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Lewes, Delaware
Jim's Towing Service
June 9, 2000     Cape Gazette
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June 9, 2000

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BUSINESS & REAL ESTt00TE Pasqualini's Bakery celebrates first anniversary By Esther Kernosh Pasqualini's Bakery turned one year old June 1. "We made it through the win- ter," said a relieved Kathy Pasqualini. With the help of friends, bakery owners Pasualini and Karen Schmidt made it through a busy Memorial Day weekend just in time to celebrate their first birth- day. "Our friends were bagging rolls for three and a half hours. We had orders for thousands of rolls," Pasqualini matter-of-factly men- tioned. Even after the holiday, business was booming for these two enterprising women. Paquali- ni's operates a retail bakery and it supplies bread, rolls, pastries and desserts to many of the local eateries as well as to corporate clients in Dover. Pasqualini's offers a wide vari- ety of goodies, most of which are made from scratch. "We call this a scratch bakery. Almost every- thing we do is from scratch. It may not be as cost-effective to do things this way but people can tell," saidSchmidt. Pasqualini has been baking for 22 years. "Kathy loves cooking: She still enjoys it. Kathy really loves when someone tries her food and says 'ummm,'" Schmidt said. The hours were grueling. "I come in at 2 a.m. on week- days and midnight on weekends," said Pasqualini. Despite the long hours, Pasqualini and Schmidt talked about expanding the bak- ery. Pasqualini learned to bake from her brother, who graduated from the Culinary Institute of America. Pasqualini's father helped the women open a bakery, and Pasqualini learned all she could about baking. Later she took a job with Bing's Bakery in Newark, where she worked for 10 years. "I learned a little from every place I worked," said Pasqualini. "At Bing's I worked with Dutch and German people, I learned how to use everything. They waste nothing," Pasqualini said. After leaving Bing's, Pasqualini opened Big Sky in Wilmington and worked there three years. Pasqualini and Schmidt moved to the Cape Region in 1998. Pasqualini was one of the original people involved with It's A Won- derful Loaf bakery. Either Kernoeh photos Karen Schmidt and Kathy Pasqualini, co-owners of Pasqualini's Bakery, reveal some of the many treats available at their bakery. About a year later, Pasqualini and Schmidt began looking for a bakery of their own. "A lot of things were for sale at the time," said Pasqualini. "We heard about our present location because the owner lived near us when we were up north. We looked into this. It was empty for two years and dirty, but the front was here. We bought all the equipment," Pasqualini mused as she described the state of the bakery as they initially found it. Today, Pasqualini's is a cheerful place. The walls are dotted with ribbons from Pasqualini's 18 prizes in several of the Rehoboth Beach chocolate festivals. The bakery's cases are filled to the brim with "awesome donuts - a real pain; we cut them by hand - granola, breads, stuffed loaves, cakes, pies, cookies, croissants, danishes, muffins and gourmet dog bones. You name it Kathy can make it," Schtidt said. In addition to baked goods, The dessert cases at Pasqualini's Bakery are filled with so many different goodies it's hard to choose just one. Pasqualini's makes sandwiches to order and plans to offer wraps. Pasqualini's Bakery's yummy goods may be enjoyed on the shop's shady, screened-in gazebo, at home or at any number of local restaurants. The bakery is located at 101 At- lantic Ave., just behind The Crys- tal Restaurant. The phone number is 227-2111. The fax number is 227-1086. Women: use strategy for long-term f'mancial goals In annual financial planning surveys over the years, we've consistently found that many women are concerned about many aspects of long-term financial se- curity - such as personal savings, caring for children and elderly family members and maintaining independence in retirement. Let's take a look at the financial con- cerns that women share and exam- ine some strategies for meeting fi- nancial goals many women have set for themselves. Investing: Don't take a back seat. "A woman should have a purse of her own." This familiar saying reflects the fact that at some point in their lives, women often discover that managing their money becomes a major focus. If you haven't been accustomed to it, it's not reasonable to expect that you'll have an innate knack for it. Gain proficiency at invest- ing with the help of a financial professional you trust, who can help you consider and develop fi- nancial strategies. To begin, get an idea of where you stand. Examine your financial picture: checking and saving ac- counts, insurance, mortgage and investments. Locate account records, tax re- turns, insurance policies and pen- sion plan statements, among other financial documents. Determine how much you al- ready have saved toward financial goals and how you see yourself as an investor in terms of risk-taking and desired return. With this in- formation, a financial professional can help you develop realistic strategies for working to,yard your goals. Credit: When borrowing makes sense. Consider the impact liabilities can have on your finan- cial plan. By integrating smart credit strategies into your plan, you could reduce your monthly expenses, minimize your tax de- ductibility, avoid disrupting a well-planned investment strategy and increase opportunities for as- set growth. Paying off a debt is often more of an emotional goal than a sound financial strategy. When you have a cash or large purchase need, us- ing credit may actually help you increase your net worth. As a rule of thumb, always compare your potential investment earnings to the interest paid on borrowed funds. When the potential invest- ment return is higher than the fi- nancing costs, it may make sense to borrow. Retirement: a greater need. Be- cause women have a longer life expectancy than men, women have a particular need to safe- guard their own retirement securi- ty. Women should take every op- portunity to save, particularly in tax advantaged ways. If you have a 40t(k) plan at work, defer the maximum amount, or as much as you can, and take advantage of employer matching contributions. Automat- ic savings plans are another good way to save. Have an investment company automatically deduct a set amount of money from your paycheck or bank account for in- vestment in mutual funds of your choice. Depending on your annual income, you may be able to con- tribute up to $2,000 per year into a Roth or traditional IRA. A Roth IRA offers a means of tax-de- ferred savings with nondeductible contributions whose assets can be withdrawn tax-free once the ac- count has been open for at least five years and you reach age 59 and a half (or before that age for certain qualified reasons). A tradi- tional IRA also offers tax-deferred savings and potential current tax deductions for contributions. Elder care: Women are key. According to the National Al- liance for Caregiving, 73 percent of family caregivers are women. If you haven't yet talked to your parents about planning, now is the FINANCIAL FOCUS ALLEI JONES time. Make sure they have an up- to-date will. A living will specifies the kind of medical care a person would want if they were unable to communicate his or her wishes. A health care power of attorney or proxy designates a family member to make health care decisions. A senior's assets are often wide- ly scattered, making financial management difficult. Talk with your financial consultant about ways to simplify the asset man- agement task. Help your parents determine whether longterm care insurance is an option. This insurance can provide for care in a nursing home, in one's own home, at as- sisted-living facilities or adult day care centers. It's not for everyone, particularly those who have a modest income and limited assets, so talk it over with your advisor. A tax credit is available for peo- ple who live with spouses or par- ents who are unable to care for themselves and must pay a care- giver so that they can work. The credit can cover up to 30 percent of expenses, depending on your adjusted gross income, with an annual cap. College savings: Many options. Today, you have more ways than ever to save for college. The most recent innovation are college sav- ings plans sponsored by individ- ual states. You can contribute up to the maximum set by a state's plan, frequently as much as $100,000, and the assets can grow tax-deferred until withdrawn. When withdrawn for higher edu- cation purposes, the earnings are generally taxed at the child's rate. Assets in an education IRA also can grow tax-deferred and be withdrawn tax-free if used for qualified college expenses. You are allowed annual contributions of up to $500 per child, if your modified adjusted gross income falls within allowable limits. You may also be eligible to con- Continued on page