I hope that you all have endured the downturn of the stock market this week. As I’ve told you in the past, the stock market will go through its ups and downs. I know it’s been some time since we’ve had a prolonged downturn (and that’s even if you can call a week “prolonged”), but we should always brace ourselves for the market’s volatility. The important thing is to focus on the long-term, DON’T PANIC, and stick to your investment philosophy.
Over this week, I have been thinking a lot about Michael Moore’s recent Fahrenheit 11/9 movie, which exposes how America came to elect our 45th President. While there are plenty of socio-economic and political themes espoused in the movie, one of the central tenets of the movie is how those with wealth and power have helped keep certain individuals subjugated while staying distant from those same individuals.
As you know, I love talking about the pursuit of wealth, and wealth’s effect on our everyday lives. However, when one’s wealth is used to oppress others, I get angry and Moore’s movie stirs up these emotions for me. If you haven’t seen the movie, it’s worth a look. If you have, leave a comment below and share your thoughts.
If you need a little lighter movie that still tackles how wealth plays out in our lives, check how one music icon amassed large amounts of wealth in Netflix’s new documentary on Quincy Jones. The documentary gives us a close-up look at this mastery of music, and how we amassed his fortune starting at the young age of a teenager. The documentary also tells the tale of the darker side of his rise to stardom, and this gives rise to the documentary’s power.
As customary, I want to leave you with some other nuggets to digest in the week ahead:
· The Slump in U.S. Stocks Is Accelerating. These Are the Culprits for the Big Selloff. The market’s recent slump makes sense. Given that there are fears of recession, uncertainty in our global trade position, looming higher interest rates, and simply the enormous run the stock market will collectively invite a pull back. If you have been waiting on the sidelines holding cash, now could be a time to re-evaluate your position. Talk with your financial advisor about any moves you may want to make (or not). If you don’t have a financial advisor, times like these are when then come in handy. Check out my video on why.
· If you missed the big news, Amazon raised its minimum wage to $15. And, who says billionaires like Jeff Bezos can’t take action to make fair changes and not hoard all of his wealth to himself. We have more power than we think to make those who hold exorbitant amounts of wealth to check themselves. Do your part to critique and demand change.
· Take Advantage of the Demise of Toys ‘R’ Us. As Retailers Push to Fill Holiday Hole Left by Toys ‘R’ Us, you should benefit ahead of this holiday season. Many of the other major retailers – Target, Walmart, Amazon, etc. – are making more room for toys with Toys ‘R’ Us no longer in the game, so watch out closely for sales as these retailers try and get your spending dollars. I can’t even believe I’m talking about the holidays, but here we are in mid-October, and it’s inevitable. Furthermore, I want you to be prepared for the gifts for your children, nieces, nephews, godchildren, grandchildren, or yourselves – we are all big kids too.
Finally, I gave the opening keynote at the 2018 Southside Pitch competition in Chicago last week. It was an amazing experience, and I am grateful for the opportunity to share a little of my entrepreneurial journey and support new businesses.
Here are a few key takeaways – have faith in your entrepreneurial pursuits, make sure you have your business model figured out, and even if you are not starting a business, please support your family and friends by buying their products/services and promoting their businesses. On that note, please continue to share Charisse Says with your friends and family via social media, email, and good ole fashion talking about this community over dinner. Good ideas are worth spreading, and I always need you to share the love.