World of Education/World of Education.iso/world_b/bbr9305.zip/BELL9305

Text File | 1993-05-20 | 38KB | 690 lines

     This is your own personal copy of the May, 1993 Bell Business
     Report.  Copyrighted by Laura Bell, May, 1993. This may be
     downloaded for personal viewing only and not further copied without
     the permission of the editor.  Subscription prices are $50 annually
     for sysops and the desktop publishing format.  $5 will get you a
     sample issue of either.  Laura Bell, 365 W. Doran, #212, Glendale,
     CA 91203. 818-547-1192.  Prodigy JXSV65A, or Genie L.Bell12.
     Advertising rates are listed on the last page of the issue.



     A TIME TO REVIEW SOME BASICS
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      Nationwide suffering resulting from the still present recession is
     everywhere.  The press, print and broadcast media, can't leave the
     story alone.  Some days being cheery even for a short time is nigh
     unto impossible.  The media is so bent on constantly covering this
     story, they are beginning to sound like the weather man during an
     apparent non-stop heat wave, whose chronic lament is, "...how hot
     was it?"

      We are tired of it.  This frustration with the economy creates a
     good reason to go back to very basic premise behind this newsletter
     and its launch - a short attempt at understanding how to safely and
     wisely allocate scarce resources under your domain.  The study of
     economics is the study of the allocation of scarce resources.  In
     simple layman's terms - no  matter what price you attach to
     something, there is never enough to go around.  When somebody makes
     a purchase of an available commodity, it means that somewhere,
     somebody has to do without.

      Scarcity affects you in every aspect of your daily business and
     personal life.  Tied to this unavoidable law is its side effect.
     Every time you make a decision on to how to spend your time or
     dollars, something else happens which may not make you so happy.
      If you choose a bargain at a used car lot, you may end up paying
     for your haste in repair bills down the line.  Hiring a new
     employee without experience because you may bring this person
     on-board at a lower initial price, can also ensure a higher cost
     later.

      When it comes to scarcity - the allocation of scarce resources -
     and how to deal with this timeless and ever consuming price of
     life, there are key issues to keep in mind.  Scarcity necessitates
     that making choices is a part of life.  We can never have
     everything we see.  All humans are in a constant state of "I want;"
     therefore, we make choices.  After you have chosen, to spend either
     dollars or time on a given activity or commodity, by the very
     nature of your action, you have given up the opportunity to do or
     buy something else.

      The dominant issue is whether or not down the road you can live
     with the price attached to your choice.  In some instances, we do
     not realize the price until it comes up later.  Following are a few
     typical choices business people make because of scarcity which can
     reap havoc later.
      o Company owners who try to do it all.  This usually falls on the
     shoulders of CEOs who are the original owners  of the company.
     However, recently, I encountered a CEO who bought out an existing
     organization several years back.  He is, believe it or not, taken
     on the job of stamping out all the company's fires.   It requires
     the services of a leased Lear Jet to get the task accomplished.  He
     has business all over the world.  I mentioned to him his need for
     an executive assistant.  His reply was, "I don't want to hire
     anymore employees right now.  People don't understand how much the
     company is sagged down with besides the actual salary."

      Of course,  he had no way of understanding that yes, I understand
     the picture of the whole package of executive salary compensation.
     But, it's the long term of this short run decision that is the
     problem.  Mind you, this CEO is running a well- established
     company.  He did not verbalize that the company couldn't afford it.
     He simply replied, "I don't want to do that."  In the long run, the
     costs will outweigh any short term gains he garnered because of not
     adding someone else to the payroll.

      Losses which come to mind are:  lost customers who didn't get
     their orders on time, because he could only be in one place at a
     time; new customers who could have been garnered if he was back
     home in his home office, overseeing what he'd already confided to
     me was a marketing department which didn't know what they were
     doing.

      Bottomline to this scenario in our ever lasting fight to maintain
     the balance against the world of scarcity - if you don't clone
     yourself as you are either moving up the ladder or promoting or
     overseeing a growing company - you might as well have stayed at the
     starting line.  This CEO thought  he was saving time (not wanting
     to train somebody) and the dollars which go along with another
     executive on his staff.

      For every short term economic (choice) decision involving
     scarcity, there is a long term effect which can kill either you  or
     your business; and in the worse case scenario, both.  Make a sign
     for yourself and hang it over your desk.  CAN I LIVE WITH THE LONG
     TERM EFFECT OF THE DECISION I JUST MADE?  Politicians don't care,
     because they don't vision themselves being around in the long-term.
     You as an individual or business owner hope for longevity.

      o  Never make a decision in a rush which involves a long- term
     commitment.  This area involves time and money.  Your computer
     system crashes.  You call in your favorite techie person and he
     offers you two solutions to your problem. He can either bring in a
     new hard drive; or he can sell you a contract for a complete new
     system which just happens to be on sale now.  Mind you, your
     business is growing and you can afford the new system; but this
     decision was not something you had scheduled to deal with for at
     least 6 months.  Take the short term answer.  You will have a
     system you are familiar with that will probably stay with you for
     another couple of years at a smaller cost, both in time and money.
     By the time you are really ready for it, another good deal will
     come along.  A good deal is only a good deal when you decide; not,
     when a salesman tells you it is.

      Keep these truisms in mind.  This newsletter will teach you how to
     deal with scarcity wisely.  For every short term decision, there is
     a long run effect.  Unless you look at the total picture, you will
     not be able to consider the price of the long range consequence.
     Before signing that check, making that purchase, or hiring that new
     employee, close your eyes and think about what this can or will
     cost you six months down the road.

      o  Bottomline - economics is the study of who gets what.  It is
     just that simple.  Without that understanding, the decisions you
     make in forecasting your business and everyday problems will be
     cloudy.



     A LITTLE COMPANY NEWS
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      It is the end of April, so corporations who start their fiscal
     year to coordinate with the calendar year are reporting their
     first-quarter earnings.  The following insights about Bank of
     America and Rockwell are first hand quotes from their
     company-issued press releases.  The BBR is on their press release
     mailing.

      5/22/93 - BankAmerica Corporation reported first-quarter 1993
     earnings totaling $484 million or $1.19 per common shares.
     Earnings for the first quarter of 1992 were $303 million, or $1.22
     per common share.

      "It is precisely one year since BankAmerica's merger with Security
     Pacific, and the process of combining the two companies is now
     substantially completed," says Richard M. Rosenberg, chairman and
     chief executive officer.

      "First-quarter results showed the continuing effects of weaknesses
     remain a source of concern.  However, improvements in the more
     controllable aspects of our business, such as expenses and credit
     quality, have helped mitigate the effects of the soft economy on
     the corporation's earning."

      Of additional import is the following, "In the first quarter of
     1993, the corporation completed the First Gibraltar Bank
     acquisition," Rosenberg said.  "This transaction strengthens the
     Bank of America Texas franchise and diversification.

      As a result of the merger, we believe that BankAmerica is
     positioned to take advantage of increased opportunities when the
     economy improves.  Although some operations are still consolidating
     and we have further operating expense reductions to achieve, we do
     not anticipate incurring significant additional costs..."
     Rosenberg concluded.

      This good news from the BofA does not imply that a complete
     recovery for financial institutions is around the corner.  The BofA
     has been fighting the battle of ensuring that their marginal costs
     will start equaling their marginal revenues since 1985, when
     everybody in the industry saw them as an eye blink away from
     complete disaster.  They are a leader in the recovery of this
     highly tarnished industry.  If you have a penchant for studying
     company balance sheets, you can probably come up with a good idea
     as to when they will be back on the track of continued growth.
     But, no investment in that industry is going to be anything but
     risky for quite awhile.  It will take someone dedicated to studying
     corporate accounting numbers in order to make a wise choice.

      On to another a company.  This is one the public usually
     identifies as belonging in the aerospace world.  Rockwell
     International is a diversified publicly traded company with nine
     different business units.

      Rockwell announced 40% second quarter earnings per share increase,
     April 19, 1993.  Rockwell International Corporation (NYSE:ROK)
     reported its fiscal 1993 second quarter earnings per share were 63
     cents, an increase of 40 percent over last year's second quarter of
     45 cents per share.

      Net income for the second quarter was $136.9 million, an increase
     of 38 percent from 1992's net income of $99 million.  Sales for the
     quarter totaled $2.7 billion, down from 192 second quarter sales of
     $2.8 billion.

      Donald R. Beall, chairman and chief executive officer, said,
     "Significantly, seven of our nine business units posted earnings
     increase over 1992's second quarter and both our Electronics and
     Aerospace segments had substantial earnings growth in the current
     year quarter."

      "In Electronics," Beall stated, "earnings of our Industrial
     Automation business nearly tripled from the 1992 second quarter,
     while earnings of Telecommunications more than doubled as a result
     of strengthening markets and customer acceptance of new products."

      "In Aerospace, improved contract performance and continuing cost
     containment initiatives in both the Space Systems and Aircraft
     businesses resulted in a 46 percent second quarter earnings
     increases, even though sales were down five percent," Beall added.

      The Rockwell chief executive also commented on the outlook for the
     year, noting, "Even though earnings of our Automotive business were
     well below our expectations, the earnings improvement we achieved
     in the first half of our fiscal year was greater than we had
     planned makes us confident we will meet our previously announced
     goal of double-digit earnings per share growth for the full fiscal
     year."

      Rockwell international is an interesting and diversified
     apparently well-managed company.  It would serve to be an
     interesting case history.



     INSIGHT ON SOME PERSONAL MONEY MATTERS
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      Several months back, I went to some indepth analysis as to what to
     look for when refinancing your home.  May 2nd's Los Angeles Time
     Magazine did a short piece on the necessity of questioning every
     charge you come across when dealing with this avenue of personal
     finance.  You either stay on your toes or continue writing checks.


      They itemized a list of charges a couple early this year had to
     plow through when battling refinancing.  The aggregate saving over
     the life of the loan to this feisty couple turned out to be $4,100.

      When first promised a guaranteed rate - it was 7.38%.  When it
     came time to sign "docs" (as they are called in the biz), this rate
     had jumped to 7.8%.  Negotiations involved role playing on the
     phone and calling in a lawyer until the final docs were signed with
     a 7.5%.  This rearranging saved the couple $3,300 over the course
     of the 7-year loan.

      When the escrow officer wanted a $100 fee to retype the grant
     deed, there was a need to add a name before the closing, the woman
     spent $1.50 to get the document form and did it herself.

      When facing a $45 fee for a credit report, the woman did it
     herself for $20.  In other words, when dealing with refinancing if
     you are the busy type, and don't pay attention to the dollar signs
     as this process gets close to the end, you are going to end up only
     one way - screwed.  Question every charge and find out if there is
     a way you can either renegotiate or do it yourself.

      Refinancing for the unwary can be a one way ticket to losing
     dollars to a less-than-honest escrow officer.  It is sound advice
     to inform the person in charge of your loan, at the very beginning,
     that you will be auditing every charge and asking for explanations.
     Also, realize going in, that a guaranteed rate is very ambiguous to
     the folks in the "re-fi" biz.  Let them know they are dealing with
     an educated consumer and you have a better shot at coming away with
     a deal you are happy with.



     A LITTLE MORE ON THE PERSONAL FINANCE AVENUE
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      The Los Angeles Times on Sunday usually runs several things in the
     Business section dealing with personal finance.  This past Sunday
     there was an overview on how the smart and small investor can start
     shopping the mutual fund market for funds who either don't have a
     minimum requirement; or funds which have a very low minimum.

      According to the article, more than 150 mutual funds allow
     investments of $500 or less, have posted average annual returns of
     10% or more over the past 10 years.
      Other funds break rules for small investors under two other
     circumstances - saving for retirement and an agreement to invest on
     a regular basis.  Regular investment requirements may vary.

      A word of caution.  One thing I have always found difficult when
     investigating mutual funds is the fine print which comes with the
     materials they distribute describing their accounts.  Keep in mind
     that exercising patience and/or a magnifying glass may be required.

      Information describing various funds is widely available and
     offered with no cost attached through a variety of services.  If
     you are a member of Prodigy, several funds advertise there on a
     regular basis.  Business sections of major newspapers have, as I
     previously mentioned, columns regularly offering ideas about funds
     you may decide to investigate further.  A local stockbroker may
     also have information to offer. If they don't handle funds, the
     person fielding phone calls, will more than likely have local or
     800 numbers for you to call to help in your search.  If all else
     fails, there is the public library.

      Things to look for when it comes to mutual funds: commissions
     (someone is making money somewhere), transaction costs, discount
     brokerage offerings - get full details, and the amount of time
     required to either a) close an account or b) move your money into
     a different investment if you hold more than one account with a
     money manager.  Mutual funds have always  offered a good deal for
     the small investor; but rest assured, they are quite a bit more
     complex than simply opening another savings account or certificate
     of deposit at your financial institution.



     STILL THINKING ABOUT STARTING YOUR OWN BUSINESS
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     (Part 2)



     THE LAUNCH
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      Finally, after all the planning and time spent with your nose in
     the book, you are ready to announce your business to the public.
     You have, of course, investigated and completed the paperwork
     requirements tied to your area.  This could include formal business
     license, a re-seller's number from the state, a DBA in your
     county's legal paper or local paper, as well as any other items I
     may have missed.

      If you are opening a retail store, then a new business is thought
     of as being launched the day of the grand opening with fanfare of
     balloons, banners, and any other attractions the new owner may wish
     to indulge in.

      Many times, however, businesses are launched with a little or no
     fanfare except maybe for a tiny item written up by the local daily
     newspaper's business editor.  Or, in the case of some consultants
     I have known through the years, they don't think about
     announcements to anyone until after the initial start. By that
     time, they are so knee deep in paper work and problems to solve,
     they usually either put it off or assign the task of initial ads,
     or press releases to someone else.

      No matter how together you may feel when it comes time to open the
     door of your business, resist the temptation to spend anything more
     than a very small percentage of your allocated budget on office
     furnishings and business gadgets. There are a variety of things,
     one would love to have in a new office.  The problem is start-up
     capital only goes so far and the IRS does not look kindly on
     thousands of dollars spent on expenses with little or no income to
     write off against it for the first several years.  There are
     several things which are, of course, required - phones, computers,
     etc. - but I am talking about 'fancy stuff.'

      I remember visiting the office of a consultant, who recently left
     the domineering arms of IBM.  His office looked like it belonged in
     the pages of Gentleman's Quarterly or the special section of
     Fortune the month they profile the CEOs of the Top 500.  When it
     comes to computer consultants - oh my - are the only words I have
     for them when it comes to spending unnecessary capital on office
     equipment.  They  have a wonderful pocketbook excuse.  They carry
     it around with them consistently so this label is appropriate.
     It's required they have the latest equipment.  Otherwise, they will
     not be up to snuff if they get a job which requires them
     understanding how it works.  This rationalization keeps many
     computer consultants in hole during the course of their entire
     'experiment' in entrepreneurialship.

      If it's something you want and you can't write off (depreciation
     in a few years) think again.  Also leasing or sharing equipment
     with someone down the hall is a logical alternative.  Be
     reasonable.  If you don't need to make the purchase to get by in
     the first year, figure a way around it.

      Next cautionary note.  New owners tend to get very content (in the
     case of any segment of the service industry) when two or three good
     clients are knocking continuously at their door.  They tend to
     forget one basic premise.  At some point in time, good clients and
     good customers can disappear without warning.  Just because you are
     bringing in sufficient income for the time being, is not a reason
     not to be concerned about maintaining a marketing edge.  But, the
     'newbie' business owner, points out he wouldn't know what to do
     with more work if it came.  The answer is easy - subcontract.  If
     you don't know someone currently you could feel comfortable
     subcontracting with - join a professional organization and find
     that someone.  It could save your life later on the down the road.
     It could also provide you with additional work when you need it.
     Networking on the professional level can be just as important as
     networking for new clients.

      New owners who do well are warriors who realize they are in the
     eye of the hurricane.  I found myself in that position for
     approximately six months and went around to professional meetings
     constantly grinning like a cat who just ate the canary.  Little did
     I know, the canary would be resurrected into something out of
     Alfred Hitchcock's, "The Birds."  I was so unaware during the
     months, when I had 4 content clients who were paying their
     retainers on time.  Then the month of calamity hit; they all
     disappeared.  One had a nervous breakdown, one went bankrupt, one
     decided she know longer needed public relations, and one decided to
     change careers.  I think, at that time, only  one actually sent me
     check with her notice.

      Marketing is a constant requirement.  I'll say it again -
     customers and clients disappear.  Don't allow a state of deadline
     pressure to cast a cloud on your judgment.  Projects get finished;
     projects get canceled, customers go elsewhere and they have their
     own money problems which roll over on to you.  Hopefully, they will
     be honest about it and not write you bad checks.  I have plenty of
     that in my public relations days; but thankfully, during the course
     of running the newsletter not a one.  Be watchful, be alert, be
     diligent.



     THINK I AM GONNA DIE STAGE - HARD LABOR
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      There is no other way  to accurately describe this stage in your
     business growth.  It is the equivalent of being told you have to
     perform your everyday duties while you are in the middle of hard
     labor (childbirth).  By this time, you will have gone through
     several traumas revolving around paying-the-bills and payroll
     struggles.  If you had initial capital when starting, most of it
     has probably been drained.  You will have faced down deadlines and
     crises many times over.  Customers wanted products or services on
     a deadline which were crashed by circumstances outside of your
     control.  You will have dealt with unreasonable customers or
     clients demanding things you couldn't give.  You may find out, if
     in the service industry, that you are performing for someone whom
     you can only logically label a "crook."

      One of the most well paid and frequently published freelance
     writers on the West Coast used to be in the public relations
     business.  He was working late on a deadline and looked up across
     the hall, to his amazement, watched his bread and butter client (a
     small insurance company) packing boxes and exiting the building
     lock, stock and barrel.

      I once worked as an Account Executive for a small Public Relations
     Agency.  I was eager, and spent more hours working on projects than
     actually required.  I was up late one Saturday  night listening to
     a radio talk show where one of our clients was being interviewed.
     The show featured call-in phone calls.  The client was a
     dermatologist.  Apparently, he'd been sued a year earlier for use
     of a controversial new treatment before it had been given the ok by
     the FDA.  I was the one the next day trying to talk the Agency out
     of hot water with the booking agent for the show.  I can't recall
     what the owner had to say to the client.

      These things happen and one has to be prepared for them mentally.
     Can these disasters be absolutely avoided?  My opinion, is, not in
     this world.  Planes with shipments on them crash.  Packages get
     addressed wrong.  People get sick at the worst possible time.
     Folks promise you orders and they cancel because of their financial
     problems; after you have allocated that revenue to pay a critical
     bill.  And yet....  And yet deadlines still have to be met.
     Clients are still waiting for their shipment and more customers are
     knocking at your door.

      There are days when you will pray for a way to pull the plug.  The
     problem is - something nobody bothered to explain - the plug is
     stuck and you have to move forward no matter what.  This is the
     part of the untold story.  Anyone who tells you, not so, is a liar.

      During this phase of business growth, I hope at some point in your
     life, you spent some time playing shoot-up video games.  You have
     to think on your feet just that fast in order to stay alive.  Those
     that don't, find themselves recuperating in intensive care after
     the explosion comes which dislodges the plug.  You have to make the
     decision, at some point in time, just how much of the shifting of
     gears you can deal with before buying out. But, these doors of
     buying an edge, never happen when you are in a crisis.  The crisis
     passes and then opportunity shows up. Murphy's law has a long
     addendum when it comes to small business.

      Positive alternatives include during this part of start-up:
     finding a partner with capital, handing that initially polished
     business plan over to a broker whom will diligently search for
     additional funding.  (The initial benefit of this should be to hire
     staff to share the burden if you have been playing the game alone
     until this point.)  Also, if you have been in business long enough,
     when you want to be able to slow down the onslaught of going it
     alone - you may want to think about taking the company public.
     However, this is reserved for companies whose books will pass the
     scrutiny of the eyes of the SEC.  This requires a good set of books
     and a history which shows potential growth to possible
     stockholders.

      Backing up a minute.  The best possible way to get yourself
     mentally prepared for the "hard labor" stage is to read as many
     case histories of famous business/corporations as possible.  You
     will see how they chose to handle these growing pains.  This way,
     you can ask yourself now whether or not you are capable and willing
     to go down that road.  Can you and your family life personally deal
     with it?  If you have any questions in your mind, whatsoever, now
     is the time to ready yourself, not later.  Later will be when you
     are hit with divorce papers at the same time you are in contract
     negotiations with someone who wants to shut down your whole
     operation.

      No one ever promised you being in business would be easy or that
     anyone plays the game of business according to any rules.  During
     the time Iacocoa took Chrysler's problems to Congress, his wife
     fell terminally ill.  Before ever entering your initial planning
     stage, if you have a spouse or significant other in  your life, you
     need to sit down and have a heart-to-heart chat.  Don't, no matter
     what, launch a business while your significant other is in the
     throes of a career identity crisis.  You may as well close the door
     on the relationship.  Having a spouse or mate who is well
     established and secure in their own business or professional is a
     definite plus for the new entrepreneur.  Anything else, is a
     walking time bomb.  Talk it out before trouble erupts.

      Viewing this portion of your business evolution can be wisely
     defined when listening to interviews of celebrities.  They
     typically describe an overnight success as something which took 20
     years of hard work to achieve.



     ACTUAL BIRTH AND GROWTH
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      Finally, after a myriad of endless sleepless nights and harried
     days, things will start to come together. Your name/business name
     will actually end up in newsprint without you having to buy an ad.

      You may even, at this point, start thinking about selling
     franchises so you can expand further without having take on the
     whole burden yourself.  During this time, you will be faced with a
     growing rank of employees.  You will really need to learn how to
     let go of some of the creative duties.  You can no longer at this
     point, be founder, manager, and fire-stamper all in one entity.
     Otherwise, you will be paying more than your share of costs in
     medical fees.  And, while you are in the hospital recuperating, the
     fires will continue to burn and there is no telling what they might
     consume.

      Again, look for a clone/executive assistant early on.  The person
     definitely has to be somebody you can get along with.  So, don't
     chose in haste.

      On a final note, don't assume that success, growth, and birth mean
     the end of fighting fires.  It simply means you will be stronger
     and now capable enough to deal with potential disasters with more
     strength, judgment, skill and courage.  After all, you have now
     become a seasoned warrior, one worthy of admiration.  Be ready for
     the camera when the interviewers come calling!



     ANOTHER PEOPLE STORY
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      Adversity sparks potential entrepreneurs frequently. Cassandra M.
     Roy, after a difficult miscarriage a few years back was inspired
     with the desire to offer help to segments of the troubled teens
     among us.

      Recently Roy launched Starpoint Productions from her Southern
     California location.  She still maintains a day job as a teacher
     and counselor in the Los Angeles Unified School District.
     Her seminars and demo tapes (available upon request) discuss and
     explore the "infinite possibilities of REAL LOVE:  Listening,
     Observing, Visualizing and Empowerment.  Her workshop explores
     these four elements; and emphasizes that as a result of daily
     application you can take charge of your life and refine the choices
     you make.

      Starpoint Productions is a company that provides motivational
     workshops for young people who will be pursuing a post-secondary
     education after high school.  Roy will be speaking at the
     African-American Women's Conference on Tour - June 1, 2, 3 in Los
     Angeles and October 24, 25, and 26 in Oakland, California.

      Further information, prices, references and demo tapes may be had
     by contacting Roy either voice, 1-213-734-6695 or through her
     Prodigy ID PKFKK32A.



     A FEW MORE THOUGHTS ON COLLECTING
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      There was recently an interesting story posted on Prodigy about
     starting out your kids at early age (after 8 was suggested) in the
     business of collecting.  Kids, are, if you think about it, natural
     packrats when it  comes to things they have a passion for.

      Whether it is comic books, baseballs card, a line of  celebrity
     toys, or McDonald toys, they are never satisfied.  They want more.
     Anyone who has gone through that phrase of parenting can relate to
     the chronic unrelentless moans of "...more."  Put these desires to
     use in a creative way which may spark the desire in your kids now
     and down the road ways to make money out of something they love.

      The article cautioned that when it comes to some items, such as
     comic books, or toys, if you want them to start a collection and
     have parts of the collection in good shape, the parent may be
     forced in the position of actually having to buy more than one item
     - one to play with and one to put aside for the collection.  The
     article also emphasized the requirement of saving containers the
     items come in.  This may increase their individual and collective
     worth when it comes time to put the collection on the market.

      After lighting a fire under your kid, the next step is to get them
     involved in doing research as how an individual market is
     fluctuating on his particular passion.  Again, as mentioned in
     previous articles, there are hobby and collecting publications
     which can be researched through the public library if need be.
     Also your child may decide to start a local club for others who
     want to flush out the passion, or simply get together for social
     reasons and compare each other's collections.  They might also get
     into the buy/trade and sell aspect amongst each other as time goes
     on.

      This could be an activity for parents to also join in.  But, at
     the least, it will spark an interest at an early age for investing
     in your children.  This may engender money making habits which last
     a lifetime.

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     Your ad could be here.  $5 a line, 5 line minimum.  The BBR is  now
     distributed to over 40 BBSes.  It is also uploaded to three
     different libraries on Genie.  For more information, call me voice
     - 818-547-1192.  Or, leave me a message on the board where you read
     this issue.  The other alternatives are to leave me a message on
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     **********************

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