Jason Brown, CEO of
Your Local Market, has invited me to participate on a panel in a couple of weeks focused on local investing. I was fascinated by a recent event that he hosted for his customers and
ZINO Society members and guests where he featured
Michael Shuman, author of the book,
Local Dollars, Local Sense which is a book giving advice on how to shift your money from Wall Street to Main Street and achieve real prosperity.
Michael will be participating on the panel also.
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His book goes into detail and has been very well-received and admired by many, but the quick overview of his advice that I gleaned from his remarks at
Your Local Market included the following 10 suggestions on democratizing investing for a broader group of investors including unaccredited investors.
- Invest in targeted bank certificates of deposit to support local business.
- Participate in co-ops where members can loan money to business.
- "LION" which stands for Local Investment Opportunity Network which is about establishing "pre-existing relationships" with wine and food receptions to count investors as established relationships.
- Opportunity to participate in sponsorship sites in Kickstarter, etc.
- Participate in internet-related lender micro-loans.
- Invest in slow munis with bond proceeds to support local businesses.
- Pre-sell gift certificates or memberships in local businesses. This is what Thierry Ratureau of Rover's did when getting ready to build LUC and what Jason Brown is now doing with Your Local Market.
- It is legal in some states to sell local stock (within the state only) through crowdfunding and for the entrepreneur to pay a dividend to those who participate.
- Support the emergence of local stock markets.
- Considered the secret weapon of investing is the self-directed IRA.
Michael promised that we will be seeing the most dramatic transfer of capital in US history from Wall Street to Main Street. This will be very interesting to watch!
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