“As so many Americans feel powerless to confront a financial system designed to serve the few, Shuman offers us real choices: tools that align our lives with our values. That’s power. I love this highly readable, timely, surprising book.”
—Frances Moore Lappé, author of Daring Democracy and Diet for a Small Planet
Americans agree on very little these days, but red state conservatives and blue state progressives can agree on one critical point: Wall Street can no longer be trusted. Yet most of us continue to invest our money in the stocks and bonds of Fortune 500 companies, transferring our capital far from where we live and work. Local investing expert Michael Shuman offers another alternative. He shows how we can use two well-established—but rarely used—investment tools to keep our money close and get a return as good as or better than what we’d get investing in distant, indifferent corporations.
Shuman explains the nuts and bolts of self-directed IRAs and solo 401(k)s and how they can be combined with other recently legalized local investing tools. He details how to set these accounts up, identify, and evaluate a whole range of local investment opportunities, and make sure account holders stay on the right side of the law. While the book is written for people without a lot of investment experience—Shuman explains concepts like “liquidity” and “diversification” in simple terms—even if you’re as experienced as Warren Buffett, this book will make you rethink everything you know about investing. With Shuman’s expert advice, you can strengthen your investment portfolio and your community, neighborhoods, and schools at the same time!
Michael H. Shuman is an economist, attorney, author, and entrepreneur, and a leading visionary on community economics. He’s director of local economy programs for Neighborhood Associates Corporation, a nonprofit affordable housing company, and currently an adjunct instructor at Bard Business School in New York City. He performs economic analyses for cities and businesses through Council Fire, where he’s a senior associate. He is the author of nine previous books, including The Small-Mart Revolution; Local Dollars, Local Sense; and The Local Economy Solution.