| Social activist and local living economies advocate shares her investment secrets
I have always felt uneasy about the stock market. As a longtime organizer and a local restaurant founder and owner, I put nearly all of my money, time, and energy into my local community, rather than into global corporate investments.
When I inherited a few shares of stock from my parents, I moved them into socially responsible investment funds. That way I knew I was not supporting companies that produced weapons or cigarettes, or did testing on animals. But when I looked at my portfolio and saw Wal-Mart among my holdings, I knew the stock market was not for me.
Ten years ago, I sold my stocks and put my entire savings into The Reinvestment Fund, a Philadelphia community investment group that loans money to support affordable housing, local businesses, community centers, and other community needs. I soon discovered that the wind turbines producing renewable energy for our region, including my wn home and business, were financed by The Reinvestment Fund. From my local investment, I receive not only a modest financial return (which has now outperformed the stock market), but also a “living return” - the benefit of living in a more sustainable community.
When we invest our savings in a local reinvestment fund, credit union, or locally owned bank, we provide the capital needed to build local, living economies in our regions and receive the benefit of a living return. |
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Judy Wicks is founder and proprietor of the White Dog Cafe, and cofounder and board chair of the Business Alliance for Local Living Economies.
Reprinted with permission from "The New Economy, Summer 2009 YES! Magazine, 284 Madrona Way NE Ste 116, Bainbridge Island, WA 98110. Subscriptions: 800.937.4451 Web: www.yesmagazine.org |
