Stocks are soaring. Here’s why most
Black people are missing out as
the market sets records.
Associated Press,
by
Stan Choe
Original Article
Posted By: Ribicon,
10/12/2020 8:50:43 PM
New York—Americans who own stocks are pulling further away from those who don’t, as Wall Street roars back to record heights while much of the economy struggles. And Black households are much more likely to be in that not-as-fortunate group that isn’t in the stock market. Only 33.5% of Black households owned stocks in 2019, according to data released recently by the Federal Reserve.(Snip) Many reasons are behind the split. Experts say chief among them is a longstanding preference by many Black investors for safer places to put their money—the legacy, some say, of decades of discrimination and fear.
Reply 1 - Posted by:
JL80863 10/12/2020 9:03:24 PM (No. 570563)
The Ass. Press strikes out again!
13 people like this.
Reply 2 - Posted by:
DVC 10/12/2020 9:07:15 PM (No. 570564)
Most Americans got into the stock market via their 401K and/or IRA investment accounts. A huge problem is that a lot of younger folks see $25,000 built up in their 401K, and take it out, buy a boat or a car, taking the penalty and are pleased with themselves for having a nice new boat or car "for free".
Of course, they don't realize that by pulling out that money at age 30 or something, they are losing out on about $150,000 thirty years later.
Failing to save for retirement is very, very common.
16 people like this.
Reply 3 - Posted by:
Venturer 10/12/2020 9:28:47 PM (No. 570572)
Elect Biden and we all will lose money in the stock market.
18 people like this.
Reply 4 - Posted by:
DARling 10/12/2020 9:29:19 PM (No. 570573)
Yawn. No one can admit that as a culture, black people are more likely to buy on impulse rather than save for the future.
19 people like this.
Reply 5 - Posted by:
HPmatt 10/12/2020 10:10:16 PM (No. 570585)
Racist AP.
6 people like this.
Reply 6 - Posted by:
sanspeur 10/12/2020 10:30:11 PM (No. 570594)
who knew greenbacks were raaasscist ? lsee a birkin bag or a bank account , choices , choices . . who knew bankers have checkmarks for skin color ?
8 people like this.
Reply 7 - Posted by:
BlueRidgeMtn 10/12/2020 11:04:04 PM (No. 570605)
AP = All Propaganda
10 people like this.
Reply 8 - Posted by:
chumley 10/12/2020 11:12:35 PM (No. 570608)
I lost a lot when I got out during the corona crash. By the time I got back into the market (retirement funds) there was a big chunk missing. I have since made it all back, but had to change my philosophy a bit. I'm leaving it in now no matter what. Either I will retire comfortably in a few years or die on the job, old poor and bitter. No more trying to guess where its going or what its doing, and no more listening to self appointed internet and TV geniuses.
10 people like this.
Reply 9 - Posted by:
Trigger2 10/12/2020 11:14:25 PM (No. 570609)
What's the safest place for blacks to put their money? Into drugs?
4 people like this.
Reply 10 - Posted by:
stablemoney 10/12/2020 11:36:30 PM (No. 570625)
It is not my job to worry about people that haven't prepared for opportunities. I agree with Ayn Rand on altruism. The AP never writes anything that is not negative and disgusting.
6 people like this.
Reply 11 - Posted by:
EQKimball 10/12/2020 11:54:32 PM (No. 570637)
“No one ever told us” is another sad legacy of teenage single moms starting the struggling households into which now 70% of black children are raised. How do they have time or energy to learn about the market?
5 people like this.
Why does everything have to have a racial spin today ? Why does this person assume Affirmative Action employees aren't investing in their 401K's or teacher plans ? I know plenty of blacks with a pension. Are we suppose to give them our stocks to make them feel better ?
Every day you get up and make choices. Some good, some bad, and some downright stupid. You can choose to be in the welfare lane or work with benefits.
8 people like this.
Reply 13 - Posted by:
LadyHen 10/13/2020 12:20:26 AM (No. 570655)
You make choices. You should have to live with them. I don't think race has anything to do with it.
8 people like this.
Reply 14 - Posted by:
DVC 10/13/2020 12:29:09 AM (No. 570659)
#8, after watching these ups and downs for decades, I pulled the trigger on about a year's salary worth of new stock buys, selected from companies especially hard hit by the closing - restaurant food suppliers, hotel chain and one mutual fund company stock.
The mutual fund stock has already gotten back to it's pre-crash level and been sold. The other companies are still around 20- 30% to go to pre-crash levels. They are up about 50% or more in around six months. They should provide about a 80% increase in value by next February, I am expecting.
80% rate of return is pretty OK with me.
I selected industry leadering companies who had their stock prices depressed by outside events that had nothing to do with their actual customer service, which I knew to be strong. So, once those outside pressures/events are removed, they WILL be back. IMO, like free money. Betting on good companies still being good companies is an easy bet for me.
3 people like this.
Reply 15 - Posted by:
Safari Man 10/13/2020 12:30:57 AM (No. 570660)
Can you buy stocks/bonds with food stamps?
4 people like this.
Reply 16 - Posted by:
old dog 10/13/2020 4:27:07 AM (No. 570711)
Oh , they are just busy re-investing in the Democrat party; its that old plantation thing!
1 person likes this.
Reply 17 - Posted by:
udanja99 10/13/2020 8:08:37 AM (No. 570871)
#8, I just sat it out and left all of my investments alone during CV19, thinking that the huge losses would come back. And they did. Bigly. Thank you, President Trump.
I think the bottom line is this - if more blacks started “acting white” and getting an education, they would get good jobs and would be more likely to invest. But in the current climate that isn’t going to happen any time soon. It’s easier to loot.
5 people like this.
Reply 18 - Posted by:
Ebenezer 10/13/2020 9:33:14 AM (No. 570970)
If you have a 401(k), an annuity, a whole life insurance policy, etc., you have a big stake in the stock market even if you don't "own" a single share of stock. These types of articles are written by journalism majors with no knowledge of economics or finance. And of course, they have to stir in the racial aspect to spice it up a little. They don't realize how condescending they are to minorities by assuming they don't invest in anything. Typical of Ass. Press reporters.
0 people like this.
Reply 19 - Posted by:
MDConservative 10/13/2020 10:13:34 AM (No. 571014)
"“We didn’t have a grandfather or aunt or uncle or mom and dad educating us on the markets..."
Well, neither did this white boy or any friends. Came from working class stock where the old man was a Depression Child afraid even of bank accounts. And he was far from alone in that in his generation. I know one fellow who invested his savings in coffee can futures...he put cash in coffee cans deposited in the basement rafters.
People can always find excuses for living paycheck-to-paycheck regardless of income. Buy a clunker, or a new Mercedes SUV...payments will eat you up. And what is the tattoo market looking like these days? But I can't afford to improve myself...
2 people like this.
Reply 20 - Posted by:
bighambone 10/13/2020 1:00:55 PM (No. 571208)
Look if there were no profitable stocks and bonds, corporations would not be hiring Americans of all races and ethnicities to good jobs, then Black Americans just like all other Americans would be missing out. That’s pretty elementary.
0 people like this.
Reply 21 - Posted by:
Smart11344 10/13/2020 1:09:44 PM (No. 571217)
Don't many blacks spend their spare change of drugs? Not child support.
0 people like this.
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Sure, discrimination and fear. Not spinner wheels and bling, not capacity to defer immediate pleasure for future gains, and certainly not Democrat Socialist policies that require welfare "clients" to have no more than ~$5000 in assets in order to stay in Uncle Sap's hammock.