Amen! Actually, I believe that black home ownership is at 52% now. Owning a home is pertinent to building wealth, but the disparity in home values are crazy. What other ways, besides spending 92% of our incomes on materialistic stuff, can black people build wealth?
Quote from: jsonlaw on April 28, 2005, 01:37:24 PMAmen! Actually, I believe that black home ownership is at 52% now. Owning a home is pertinent to building wealth, but the disparity in home values are crazy. What other ways, besides spending 92% of our incomes on materialistic stuff, can black people build wealth?As a stockbroker, I would definitely say you could look into stocks, bonds, mutual funds and a myriad of other investment products that you can find in the market. Its not easy to tell you exactly where you should put your money because there is no such thing as a “one size fits all” investment strategy. You have to look at things like your current debt, annual/monthly income, your education and your family life. Your 5-10 year goals are important. It’s important for a investment advisor to know if you have kids, a wife and if you own a home. I would say that before you make any big decision to get in the market you should definitely buy a home first. Well, unless you feel like you have a “sure thing” and we are dealing with a 90s market for example. I mean, if the opportunity presents itself I say go for it. However, that’s another issue all together: risk tolerance. Who knows, perhaps you want large caps, small caps, options, or you may even want to do day trading or long term investing. There are really so many ways you can approach the market. With that said I would just go to the library and read a few books on investing. You know, I use to read IBD, Barrons, and the wall street journal a lot. Be smart about it though. Do some research on the subject first that way you will have more specific question about the market if you feel like that is where you want to go. There are so many books on investing that it will make your nose bleed. HTH
I just read a column recently in either the WSJ or the NYT about wealth building and privatization of social security which claimed that private accounts would help black families build wealth because the $$ could be passed on to heirs. Apparently now, elderly people collect Social Security until they die (or until their spouse dies) but if both die relatively young, they could have paid more into the system than they take out. Since blacks on average have shorter life spans than whites, I believe the argument was that, on average, blacks are not getting as much benefit from social security as whites. I thought this was an unusual argument, and I don't really know much about privatization plans. Of course, now that I go back and try to search for the article (I think it was an op-ed piece) I can't find it... sorry to be so vague here. But I wonder if anyone else knows more or has strong opinions about the capacity for social security changes to help/hinder wealth building?