF membership! For more information visit cdfms.org, or contact Mallory Rutledge at mrutledge@cdfms.org

CHAMBERADVANTAGE

CDF’s ChamberAdvantage affinity program features exclusive chamber member discounts, products, or services offered by program participants. Click here for a full list of participants.

To join ChamberAdvantage or for a ChamberAdvantage QR-code key fob, contact Emily Addison at eaddison@cdfms.org.

RIBBON CUTTING CEREMONIES

Promote anything announcementworthy related to your business with a ribbon cutting!

Take advantage of this ‘photo op’ and free publicity for your business that includes a picture and brief business profile published in an upcoming issue of the Northeast MS Business Journal Chamber Connection, the Chamber’s e-newsletter (with included clickthrough to your website), and our Facebook page.

WEB REFERRALS

Thousands of referrals are made on the website each year. Increase your accessibility through keywords. Keywords include any word relevant to a business.

Using the right keywords will direct more traffic to your membership listing.

For example, Joe’s Fishery might want to add the words “shrimp” and “tuna” to their list of keywords. Only

you know the magic words to draw customers to you.

Simply e-mail a list of those words to our membership director, Emily, at eaddison@cdfms.org and watch your referrals grow.

LIVABILITY TUPELO/LEE COUNTY MAGAZINE

Advertise in this annual, CDF-sponsored quality of life magazine distributed to all CDF members, including area hotels, health care facilities, restaurants, and more.

The magazine is also available to read online at cdfms.org.

The Mill at McCullough held a ribbon cutting in celebration of its grand opening. Located at 3400 McCullough Blvd. in Belden, this gated community offers 1 and 2 bedroom apartments with a wide array of upscale amenities including hardwood style flooring and gourmet kitchens. Monthly rent includes a full size washer and dryer, high speed Internet, DirecTV, and phone. For more information call (662) 840-0023 or visit www.themillatmccullough.com.

TUPELO AQUATIC CENTER

BUSINESS ROUNDTABLE

Join fellow CDF members at this bimonthly networking meeting as they give brief, informative reports. Held the fourth Wednesday of every other month in the CDF boardroom, the Business Roundtable agenda features ten CDF member businesses.

Over 50 member businesses are represented at each meeting.

To appear on the agenda, contact Karen Geddie at (662) 842-4521 or kgeddie@cdfms.org.

BUSINESS AFTER HOURS

Business After Hours offers members the opportunity to meet other business representatives, exchange ideas, and make important long-lasting bonds in a relaxed social setting, while giving the hosting business an opportunity to showcase the workplace and gain valuable exposure.

Held bi-monthly from 5 – 6:30 p.m., Business After Hours events are free for CDF members.

Non-members are also welcome for only $5.

Pre-registered guests will have a printed nametag waiting for them at the door.

The Tupelo Aquatic Center celebrated its grand opening with a day full of activities including a ribbon cutting. The world-class facility located in Veterans Park offers public swimming classes as well as recreational swim time, and more. For more information, visit tupeloms.gov or call the Tupelo Parks and Rec Department at (662) 841-6440.

MURPHY ENGINEERING

TASTE OF TUPELO

The “Taste of Tupelo” is a regional trade show and premier networking event for the entire community.

It offers businesses, industries, caterers, and restaurants the opportunity to provide product demonstrations, complimentary samples, and first-hand information about their goods and services.

Guests enjoy sampling a variety of delicacies while visiting business exhibitor booths.With over 90 exhibitors, The Taste of Tupelo draws a crowd of over 1,300 attendees and is the premier business-networking event in North Mississippi.

The 2014 Taste of Tupelo is tentatively scheduled for November.

In celebration of its new location at 341 N Green St. in Tupelo, Murphy Engineering held a ribbon cutting. As a Mechanical, Electrical, and Plumbing (MEP) engineering firm, Murphy Engineering’s broad range services consolidate a client’s engineering needs through one firm. For more information, call (662) 350-3961 or visit murphyenginc.com.

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PAGE 14

Mortgage FROM PAGE 2

owed people also could see their finances face additional scrutiny; • Homeowners who want to refinance but have lost some or all of their equity; • Retirees with adequate savings to buy or refinance, but lack of current income makes borrowing more difficult.

However, the rules do not apply to HELOCs (home-equity line of credit), reverse mortgages

or timeshare plans.

In addition, not all lenders are covered by the new rules.

Those exempted include HUD-designated down payment assistance creditors, state and local government finance agencies, community development financial institutions, Community Housing Development organizations and nonprofit lending agencies. Also, community banks that meet certain requirements are exempt from having a debt-to-ratio limit.

The Mortgage Bankers Association has argued that

Moonlighting FROM PAGE 6

A sampling to get you thinking: Information technology consultant, writer/blogger, tutor, speaker, Web developer/app developer, graphic designer, social media consultant, marketing/public relations consultant, photographer/videographer, home organizer, yoga teacher, career coach, handyman.

mortgages already are eight times more difficult to get now than before the housing collapse of 2008-09.

The Consumer Financial Protection Bureau, which is charged with implementing the new rules , says it will closely monitor the housing market to see if credit has been restricted too much by the new rules.

In another move, the Federal Housing Administration (FHA) said in early December it is lowering its loan limit from $729,750 to $625,500. The amount matches Fannie Mae’s and Freddie Mac’s caps on conventional loans.

Palmer suggests starting your own endeavor rather than paying someone else for a prepackaged business opportunity, such as multilevel marketing or workfrom-home schemes.

You’ll want to avoid a side job that’s an obvious conflict of interest with your full-time job or that violates company policy. But don’t assume your employer will object.

HOW DO I FIND THE TIME? There’s no magic answer to that. Palmer, in more than 100 interviews with people with side gigs, found

PAGE 15

Bullying FROM PAGE 6

need to sit down and listen to each other’s worries and concerns. It may be helpful for them to do the grocery and household shopping together. Or take a joint look at the checkbook, in order to get a handle on financial realities and shared priorities.

“The key is to communicate with each other so you’re aware of each other’s needs and pressures,” Cole said. “Once you unpack those things and the values

common themes, though. They included getting up especially early, often 5 a.m., to work on a side business, spending less time watching television and reading Facebook, and using slivers of downtime, such as a commute, to be productive.

It’s possible. Palmer manages her online store and writes books, despite holding a fulltime job and raising two young children.

One caution is to avoid “daylighting,” using your full-time employer’s time or equipment to

behind them, you’re in good shape. You understand each other and are in a place to compromise where people don’t feel judged.”

There are many routes to financial harmony. It might require working with a marriage counselor or a financial adviser to untangle the unhealthy patterns and habits involving money.

Couples also can obtain help through nonprofit credit counseling centers, like the National Foundation for Credit Counseling, at (800) 388-2227.

Some churches offer money management work-

work on your side job.

HOW MUCH SHOULD I SPEND? A key to developing a successful side job is to keep expenses low.

Don’t make the mistake of buying expensive office furniture or equipment in anticipation of starting a business.

Use free tools to build a website and market via social media.

“The infrastructure is out there for you to use for virtually nothing,” Palmer said. “Until you start earning money through your side business, you should try to spend no money or very little.”

shops for couples, and some nonprofits offer counseling on marital communication. If the financial bullying is extreme, anger management classes or other professional help may be in order.

Tech-savvy couples may prefer using sites like CreditKarma or Mint.com, which let you track your finances together. You can follow spending patterns and set financial goals, such as buying a new car, taking a ski vacation, saving for a down payment on a house.

Or even determining how much to spend on holiday gifts.

ALCOHOLICS ANONYMOUS is a fellowship of men & women who share their experiences, strength & hope with each other that they may solve their common problems & help others achieve sobriety.

Call 662-213-5606.

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BUSINESS JOURNAL

JANUARY 2014

BUSINESS JOURNAL

JANUARY 2014

Business Directory Apartments Homes

Bank

Automotive Commercial Vehicles

Barley Court Apartments

1608 S. GLOSTER TUPELO

Accepting applications for 1, 2, 3, & 4 bedroom Affordable Housing

Call Robin Barnett today!

662-841-8743 rbarnett@trustmark.com

840 Barley Court • Tupelo, MS 38801

662-566-2553

M-F 9am - 12pm • 1 pm - 5 pm Office Manager: Melissa Phelps

Apartments Homes

Affordable Luxury Apartment Homes 1, 2 & 3 Bedroom

111 Grand Ole Oaks Drive Belden, MS 38826 Carey Wilson Manager

office: 662.823.1470 • fax: 662.823.1474 • cell:662.231.7508

THE FAST LANE FOR SMALL BUSINESS

CALL JIM BROWN 662.231.2392 Automotive Services

Ratliff Body and Glass 365-8245

431 W Main Suite 201 Jamie Osbirn Ron Roper Leslie Stacy

www.GrandOleOaks.com Appraisals & Realty

Automotive Services

1359 CR 811 Saltillo, MS 38866

State Certified Residential Real Estate Appraiser ~ MS License #RA-830

“Appraising Properties Since 1997”

662.844.3419 fanb.net

Member

FDIC

Bath Remodeling Shower Remodeling Tub-To-Shower Conversion Bathroom Accessories Handicap Accessible

Foreign - Domestic

• Insurance Claims Welcome • Free Estimates • Body & Paint Repair “We Specialize in Frame Work”

1875 Nelle St. Tupelo, MS

844-0260

FREE IN HOME ESTIMATE

www.bathfitter.com Give Us One Day… We’ll Give You A Beautiful New Bathroom!

Licensed And Insured

662-205-8548

2015 McCullough Blvd. • Tupelo, MS 38801

Bank

Auto Detail

Equal Housing

LENDER

Bath Remodeling

RICK’S CHASSIS WORKS

Bus. (662) 842-6531 Cell (662) 231-2784 Fax (662) 841-1104

email rdillardrealty@bellsouth.net Veterans Blvd. just north of Highway 78 www.dillardrichardson.com

Tupelo Lending Office

Body Repair • Auto Glass •Insurance Claims

“You pay the premiums, you choose the shop.” www.ratliffbodyandglass.com

DILLARD RICHARDSON Realty & Appraisals

Bank

Blinds Budget

Call

662-346-3532 1401 West Main Jackson Street Tupelo, MS 38801

Automotive Commercial Vehicles

Blinds a style for every point of view

Bank Of Okolona

Okolona Houston Banking Center P.O. Box 306 321 W. Madison St. Okolona, Mississippi 38860 Houston, Mississippi

(662) 447-5403

(662) 456-3347

Bank of Mantee 54 1st Street Mantee, Mississippi

(662) 456-5341

Bank

by Bauer Financial and Weiss Ratings

DWAYNE BLACKMON CHEVROLET for your commercial vehicle needs!

1410 SOUTH GLOSTER / TUPELO / 842-3611

FREE In-Home Consultation Shutters, Wood Blinds, Draperies and more!

Tupelo: 662.823.6455 Oxford: 662.281.0586 cell: 662.380.0958 fax: 662.281.0585 rlloomis@budgetblinds.com

www.budgetblinds.com An Independently Owned and Operated Franchise

www.bankofokolona.com

Your 5-Star, A Rated Bank Whether you’re hauling or delivering...Call

Budget Blinds of Tupelo

We take care of your money.

We take care of you.

Boats & ATV’s

Amory Marine Sales • Bayliner Boats • Crestliner Boats • Yamaha Motorcycles & ATV’s • Honda Power Equipment

662-256-5656

662-256-9721

We Service What We Sell

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Business Directory Building Supplies Rex & Diannah Coggins, Owners

Commercial Plumbing

Ph: (662) 365-7021

Fax: (662) 365-8902 H Y N ARD W WA & L D SUPPLY, RE A INC. B

• Full Service • Hardware • Building Supplies • Plumbing • Hydraulic Hoses

• Electrical • Glass • Valspar Paints • Welding Supplies • Portable Carports

RH PLUMBING, INC.

Engineering

DABBS ENGINEERING CO., INC.

Tupelo, MS

Land Surveyors ■ ■

Commercial Plumbing, Gas & Industrial Piping RICHARD HANLON (662) 447-3213

P.O. BOX 417 Okolona, MS 38860

Boundary ■ Topo ■ Alta Construction Layout ■ Subdivisions

Engineers ■

Civil

■

Environmental-Testing

■

Geotechnical

Thomas R. Dabbs, P.E. Fax 662-841-0431

E-mail: tdabbs@dabbsengineering.com P.O. Box 7064 / 1050 N. Eason, Tupelo, MS 662-841-0162 www.dabbsengineeringinc.com

1187 North 4th St. • Baldwyn, MS 38824

Thank you for choosing RH Plumbing. We appreciate your business

Building Supplies

Concrete

Event Venue

403 Church St. • Booneville • 728-0032 "For all your hardware needs"

401 Elizabeth St. • Tupelo 662-842-7305

Available for Weddings, Receptions, Parties and Meetings For Information Call 844-2772

Chiropractic

Contractors

Fine Furniture, Fabric, & Flooring

Lumbe ville e n o o r B Company Full Line of Lumber, Hardware, Plumbing and Electrical Supplies 2300 E. Chambers Dr. • Booneville • 728-0094

Booneville Hardware & Supply

IN PAIN? HERNDON CHIROPRACTIC CLINIC We take care of all types of back injuries including Work & Car Accidents!

New Patients Welcome Most Insurances Accepted

2087 Cliff Gookin Blvd. • Tupelo, MS

Dr. Ron Herndon

842-8413

Collision Repair

T h e G o o d l e tt M a n o r 219 N o r t h B ro a d way • Tu p e l o

SS & G Contractors Saltillo, MS • 869-0052

• Driveways & Gravel • Metal Carports • Dozer & Bobcat • Treatment Plants • Storm Shelters (Licensed and Fema Approved)

• • • •

Septic Tanks Excavating Lot Clearing Mobile Home Pad

Call for Estimates Licensed & Bonded

Dentist

903 Varsity Dr. Tupelo, MS

Fine Furniture, Fabric, & Flooring Foundation Repair & Problem Flooring

All

types of floor and slab footing problems.

• Concrete Bell Bottom Pier System • Helical Steel Pier System • Conventional Flooring Leveling • Sill, Joist and Beam Repairs • Totally Rebuild Floor Foundation • Wood Floor Deterioration mold, mildew, fungi, dry rot, brown rot - wet rot • Specializing in Bathroom Repair • Moisture Proofing Airvents - improper ventilation & additional foundation vents Force Air Blower fans, (increase circulation)

24 Hour Wrecker Service

◆ Junior Burns - Cell 662-728-0524 ◆ David Denson - Cell 662-416-5591 100 W. Veterans Drive • Booneville, MS 38829

Phone 662-728-4459 • Fax (662) 728-4150

Commercial Cleaning Services

Mon.-Fri. 9am - 5pm

Employment Opportunities

Roger Rakestraw

1-877-288-7395 662-534-6698

Furniture

We’ve got all your

224 Starlyn Ave. New Albany, MS 38652

662-534-4448

589 N. Coley Rd. Tupelo, MS

Great Employment Opportunities

home furnishings at affordable prices.

662-489-1176

7540 Veterans Hwy. West • Pontotoc, MS 38863

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BUSINESS JOURNAL

JANUARY 2014

BUSINESS JOURNAL

JANUARY 2014

Business Directory Insurance

Gifts

Okolona Drug Co.

INSURANCE AND FINANCIAL SERVICES ATV • Life • Health Annuities • RV • Automobile Motorcycle • Home Mobile Home Medicare Supplements

Complete Prescription Service

Gifts & Fenton Glass Tyler Candles Aromatique Arthur Court Lenox & Gorham China

• Adora Dolls & Lee Middleton Dolls • Ole Miss & Miss. State Collegiate Items • NEW Casseroles to Go!

210 West Main Street Okolona, MS (662) 447-5471

Scott Hancock

Allen Hancock

24 Hour Emergency Service

662-534-2661

Monthly Rates Available

720 W . Bankhead St. New Albany

Kennels

Glass & Overhead Doors

Serving Tupelo for 3 Generations

“Serving Tupelo for 3 Generations”

711 ROBERT E. LEE DR. • TUPELO, MS

“Experience Is The Difference”

FAX:662-620-7754

Landscaping

LAWN

397-6486

PONTOTOC STOCKYARD

662-844-1306

Call for a Free Estimate

Bronzie Morgan Relocation Specialist

662-842-1120

Office Furniture 30,000 SQUARE FT. WAREHOUSE QUALITY PREOWNED OFFICE FURNITURE

FOR ALL LIVESTOCK NEEDS

568 RockyFord Rd. • Hwy 76 West, Pontotoc 489-4385 or 213-7080

Goats, Hogs, and Horses at 11:00 am, Cattle at 1:00 pm

Locksmith

MILLER’S SAFE & LOCK SERVICE, INC.

3166 West Jackson, Tupelo, MS

Moving

SATURDAYS

NEW & USED SAFES

Member of the QCN Network. Saving You Money And Making You More Comfortable For Over 38 Years Residential & Commercial Insulation, Installation Blown-In Attic Insulation - Blown-in Wall Insulation - Batting www.nsul8or@att.net www.nsul8or.com

Medical

“The Morgan Family has been moving families like yours for over 50 years”

Livestock

ICE T THE BEST PR Owner, Ron Herndon

Insulation

David W. Bell, MD Leigh Ann Weatherly, CFNP

SCRUGGS

WE GE

Windows, Doors, Tubs, Skirting, Fixtures, and More!!

Installation available!!!

840-8010

Lee Wallace, CFNP

662-488-8799

Home Improvement

(662) 963-2825

1154 Cross Creek Dr. (Next to Home Depot)

5482 Hwy 15 N. • Ecru, MS 38841

CARE

rafcomhs@gmail.com

Mon-Fri. 8 - 6:30 Sat. 9 - 6 Sun. 1 - 6

Walk-Ins Welcome

LANDSCAPING IRRIGATION FREE ESTIMATES REASONABLE RATES

Call 601-427-5973 Between 8am - 1pm

Appointments & Walk-Ins Welcome

Hours: Monday-Friday: 8:00 am - 6:00 pm Saturday: 9:00 am - 3:00 pm Sunday: 1:00 - 5:00 pm

Healthcare Serving Lee, Chickasaw, Monroe, Pontotoc, Union, Calhoun, Itawamba, & Lafayette Counties.

Comprehensive Medical Care For Your Family or Business

FRIENDSHIP MEDICAL CLINIC, LLC.

Store Fronts • Mirrors Shower Doors • Garage Doors Commercial Doors Hollow Metal Doors

662-844-4540

, PA

Hancock Insurance Agency

We Accept All Medicare Part D Plans • • • • •

Medical

• Safes Serviced & Installed • Locks Installed • Locksets • Combinations Changed • Locks Rekeyed • Lost Keys Replaced • Master Key Systems • High Security Keys AUTO RESIDENTIAL COMMERCIAL

(662) 842-7720

1219 1⁄2 NELLE STREET • TUPELO

277 Community Dr. • Tupelo • 662.871.0568 www.whittingtonofficefurniture.com

Paint

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Business Directory Medical

Restaurant

Storm Shelters

Party Trays for all Occasions!

1101 W. Main • Tupelo 842-3774

SS & G Contractors Saltillo, MS • 869-0052

Storm Shelters - Licensed & FEMA Approved

Technology

Restaurant

Parts & Wrecker Service

Be Prepared

J & C AUTO PARTS

Achieve greater network per for mance with less.

& WRECKER SERVICE

It's time to get more performance from your network with far less. As in less bandwidth utilization, fewer resources, and less cost.

Used & Rebuilt Auto Parts

Monday - Friday • 7:00am - 5:00pm Towing 24/7

662-585-3717 33295 Hwy 25 Golden

499 Gloster Creek Village, Tupelo, MS 38801 Phone: (662) 844-4888 Fax: (662) 844-3006

Printing

ADVANCED RESEARCH & DEVELOPMENT FACILITY 1150 SOUTH GREEN ST • BUILDING 1, SUITE E • TUPELO,MS 662-821-2500 • www.circadence.com

arber Printing, Inc. PRINTING • GRAPHIC DESIGN • SIGNS BANNERS • BLACK & WHITE/COLOR COPIES

Tobacco & Beer

Restaurant

2 LOCATIONS

at

Monday-Saturday 7 am -10 pm • Sunday 10 am -6 pm

Town Creek Center

2546 Hwy 145 #A Saltillo • 662-869-0086 • Max 2 FREE Kids with Adult Entree • 12 Years and Under

• Drink Not Included • Kid's Menu Only

811 A Varsity Dr. • Tupelo, MS • 662.841.1584 8am - 4:30pm • goodimpressions@barberprinting.com

Tupelo • Tuesdays 3 - 9 pm • 495 S. Gloster • 680-3354 New Albany • Thursdays 5 - 9 pm • 534-2700 Corinth • Tuesdays 4 - 9 pm • 286-9007

Monday-Saturday 7 am -10 pm • Sunday 1 pm -8 pm

Real Estate

Restaurant

Tree Service

Thinking of Selling Your Home or Property?

662-534-4500

Johnson Tree Service Daniel Johnson

We Have Six Full-Time Agents Pontotoc Ridge Realty, Ltd. Who Call MOSSY OAK PROPERTIES OFFICE Pontotoc Home. ISEACH INDEPENDENTLY OWNED AND OPERATED

• Pizza Spaghetti • Salad Bar • Sandwich • Pasta Special Every Thursday

Call Us Today 662-489-2848

365-7059

709 S 4th St. • Baldwyn, MS

Mon.-Thurs. 11-10 • Fri.-Sat. 11-11 • Sun. 12-10

Real Estate

Roofing

Residential Rentals

W renttupelo.com Call 662.844.2772 • Hoyet & Helen Pitts

204 Starlyn Avenue • New Albany, MS

HE

EL

ER

RO

INC.

Owner

Free Estimates Insured & Bonded dpjohnson012@yahoo.com

662-401-9370 Uniforms

OF

ING

Keeping Professional People Looking Professional

“A Family Business Since 1946”

• Residential • Commercial • Industrial FREE Estimates LICENSED & INSURED

411 CLARK ST. ❖ TUPELO ❖ 844-4481

795 S. Gloster, Tupelo • (662) 844-4272 2316 Hwy. 45 N. Columbus • (662) 328-7777 1151 D. Frontage Rd. Oxford • (662) 513-0341

www.scrubsandco.com

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BUSINESS JOURNAL

JANUARY 2014

BUSINESS JOURNAL

a strategy.

a brand.

a print campaign.

a commercial.

a website.

you didn’t know where to turn.

you didn’t know:

does all of the above.

JANUARY 2014

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