Seriously pissed at Wall Street? According to Bloomberg you've got some options: Grab your sleeping bag and head to the nearest protest site, or do something that actually pinches the big bankers' bottom line.
The second choice may be the smarter one. While Occupy Wall Street protests are colorful and make for good sound bites, what major bankers and money managers really care about are their pocketbooks, and pain in that department is most likely to get them rethinking their ways.
Activists at websites such as MoveYourMoneyProject.org recommend that savers switch from banks to credit unions, but there’s another alternative few are talking about. It's buying and holding low-cost index funds, rather than investing in the actively managed mutual funds and other products sold by the big banks and financial services firms. The beauty of such a "revolt" is that it deprives the Street of profits and saves investors money at the same time.
John Bogle, founder of the Vanguard Group and the first index mutual fund, doesn’t necessarily support the protesters. He does, however, think their anger toward Wall Street is justified …..
Find out more at http://www.bloomberg.com/news/2011-11-04/occupy-my-wallet-moving-money-off-wall-street.html
No comments:
Post a Comment