How Black and Hispanic Millennials Are Looking Outside of 401k's for Investing - The New York Times

Raul Duplessi became intrigued with the stock market nearly 15 years ago, when he landed his first job as a hotel doorman in Manhattan and a TV near his workstation played financial news on a continuous loop.

But Mr. Duplessi, 36, a working-class native of the Bronx whose parents were from the Dominican Republic, wasn’t sure where or how to start investing. “I don’t have people to talk to about these kinds of things,” he said.

“I grew up with two hard-working parents. They both worked two jobs,” he said, adding that his father had only a fleeting window to enjoy retirement before he died. “My parents retired with nothing.”

The turning point, he said, was reading — at his father’s repeated urging — the book “Rich Dad Poor Dad,” which discusses the importance of financial literacy and how to build wealth through investing.

“It made me say, Having a job is just not enough,” Mr. Duplessi said.

But what were his options?

For a vast majority of working Americans who don’t have a defined-benefits pension, their 401(k) is the centerpiece of their retirement plan. But some young adults of color, like Mr. Duplessi, are putting their hopes — and their money — into alternatives like real estate, entrepreneurship or stock trading on their own. They see straying from the beaten path as offering them a better shot at financial security — even if that means figuring it out as they go, and taking big risks.

People who study systemic racism and barriers to access in the financial services...



Read Full Story: https://www.nytimes.com/2021/09/25/business/investing-black-hispanic-millennials.html

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