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However, the US economy will have a lot of future
opportunities after the virus with a new president and vice
president along with Democratic control of Congress.
Now is the time for African-American millennials and African
Americans in general to start thinking and planning about
generating wealth. You do not need a lot of money to get
started in order to generate wealth. Let's take a look at
some areas we can consider.
Stocks: Doesn't take a lot of money to get started if you
invest right. Get a financial planner to assist you. You may
be able to get started with $500 to $1000. Look at tech
stocks, social media stocks, self-driving cars stocks,
cashless payment stocks.
Bonds: Earnings on many bonds are tax free because you are
investing in government improvements.
Options: Takes a little more money to invest but this is a
way to cut down on your risk. You pay a fee to buy stock if
it increases to a future price. If it doesn't increase, you
don't have to buy the stock but you lose your fee.
Bitcoins: Cryptocurrency .This is online currency that
replaces money. People buy and sell it as they do with
stock. You can also use bitcoins to buy products and
services online. If you buy bitcoins you want the value to
increase.
My son, Paul A. Hubbard, who is in the health care industry
says that this is a good industry to invest in.
My daughter, Melissa Winbush, who is a wealth manager, says,
"Our community needs to do a better job preparing for our
next generation. We need to explore avenues that foster
generational wealth like estate planning."
Real Estate: This is one of the easiest ways to start wealth
growth. We have to live somewhere so why not own where we
live instead of paying someone else. There are a lot of
programs that can help us buy real estate. There are a few,
down payment assistance programs, first-time home buyer
grants, bridge loans and grants, and VA zero down loans. If
you have a low credit score, a credit repair program can
help. You can invest in rental property to rent out. You can
buy houses that need repair at a low cost and sell them at a
higher price (flipping). Get a real estate agent to assist
you.
Where there is a WILL to increase your WEALTH there is a
way. There are also people and programs that can assist you.
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