BY TONY BOUZA
Grinding poverty concentrates the mind powerfully.
If you’re so smart, why aren’t you rich?
Money talks …
We live in a merciless capitalist society. You’re either at the table or on the menu.
My reaction to such cruelty?
There’s never been a more generous economic idea than socialism.
Jesus said, “Take what thou hast and give it to the poor”—or, implied, forfeit salvation.
And the answer?
Altruism doesn’t work, or, even when it works, it ain’t enough.
And Scandinavia? They are sensible, controlled, taxed and distributist capitalists. And homogeneous.
Is this so complex? Look around you, for God’s sake. I didn’t invent it and I’d much rather socialism worked.
So there I was—a beggarly boy in a cellar damp. What to do?
To be a member of today’s middle class you need $1.2 million in assets.
Each of us has a fair amount of cash trickle through our fingers.
How is a wage slave to make it?
There are only two vehicles I know of—real estate and common stocks. You need a plan.
A house of one’s own. Over the past century, they’ve—with a few rare exceptions—appreciated. And there’s a hefty tax exemption at the end. After three occupancies I was astonished by the amount each of the houses paid me to enjoy their comforts.
Compound interest is magic (if I have to explain this, you are doomed).
All of us know a little bit about real estate—our neighborhoods, for instance. Apply that knowledge.
As to stocks—read the front page carefully—not the financials.
For instance, cannabis is mostly legal—in states, not the federal government. What happens if the feds legalize it? Which stocks will be affected? Maybe Constellation?
And what about abortion? A super-conservative Supreme Court is bound to curtail Roe v. Wade. Who profits? Makers of abortion-producing chemicals. One such is Cadence.
A crisis in Saudi Arabia? Look at oil stocks.
The evidence is all around you.
In 1966 I met a brilliant Black lawyer. Great guy, too.
“So, where did you work before you came here?”
I immediately bought 15 shares at $30 a share. $450 total. First stock buy. I never sold it. Guess what?
You can’t be timid or risk-averse. It takes nerve to pull the trigger. Buying a house; investing in stocks; using compound interest—all take nerve, but you will have—and have had—your chances.
And suck it up and maximize whatever retirement plan you’re using.
Capitalism is very cruel, its only saving grace is that it accords with human nature. We are driven by greed. Sex, power and money are what we’re about.
Stop kidding yourself.