HBCU - I just went to amazon.com to try to find some books on investing. You're right, there's a whole lot to choose from. I'm completely new to investing and have no background in business whatsoever so I'm looking for book (or books) that's basic but thorough. So far, it looks like I may buy "The Four Pillars of Investing: Lessons for building a Winning Portfolio" since it has good reviews on amazon. Are there any books that you would personally recommend I check out?
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?
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
Maybe instead of blaming Republicans you ought to blame the black rappers/athletes that basically swindle black youth into spending what money they have on jewelry and basketball shoes. Blacks need to get their priorities straight.By the way, privatization does not hurt the poor, rather it helps them. Why would you not want build wealth that can be passed onto your children in the event that you don't live to realize the full amount of your social security benefits? I find it funny that liberals have swindled so many blacks into believing that being beholdent to the government will somehow improve their lot in life.
I'm a Republican and I don't believe in privatization. As a stockbroker I can see who really benefits for this a mile away. INVESTMENT FIRMS! PERIOD! Hell, they are going to make so much money on commissions that you would have to be crazy not to buy stock in etrade, scott trade, merrill lynch, etc. See, in finance, there is this concept of diversification. The way social security is set up now helps SPREAD THE RISK. Buddy, if you bring in privatization you are going to put the RISK in the hands of INDIVIDUAL investors who don't know jack sh*t about the market! They don't know a stop order from a market order. Also, depending on how the market is doing some people will make more money than others depening on the ebb and flow of the DOW. Think of the word SOCIAL SECURITY. It's not SOCIAL SPECULATION. By the way, this is why Black Democrats need to have more respect for Black Republicans. It's possible for Black Dem and Black Rep to come together and work on issues that are important for black people. We may not agree on everything but it would be good to have a friend in the Rep. party, like myself, to help you when your party is not in power.