“The door to the American Millionaire’s Club is not locked.” — J. Paul Getty, America’s first billionaire
I gave my Presidential Fellow address last night at Chapman University to an enthusiastic crowd on the vital subject, “Main Street vs. Wall Street: The Stock Market as the Best Example of Democratic Capitalism.”
I begin with a short history of how Wall Street has gradually offered better opportunities for the middle class and how low-income earners can participate in the stock market and play the rich man’s game. Since the 1920s, small investors have been able to buy stocks through mutual funds. Then in the 1950s, Merrill Lynch started promoting stocks as a way for the small investor to get rich. In the 1970s, the financial revolution began with Charles Schwab offering the first discount brokerage services.
Today, the commissions on stocks and the fees for mutual funds have dropped substantially and are close to zero. This means that practically anyone can invest with the Rockefellers and the Romneys. My wife and I wrote a book on the subject in the early 1980s, “High Finance on a Low Budget.”
Read more about how the individual investor can occupy and profit from Wall Street at Eagle Daily Investor.