I was reading an article called “7 ways men make money without working” and I thought I would talk about it.
Making money without working is tough to do, but there are a lot of ways to get it done. If you’d like like to learn more, please visit http://TheBlackWealthBootcamp.com.
According to a recent survey by Northwestern Mutual, average personal savings are up over 10% compared to last year, from $65,900 last year to $73,100. Average retirement savings increased 13%, from $87,500 last year to $98,800 today. So there’s that.
Next let’s look at investing — first stocks. It is not irrelevant to this narrative that the S&P 500 has climbed from 2,480 on March 12, 2020 — the day after the World Health Organization declared COVID a pandemic— to 4,441 today, or almost 80%. That’s a huge gain. Much of the action of course has been retail investors and the meme stock boom, as millions of American males stuck at home with nothing to do all day for the past 18 months passed the time trading stocks. Credit Suisse estimates that since the beginning of 2020, “retail trading as a share of overall market activity has nearly doubled from between 15% and 18% to over 30%,” as CNBC reported. How many men were doing this and supporting themselves? Unclear, but upstart trading platform Robinhood (HOOD) — the broker dealer of choice for many of these new investors — reported that it had 22.5 million funded user accounts last month, up from 7.2 million in March of 2020. Let’s just say 15 million new accounts is quite a number.