I was on the phone with a friend yesterday, a woman old enough to be my mom (she’s a Baby Boomer and has recently retired with her husband). They had very good, high-paying jobs and a great pension and retirement investment plan 15 years ago. But with all the recent financial market crises and increasing taxation, she and her husband are seeing their investments go up in smoke. When they retired, they were told that their investments (done through their employers) would be close to a million dollars when they retired. Sadly, with inflation, the devaluation of the dollar, and taxation, she and her husband are not even close to that number anymore.
The beneficent, generous corporations of the 1950s to 1980s are long gone. Retirement plan? What’s that? Nope, we have had to take financial matters into our own hands, and judging by the economy, it hasn’t been that successful. And we have always known that Social Security will not be there for us. We have to do things ourselves.
So here come the innovations. 😀 One such group is called Inner 8. They are the next generation of personal investing, and amazingly enough, they work something akin to a social network (the new modus operandus of Gen X).
This is from their website, which I think explains what’s happening in the financial world today:
We don’t think professional stock brokers and money managers have a lock on investment talent. Or that they should reap all the rewards of investment success. Only Inner8 makes it easy to build your own smart, private, inner-circle of trusted investors powered by our new proprietary analytics. You get profitable investment ideas, demonstrate your own expertise and save a bundle on investment suggestions. It’s a rewarding experience.
What great timing! At a time when wealthy Wall Street crooks are asking the government to bail them out of their bad investments- leaving the average American shafted and penniless- it’s high time we took our own matters into our own hands.
Inner8 is the brainchild of some veterans of E*TRADE. They connect similarly-minded investors and give analytical data, real-time stock market ideas, and tips on best picks, better investments, and better money management.
Gen X’ers have always been wary of placing our hard-earned money in the hands of bureaucrats, corporation retirement plans, and slick investors. We prefer to manage ourselves, and gather advice where needed. Inner8 looks like a great way to do this. If you are interested, check out their website for more.