EBONY Wealth Challenge Wrap-up, Part 3

Continued…

  • Stock up – this is a tip that I am not really sure if I agree with but here it goes.  A few well-selected stocks can give your portfolio a nice boost.  Just make sure you do your research.  A legendary mutual fund manager Peter Lynch once said, “before buying a stock, do as much research as you would normally do before buying a refrigerator.”  I personally like to leave this task to professionals, e.g. buy funds vs. individual equities but researching before pulling the trigger still stands true.
  • Raise wealth builder – use technology (websites, apps) to encourage financial literacy with your kids.  Create family budgets, set savings goals and teach children how to earn money and save.  Good habits in fiduciary responsibility early on will go a long way.

These are 9 tips from the latest issue of the magazine.  Which ones are you going to follow?

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About Richard Lee
Experienced finance and operations professional. Currently partner in five companies, adjunct professor of economics at Columbia College and executive contributor to a small business blog (www.SMBmatters.com); following corporate finance, M&A and management consulting tenures with Orbitz and Diamond Technology Partners; and six years of service with the United States Army.

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